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MUMBAI: Life insurance major, Kotak Life Insurance, on Thursday said it has reduced its term plan rates up to 40 per cent. The rate reduction is partly as a result of the reduced solvency margin requirements laid down by the IRDA, a press release issued here said.

“We are delighted to re-launch Kotak Term and Kotak Preferred Term with reduced rates. We believe that for an under-insured country like India, cheaper term plans will help increase penetration of insurance products,'' the company's Managing Director, Ga urang Shah, said.

With these reduced rates, for a 30-year-old healthy male, a cover of Rs 10 lakh for a term of 10 years, the Kotak Term Plan costs as little as Rs 182 per month (excluding service tax). Kotak Life Insurance is a joint venture between Kotak Mahindra Bank, its affiliates and Old Mutual plc. - PTI

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