New Delhi, Kotak Mahindra Life Insurance on Wednesday said it plans to open 40 branches across the country in the next three months to expand its physical reach.
Launching a new protection plan – Kotak Gen2Gen Protect, Manish Alagh, senior vice president, Kotak Mahindra Life Insurance Company, said the life insurer currently has 290 branches and plans to add another 40 branches by the end of September.
The product offers the option to cover two generations with one plan, thus carrying forward the legacy of protection.
Coming with 100 per cent guaranteed return of premium benefit on survival, Kotak Gen2Gen Protect offers the facility to transfer full risk cover to the child when the parent (primary life insured) turns 60 or 65 years of age.
Additionally, he said, this risk cover remains with the child till the age of 60 years.
He said the product also offers comprehensive coverage through built-in welfare benefits and riders like accidental death benefit, permanent disability benefit and critical illness plus.
For women policyholders, Kotak Gen2Gen Protect offers an additional 5 per cent death benefit, he said.
He said, currently term insurance contributes 3 percent to the total premium.
He said that with the launch of this new product, the term insurance contribution will increase to 10 percent.
Launching a new protection plan – Kotak Gen2Gen Protect, Manish Alagh, senior vice president, Kotak Mahindra Life Insurance Company, said the life insurer currently has 290 branches and plans to add another 40 branches by the end of September.
The product offers the option to cover two generations with one plan, thus carrying forward the legacy of protection.
Coming with 100 per cent guaranteed return of premium benefit on survival, Kotak Gen2Gen Protect offers the facility to transfer full risk cover to the child when the parent (primary life insured) turns 60 or 65 years of age.
Additionally, he said, this risk cover remains with the child till the age of 60 years.
He said the product also offers comprehensive coverage through built-in welfare benefits and riders like accidental death benefit, permanent disability benefit and critical illness plus.
For women policyholders, Kotak Gen2Gen Protect offers an additional 5 per cent death benefit, he said.
He said, currently term insurance contributes 3 percent to the total premium.
He said that with the launch of this new product, the term insurance contribution will increase to 10 percent.
