Kotak Life aims at over-10% growth in individual premium for FY24
The Hindu
Kotak Life bets on new products & markets to post 10%+ growth in individual premium for FY24. T.U.L.I.P launched for additional protection against critical illness & accidental death.
Kotak Mahindra Life Insurance Co. Ltd. (Kotak Life) is betting on the new products and new markets to post a more-than 10% growth in individual premium for FY24, said a company official.
For FY23, Kotak Life posted 22% growth in overall premium and 37% in individual premium from the year-earlier period on increased awareness about life insurance products in the post-pandemic period, new product launches and strong performance. However, in the first half of FY24, it posted 10-11% growth in individual premium and single digit growth in overall premium.
“There was a slowdown, not only for us but for the entire industry. It was due to levy of tax on insurance plans issued on or after after 1 April 2023,” Vivek Prakash, Joint President and Heady Agency Business said during an interaction.
“There has been a change in individual approach after the introduction of new provisions in the Union Budget. This we are trying to compensate by acquiring new customers, entering new markets, opening offices and recruiting new advisors. Tamil Nadu is a strong market for us,” he said.
According to him, 20% of business comes from the existing customers. Kotak Life has 286 branches as of March 2023 in over 145 cities and has licence to open 30 more branches in the next 12 months.
On Thursday, Mr. Prakash announced the launch of Term with Unit Linked Insurance Plan (T.U.L.I.P), a unit linked term insurance plan that offers life cover up to 100 times of the annual premium.
It also provides additional protection against critical illness and accidental death.
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