Mumbai, December, 2017: Kotak Mahindra Life Insurance Company Ltd. (Formerly known as Kotak Mahindra Old Mutual Life Insurance Ltd.) (“Kotak Life”) today announced the launch of Kotak SmartLife Plan. This limited pay, non-linked, participating endowment plan offers customers the freedom to choose a bonus option, which suits their life goals. Further, it gives customers the choice to either receive cash bonus under the plan as cash pay-outs every year right from the end of the first policy year. Alternatively, policy holders have the option to accumulate these bonuses into a corpus, with flexible accessibility to meet interim needs.
Sunil Sharma, Appointed Actuary & Chief Risk Officer, Kotak Mahindra Life Insurance Co. Ltd. said, “Kotak SmartLife Plan allows customers to choose the way they wish to use their bonus. It empowers them to access their policy’s money without dipping into other saving options for interim needs. Endowment plans work better when “long term” and “regular” savings are taken care of along with providing protection cover. With a seamless technology led experience, Kotak Life strives to offer stress-free insurance products to its customers and their families.”
The riders available with Kotak SmartLife Plan include Kotak Term Rider, Kotak Accidental Death Benefit Rider, Kotak Permanent Disability Benefit Rider, Kotak Life Guardian Benefit Rider, Kotak Accidental Disability Guardian Benefit and Kotak Critical Illness Plus Benefit Rider (covers 37 Critical Illnesses).
About Kotak Mahindra Life Insurance Company Ltd (Formerly known as Kotak Mahindra Old Mutual Life Insurance Ltd.)
Kotak Mahindra Life Insurance Company Limited (Kotak Life) is a 100% owned subsidiary of Kotak Mahindra Bank (Kotak). Kotak Life Insurance provides world-class insurance products with high customer empathy. Its product suite leverages the combined prowess of protection and long term savings. Kotak Life Insurance is one of the fastest growing insurance companies in India and has covered over 19 million lives as on September 30, 2017.
For more information, please visit the company’s website at https://insurance.kotak.com/
About Kotak Mahindra Group
Established in 1985, Kotak Mahindra Group is one of India’s leading financial services conglomerate. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the Group’s flagship company, received banking license from the Reserve Bank of India (RBI), becoming the first nonbanking finance company in India to convert into a bank – Kotak Mahindra Bank Ltd. As on September 30, 2017, the consolidated net worth of the Group stands at Rs. 46,975 crore.
Kotak Mahindra Bank Ltd has a national footprint of 1,362 branches spread across 689 locations and 2,164 ATMs as on September 30, 2017. The Group offers a wide range of financial services that encompass every sphere of life. From commercial banking, to stock broking, mutual funds, insurance and investment banking, the Group caters to the diverse financial needs of individuals and the corporate sector. The Group has a wide distribution network through branches and franchisees across India, an International Business Unit at GIFT city, Gujarat and international offices in London, New York, Texas, California, Dubai, Abu Dhabi, Mauritius and Singapore.
For more information, please visit the company’s website at www.kotak.com