Kotak Mahindra Life Insurance Company Ltd has launched a pioneering protection plan named Kotak Gen2Gen Protect, designed to secure two generations under a single policy, ensuring a legacy of protection.
Features of Kotak Gen2Gen Protect:
The plan guarantees a 100% return of premium if the policyholder survives the term, offering substantial financial security. Notably, the coverage can seamlessly transfer to the child upon the primary life insured (parent) reaching either 60 or 65 years of age, continuing until the child turns 60.
In addition to its core benefits, the product includes comprehensive coverage options such as built-in wellness benefits and additional riders like Accidental Death Benefit, Permanent Disability Benefit, and Critical Illness Plus. Female policyholders are eligible for an extra 5% death benefit enhancement.
Mahesh Balasubramanian, Managing Director’s Perspective:
Mahesh Balasubramanian, managing director of Kotak Life, expressed that the Kotak Gen2Gen Protect plan is inspired by the intrinsic values of family, tradition, and legacy deeply rooted in Indian culture. He emphasized the company’s commitment to exceeding customer expectations through continuous innovation and product curation.
Balasubramanian highlighted the plan’s significance in advancing the protection category and aligning with the goals of the “Insurance for All” initiative spearheaded by the Insurance Brokers Association of India (IBAI) and the Insurance Regulatory and Development Authority of India (IRDAI).
IBAI and IRDAI Collaborate on “Insurance for All” by 2047:
Recently, at the Bima Vitarak Manthan event, IBAI and IRDAI discussed strategies to enhance insurance awareness, innovate product offerings, and bolster career opportunities within the insurance sector. Key initiatives proposed by IBAI include:
- Recognizing insurance expenditure as a Corporate Social Responsibility (CSR) activity to promote corporate investment in insurance awareness and financial literacy.
- Integrating brokers into State Level Insurance Committees to extend insurance coverage in rural areas.
- Creating avenues for career development in insurance, focusing on high school students.
- Advocating industry-specific solutions to boost insurance literacy.
- Promoting village adoption by IBAI to raise awareness about insurance.
- Developing composite insurance products and advancing the Bima Trinity for comprehensive coverage.
The collaboration underscores IBAI’s commitment to working with IRDAI and other stakeholders towards achieving universal access to insurance by 2047. IRDAI emphasized the pivotal role of brokers in implementing these initiatives and driving positive transformation across the insurance landscape.
By introducing Kotak Gen2Gen Protect and participating in initiatives aimed at expanding insurance accessibility and awareness, Kotak Life demonstrates its dedication to safeguarding the financial future of Indian families while honoring their rich cultural heritage.
