Private sector insurer Kotak Mahindra Life Insurance expects around 40 per cent of its new business premium to come from the protection segment in this financial year. The insurer has been focussing on group protection plans to grow the business.
The insurance company, a wholly-owned subsidiary of Kotak Mahindra Bank, had garnered around 35 per cent of its new business premium from protection plans last fiscal.
“Of our new business premium, 35 per cent came from protection plans last fiscal-- putting together individual and group segments. Maximum protection premium came from group business,” Subhasis Ghosh, Joint President - Financial Institutions, Employee Benefits, Marketing & Alliances, Kotak Mahindra Life Insurance, said on Thursday.
In financial year 2023-24, the life insurer’s new business premium stood at ₹8656.85 crore, posting a growth of 12.89 per cent year-on-year.
“We are expecting that around 37-40 per cent of our new business premium will be protection premium in FY25,” Ghosh said. He was in Kolkata to announce the launch of a new protection plan “Kotak Gen2Gen Protect”.
Ghosh said the company generally launches three to four products every year. The insurer earlier this year launched a non-linked participating product which offers long-term saving or income.
“We expect that new products to finally garner around 30-40 of new business premium in the next 12-18 months after launching. That is our ongoing target,” he said.
The insurance company is aiming at around 20 per cent year-on-year growth in its new business premium this fiscal.