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 1^st 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).

Speaking on the re-launch, Mr. Gaurang Shah, Managing Director, Kotak Life Insurance, 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. This move is a reflection of our philosophy of providing value to the consumer.”

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

q       To cover life and thereby protect the family in case of adversity

q       The plan makes provisions for the repayment of financial liabilities or debt

q       The minimum premium for the plan is Rs. 1800/- per annum. (excluding taxes)

Sourced From: Vaishnavi Corporate Communications Pvt Ltd