Life insurance is one industry segment that was not adversely affected by Covid and the sector has actually been witnessing a spurt in demand since the pandemic, said Kotak Mahindra Life Insurance Company.
“Life insurance segment industry has been posting a quantum growth over the years, including during last year, even after the pandemic. We expect the industry to continue to grow in the mid-teens. Covid has only increased awareness as people increasingly felt the need for life insurance and health insurance covers,” the company told The Hindu.
Kotak Mahindra Life Insurance Company has so far insured the lives of 5 crore people in the country and the company currently manages assets worth over ₹70,000 crore. It also has 1.10 lakh insurance advisors across the country. The life insurance firm also had a gross return premium of ₹10,200 crore in the nine month’s period as on December 31, 2023, it said.
Commenting on the company’s focus on the southern market, an official said the brand has deeply penetrated in the region, especially Karnataka after Kotak’s acquisition of Bengaluru-based ING Vysya, and has a market share of 10%.
“We have a deep presence in the South. Karnataka is one of our large businesses and we are very well penetrated in Andhra, Telangana and Tamil Nadu with each state accounting for 10% of business while we have bank assurance relationships in Kerala,” he added.
Kotak’s new TULIP, Term with Unit Linked Insurance Plan, offers life cover upto 100 times of the annual premium while giving customers the opportunity to earn return like a unit linked insurance plan (ULIP). It also provides additional protection against critical illness and accidental death, according to the company.
“Customer centricity has always been the DNA at Kotak Life. TULIP offers customers comprehensive protection like a term plan and also the opportunity to grow their wealth like a ULIP,” said Mahesh Balasubramanian, Managing Director, Kotak Mahindra Life Insurance Company.
