Kotak Life Insurance is eyeing a 20 per cent growth in new business premium this fiscal, Manish Alagh, Senior Executive Vice President —Head Tied Agency & Direct Marketing Distribution has said.
The aim is significant as Kotak Life’s new business premium recorded low single-digit growth in 2022-23.
Hiring plans
Alagh said here on Wednesday that this private life insurer aims to set up 40 new branches this fiscal year end and hire 60,000 to 65,000 new agents to bolster its distribution across the country.
In fiscal 2022-23, Kotak Life hired about 50,000 agents and set up ten new branches. As of date, it has about 1 lakh agents.
New protection plan
Alagh was in the capital for the launch of Kotak Gen2Gen Protect, the company’s new protection plan.. Kotak Life sees this product emerging as a “blockbuster” product for the company on the protection front.
The product offers an industry-first feature with an option of covering two generations with one plan, thus passing the legacy of protection.
Coming with a 100 per cent guaranteed return of premium benefit on survival, Kotak Gen2Gen Protect offers the flexibility of transferring the complete risk cover to the child, when the parent (primary life insured) turns sixty or sixty-five years of age. Addionally, this risk cover stays on with the child till the age of sixty.
Meanwhile, Mahesh Balasubramanian, MD of Kotak Mahindra Life Insurance Company Limited, said in a statement, “Kotak Gen2Gen Protect is a product through which our customers can secure two generations with a single term plan. The essence of this product comes from the importance we Indians place on family, tradition and legacy. Passing on values, knowledge and teachings to the next generation is deeply ingrained in our Indian culture. Here is a product which understands the essence of these values”.
He expressed confidence that innovative products like Kotak Gen2Gen Protect will expand the protection category and significantly contribute to IRDAI’s vision of ‘Insurance for All’ by 2047.
Alagh said that the Protection business contributes 2-3 percent of the total business and that the company plans to increase it to 10 percent by the end of FY25.