Kotak Life Insurance

Kotak Mahindra Life Insurance Company Limited is a private life insurance company based in India. The company was established in 2001 and currently serves 46 million customers through its 287 branches located in approximately 148 cities and towns across the country, with the support of 73,000 agents.[2][3]

Kotak Life Insurance
Kotak Mahindra Life Insurance Company Limited
कोटक लाइफ इन्शुरन्स
AbbreviationKLI
Formation2001 (2001)
Headquarters8th Floor, Plot # C- 12, G- Block, BKC, Bandra (E), Mumbai- 400051
Location
ProductsLife insurance
OwnerKotak Mahindra Bank
Chairman
Uday Kotak
Managing Director
Mahesh Balasubramanian[1]
Parent organization
Kotak Mahindra Bank
Staff (2023)
10000+
Websitewww.kotaklife.com
Formerly called
Kotak Mahindra Old Mutual Life Insurance Limited

The company provides a variety of plans including protection, retirement, savings, investment, and annuity plans to cater to the diverse needs of its customers.

Corporate history

The Kotak Mahindra Group was founded in 1985 as a provider of financial services.[4][5] 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.[6] The company started operations in 2001 on a 74:26 joint venture between Kotak Mahindra Bank Ltd and Old Mutual Plc.[7] 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.[8]

Products and services

Kotak Life Insurance offers a range of insurance products, including rural plans, term plans, savings plans, children's plans, retirement plans, and investment plans. The company aims to provide these plans at affordable premium rates that are tailored to the individual investment requirements of customers. Each plan is designed to offer maximum protection and benefits, taking into consideration the diverse needs of society.[7] To make its products easily accessible, Kotak Life Insurance has established a wide network of branch offices throughout the country, and works with individual agents, insurance agencies, and offices, as well as individual and firm brokers for claim settlements. In addition, these products are also available online through aggregators and the company website.

In 2020, Kotak Life Insurance launched Kotak Health Shield, a comprehensive health insurance policy that offers various benefits such as daily hospitalisation cash benefit, waiver of premium on minor condition diagnosis, and income benefit on major illness diagnosis. This was the company's first health insurance product. [9]

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.[10] The product has a coverage term ranging from 1 year to 5 years.

The company currently offers 49 products, including 30 retail products and 19 group products, as well as 19 rider options (as of March 2023). As of March 2023, Kotak Life Insurance had more than 280 branches across 148 cities in India and over 73,000 advisors.

Major landmarks

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

2023- Total assets under management (AUM) stood at Rs 59,151 crore (US$ 7.23 billion) by the end of March 31, 2023.

2022- Total assets under management (AUM) stood at Rs 56,643 crore (US$ 6.93 billion) by the end of December 31, 2022.

2017- Became a 100% owned entity after Kotak Bank bought out the minority share of Old Mutual plc.[11]

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. "Mahesh Balasubramanian ascends as MD and CEO of Kotak Life".
  2. "Investor Presentation Q4FY23" (PDF). Kotak Mahindra Bank. 1 May 2023.
  3. "Life Insurance Company in India, Corporate Overview | Kotak Life Insurance". Kotak Life. Retrieved 13 April 2023.
  4. "KOTAK MAHINDRA BANK LTD. (KOTAKBANK) - COMPANY HISTORY". Business Standards. 11 April 2022.
  5. "life insurance companies".
  6. "Kotak Life Insurance records 42% growth in Profit in FY11". Business Standards. Business Standards. 10 May 2011. Retrieved 22 December 2016.
  7. "Kotak Mahindra Life Insurance Company Limited: Company Profile & Plans". Suger Mint. 5 March 2020. Retrieved 26 April 2021.
  8. "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.
  9. "Kotak Life launches Kotak Health Shield, forays into comprehensive health insurance segment". The Financial Express. 22 October 2020. Retrieved 26 April 2021.
  10. www.ETBrandEquity.com. "Kotak Life acknowledges the young conscious minds before investing with new ad - ET BrandEquity". ETBrandEquity.com. Retrieved 3 May 2023.
  11. Sinha, Shilpy (29 April 2017). "Kotak to buy out Old Mutual in insurance JV". The Economic Times. ISSN 0013-0389. Retrieved 13 April 2023.
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