Kotak Life Insurance

Kotak Mahindra Life Insurance Company Limited[2] is a private life insurance company in India.[3] The company was founded in 2001. It provides insurance to 45.4 million customers[4] and has 287 branches in around 148 cities and towns in India with 73,000 agents.

Kotak Life Insurance
कोटक लाइफ इन्शुरन्स
AbbreviationKLI
Formation2001 (2001)
Headquarters8th Floor, Plot # C- 12, G- Block, BKC, Bandra (E), Mumbai- 400051
Location
ProductsLife Insurance
Chairman
Uday Kotak
Managing Director
Mahesh Balasubramanian[1]
Parent organization
Kotak Mahindra Bank
Staff (2020)
10000+
Websitewww.kotaklife.com

The company offers various protection, retirement, savings, investment, and annuity plans.

Corporate history

The Kotak Mahindra Group was founded in 1985 as a provider of financial services.[5][6] In February 2003, Kotak Mahindra Finance Ltd (KMFL), the Group's flagship company, received banking license from the Reserve Bank of India (RBI) to conduct banking operations in the country and was renamed as Kotak Mahindra Bank, the parent company of Kotak Life Insurance.[7] The company started operations in 2001 on a 74:26 joint venture between Kotak Mahindra Bank Ltd and Old Mutual Plc.[8] In 2017, Kotak Mahindra Bank bought Old Mutual's 26 percent stake in the life insurance joint venture for Rs 1,293 crore, subject to approvals, making the life insurance company fully owned by Kotak Mahindra Group.[9]

Products and services

Kotak Life Insurance's products include rural plans, term plans, savings, children, retirement, and investment plans at nominal premium rates to be affordable by individual investment requirements that can cater to their lifetime requirements, and each insurance plan is designed to provide maximum protection in addition to benefits and to keep in mind the different sections of society.[8] To facilitate the sale of its products the company has a network of branch offices distributed across the country, individual agents, insurance agencies and offices, and individual and firm brokers for claim settlements and these products are also available online through aggregators and the company website.

In 2019, Kotak Life Insurance and Instantpay collaborated to introduce insurance to first-time consumers and digitally empower society's semi-urban sections on various insurance products.[10] As per the agreement, the latter will use its vast network of more than 1 lakh merchants to introduce Kotak Life Insurance's products through its InstantPay portal or app, which currently has an annual premium as low as Rs 200.

In 2020, the company launched Kotak Health Shield, providing benefits like daily hospitalisation cash benefit, waiver of premium on being diagnosed with minor conditions, and income benefit on being diagnosed with major illnesses and forayed into the comprehensive health insurance segment.[11]

In 2023, Kotak Life Insurance launched a short-term insurance product, Kotak Protect India, which was targeted at adult customers below 35 years of age. The product has a coverage term ranging from 1 year to 5 years.

The company currently has 49 products including 19 group products and 30 retail products, and additionally offers 19 rider options (as on March 2023). As on Feb 2023, it had more than 280 branches in around 148 cities in India and more than 73,000 advisors.


Major landmarks

Some of the major landmarks of the company from the date of its inception are:

2017- Became a 100% owned entity after Kotak Bank bought out the minority share of Old Mutual plc.

2014- Total assets under management (AUM) stood at Rs 12,104 crore (US$ 1.93 billion) by the end of March 31, 2014.

2013- Total assets under management (AUM) stood at Rs 10,964 crore (US$ 1.75 billion) by the end of March 31, 2013.

2010- Launching its e-insurance portal.

2009- Reports 39 percent growth in gross premium for the financial year 2008-09.

See also

References
  1. https://bwpeople.businessworld.in/article/Mahesh-Balasubramanian-ascends-as-MD-and-CEO-of-Kotak-Life/04-05-2021-388623/
  2. "Kotak Life Insurance records 42% growth in Profit in FY11". Business Standard. 10 May 2011. Retrieved 11 April 2015.
  3. "Kotak Life Insurance launches annual guaranteed income product". The Economic Times. Press Trust of India. 21 July 2014. Retrieved 11 April 2015.
  4. "Corporate Overview". Kotak Life. Retrieved 16 March 2023.
  5. "KOTAK MAHINDRA BANK LTD. (KOTAKBANK) - COMPANY HISTORY". Business Standards. 11 April 2022.
  6. "life insurance companies".
  7. "Kotak Life Insurance records 42% growth in Profit in FY11". Business Standards. Business Standards. 10 May 2011. Retrieved 22 December 2016.
  8. "Kotak Mahindra Life Insurance Company Limited: Company Profile & Plans". Suger Mint. 5 March 2020. Retrieved 26 April 2021.
  9. "Kotak buys out Old Mutual's 26% stake for Rs 1,293 cr in insurance arm". Business Standard India. 29 April 2017. Retrieved 26 April 2021.
  10. "Kotak Life Insurance, Instantpay Join Hands To Tap A Billion Uninsured Indians". BW Businessworld. 11 December 2019. Retrieved 26 April 2021.
  11. "Kotak Life launches Kotak Health Shield, forays into comprehensive health insurance segment". The Financial Express. 22 October 2020. Retrieved 26 April 2021.
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