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Mumbai, Sept. 20 Kotak Mahindra Old Mutual Life Insurance plans to infuse Rs 150 crore this fiscal to meet its growth needs.

“We plan to grow at 100 per cent in the next three years which would require the commensurate amount of investment. Our capital base is at Rs 450 crore and an additional Rs 150 crore is planned this fiscal,” said Mr Gaurang Shah, MD, Kotak Life Insurance.

Capital was not a constraint for its promoters, Kotak Bank and the South African Old Mutual Plc, he added.

The company has raked in new business premium of Rs 160 crore at the end of July, 2007, a growth of 46 per cent from Rs 110 crore in the year-ago period.

Kotak Life will significantly ramp up its distribution network this year. “At the end of the September, we will have a branch network of 100 which will be increased to 150 by the end of March,” Mr Shah said.

Significantly, the company will also start selling its insurance products through the distribution network of Kotak Securities, which has 800 touch points (branches and franchisees) and is present in 300 locations.

As Kotak Bank expands its branch network this year from 130 to 200 this year, Kotak Life will also be able to better leverage its bancassurance relationship, said Mr Shah.

ULIPs account for 90 per cent of Kotak Life’s premium portfolio.

Kotak Life launched a whole life plan in two variants — ‘Premier Shield’ and ‘Classic Shield’. The product is targeted at young people in the age group of 30-35 years.

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