Kotak Mahindra Old Mutual Life Insurance Ltd is expecting to close the current financial year with total premium collection of about Rs 3,500 crore, according to its Senior Executive Vice President and Chief Distribution Officer Suresh Agarwal.
Last year, Kotak Life Insurance has earned Rs 1,400 crore new business premium and Rs 1,500 crore renewal premium.
Speaking at a media conference to announce the launch of Kotak Premier Life Plan here on Thursday, Agarwal said his company was expecting brisk business in the present fourth quarter. “As this is the tax savings season, about 35 to 40 per cent total business for life insurance industry generally happens during these three months,” he said. A few group insurance products will also be launched soon.
Kotak Premier Life Plan is a participating whole life plan that offers protection up to 99 years of age. The premium payments will be limited with the two bonus options of cash payout and paid up additions, among others.