Innovative TULIP Policy Launch Marks Kotak Life’s Strategic Growth Move
Chennai: Kotak Life Insurance Company Ltd, a private life insurer, is set to broaden its reach by opening 30 new branches this year, as confirmed by a senior official. The company, currently operating with 289 branches, has obtained the necessary license from the Insurance Regulatory and Development Authority of India (IRDAI) to facilitate this expansion.
Vivek Prakash, Joint President and Head of Agency Business made this announcement during the launch of the firm’s latest policy, the ‘Term with Unit Linked Insurance Plan (TULIP),’ with a premium of Rs. 15,320 crores.
The innovative TULIP product is a unit-linked term insurance plan, offering life coverage up to 100 times the annual premium. This plan not only provides customers with the chance to earn returns similar to a Unit Linked Insurance Plan (ULIP) but also offers added protection against critical illnesses and accidental death.
In response to changes in tax laws, Prakash highlighted that the company is shifting its focus from selling policies primarily for tax-saving purposes to a more inclusive approach, targeting a broader spectrum of the population.
Addressing the distribution channels, Prakash disclosed that the business is evenly split between individual agents and the bancassurance channel, maintaining a balanced 50:50 ratio.
