From correspondents in Maharashtra, India, 07:26 PM IST
Kotak Mahindra Old Mutual Life Insurance Limited (Kotak Life Insurance) the life insurance arm of Kotak Mahindra Bank, today announced reduction in its term plan rates upto 40%.
The rate reduction is partly as a result of the reduced solvency margin requirements laid down by IRDA. A key player in both the Group Term Life and Individual Term Life businesses, Kotak Life Insurance is one of the 1st life insurance companies to pass on this benefit to the consumer.
With these reduced rates, for a 30 year old healthy male, a cover of Rs. 10 lakhs for a term of 10 years, the Kotak Term Plan cost as little as Rs. 182/- per month (excluding service tax).
Kotak Life Insurance is one of the top players in the Group Term Life business as well, having covered 400 corporates and close to 9 lakh lives so far.
Kotak Term Plan is a pure risk cover plan that is truly an economical means of providing an individual’s family with a high level of financial protection. Kotak Preferred Term offers special premium rates to non-tobacco users and women.
The Kotak Term and Preferred Term Plans are designed for individuals from the age group of 18 to 65 years
o To cover life and thereby protect the family in case of adversity
o The plan makes provisions for the repayment of financial liabilities or debt
o The minimum premium for the plan is Rs. 1800/- per annum. (excluding taxes)
Kotak Mahindra Old Mutual Life Insurance
Kotak Mahindra Old Mutual Life Insurance is a joint venture between Kotak Mahindra Bank Ltd., its affiliates and Old Mutual plc. A company that combines its international strengths and local advantages to offer its customers a wide range of innovative life insurance products, helping them take important financial decisions at every stage in life and stay financially independent. The company is one of the fastest growing insurance companies in India and has shown remarkable growth since its inception in 2001. Kotak Life Insurance employs around 4,935 people in its various businesses and has 151 branches across.
The Kotak Mahindra Group
The Kotak Mahindra group is one of India’s leading banking and financial services organizations, with offerings across personal financial services; commercial banking; corporate and investment banking and markets; stock broking; asset management and life insurance. The Kotak Group employs around 20,000 people with over 1,350 offices, spread across 370 cities. Kotak also has offices in London, New York, San Francisco, Singapore, Dubai and Mauritius
Old Mutual plc
Old Mutual plc is an international savings and wealth management company based in the UK. Originating in South Africa in 1845, it is among the top 50 largest companies in the FTSE100. The group has a balanced portfolio of businesses offering Asset Management, Life Assurance, Banking and General Insurance Services in over 40 countries, with a focus on South Africa, Europe and the United States, and a growing presence in Asia Pacific. Old Mutual plc employs approximately 53,000 employees worldwide and is listed on the London and Johannesburg stock exchanges.
* Numbers as on May 30th 2008
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