Kotak Mahindra Old Mutual Life Insurance Limited (Kotak Life Insurance), today said that its business is expected to cross Rs 1800 crore this year against Rs 1500 plus in the previous year.
Talking to newspersons after launching of Kotak Premier Life plan , the company Chief Distribution Officer and EVP, Mr Suresh Agarwal said the companys total premiums collection was Rs 3,500 crore in 2015-16 and in the private sector, the insurance growth was 15 per cent till October on year-on-year basis and expected to grew by 18 per cent.
Currently, the companys market share in the insurance segment was between 4-5 per cent, he pointed out.
Highlighting the features of the new life plan policy, Mr Suresh claimed this plan provides customers the option to save and protect up to 99 year of age and 3-years is the minimum entry level and maximum was 55 year.
The plan is completely aligned with the firms core purpose, which is to add value to lives of customers by providing Protection and Long Term Savings (PALTs), Mr Suresh said, adding that the plan to enjoy income benefits or to create a taxp-free corpus allows to partly encash accumulated corpus during the policy term.
Out of total policies, 20 per cent contribution from ULIP, the CDO said, Kotak Premier Life plan provides simple reversionary bonus during the premium payment term.
Customers can choose from either cash payout or paid-up additions option and under the cash payout option, bonuses declared under the policy were paid to the policy holder as a cash pay-out every year, post the premium payment term, until end of term or death or surrender of the policy, Mr Suresh reasoned.
In case of the death of the life insured during the premium payment term, the benefits payable shall be sum assured on death plus accrued simple reversion bonus In case of death after expiry of premium payment term (but except during policy term) the benefits payable shall be sum assured on death plus accrued paid-up additions, plus terminal bonus (if any), he addedUNI KNR KVV AK 1625.