Kotak Mahindra Life Insurance is seeing higher offtake of plans with riders (additional coverage) in the last one-and-a-half months.
Subhasis Ghosh, senior executive vice-president and head of Marketing and Group Insurance, Kotak Mahindra Life Insurance, told The Hindu here recently that the life insurance industry launched the ‘Sabse Pehle Life Insurance’ campaign in December. The position that Kotak has taken is to focus on plans with riders. While customers have the option to choose just the base plan, there are products with riders such as critical illness and accidental disability. Between April and December last year, 60% of the customers had taken plans with value adds. In the last one-and-a-half months, this had increased to 75%. The company has 243 branches across the country and Tamil Nadu is its third biggest market.
Online sales
Mr. Ghosh said its online sales is expected to grow two to three times next year and group insurance has seen consistent growth of 30 % year-on-year.
The company has a full-fledged team that is working on the “mass market” segment, where Kotak has tied up with direct money transfer companies. This is mainly for workers who do direct money transfer, he said.
