The Hindu Business Line : Kotak Life unveils unit-linked plan

Mr Gaurang Shah, Managing Director, Kotak Life Insurance, addressing a press conference to launch "Kotak Flexi Plan" in Mumbai on Tuesday. — Shashi Ashiwal

Mumbai , Nov. 30

KOTAK Life Insurance today launched Kotak Flexi Plan, a unit-linked insurance plan positioned as a flexible scheme where a customer can modify the cover, choose investment profile and add or withdraw money from investments.

Mr Gaurang Shah, Managing Director, Kotak Life, said the insurance market will rapidly expand as personal balance sheets get increasingly leveraged.

Mr Shah said Kotak's suite of unit-linked plans, which include Kotak Safe Investment Plan II and Kotak Easy Growth Plan, gets complete with the new offering.

He said Kotak is targeting to acquire a market share of 4 per cent of the total insurance market or 10 per cent of the private insurance market pie by 2006-07.

Kotak Flexi Plan guarantees the maturity sum assured even where the customer opts for 80 per cent equity exposure. The insurer's expense charges in the first year range from 28 per cent for a three-year premium paying term to 65 per cent for a 15-year or more premium paying term.

The charges would be 4.37 per cent every year of operation from the second year, according to Mr Shah. The expense charges are deducted upfront in the form of units.

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