Kotak Life unveils two-generation coverage plan

Kotak Life unveils two-generation coverage plan | Insurance Business Asia

Life & Health

Kotak Life unveils two-generation coverage plan

Offering highlights importance of family, tradition, and legacy in Indian culture, according to insurance boss

Life & Health

By
Roxanne Libatique

Kotak Mahindra Life Insurance Company Ltd has introduced a new protection plan, Kotak Gen2Gen Protect.

This product offers the option to insure two generations under a single plan, providing a legacy of protection.

What is Kotak Gen2Gen Protect?

Kotak Gen2Gen Protect includes a 100% guaranteed return of premium benefit if the policyholder survives the term.

The plan allows the full risk cover to be transferred to the child when the parent (primary life insured) reaches either 60 or 65 years of age. This coverage continues for the child until they turn 60.

The product also features extensive coverage options, including built-in wellness benefits and riders such as Accidental Death Benefit, Permanent Disability Benefit, and Critical Illness Plus. Female policyholders are eligible for an additional 5% death benefit.

Mahesh Balasubramanian, managing director of Kotak Life, said the product is inspired by the importance of family, tradition, and legacy in Indian culture.

“As an organisation, our unwavering dedication is to innovate and curate products that exceed our customers’ expectations. Kotak Gen2Gen Protect is a product through which our customers can secure two generations with a single term plan. The essence of this product comes from the importance we Indians place on family, tradition, and legacy. Passing on values, knowledge, and teachings to the next generation is deeply ingrained in our Indian culture. Here is a product which understands the essence of these values,” he said.

He added that Kotak Gen2Gen Protect aims to expand the protection category and contribute to the “Insurance for All” aim of the Insurance Brokers Association of India (IBAI) and the Insurance Regulatory and Development Authority of India (IRDAI).

IBAI highlighted the vital role of brokers in contributing to India’s insurance premiums. Their proposed initiatives include:

recognising insurance expenditure as a Corporate Social Responsibility (CSR) activity to encourage corporate investment in insurance awareness and financial literacy programs
including brokers in State Level Insurance Committees to enhance insurance coverage in rural areas
creating more career opportunities in insurance, particularly targeting high school students
raising insurance awareness through industry-specific solutions
promoting the adoption of villages by IBAI to increase insurance awareness
developing composite insurance products
advancing the Bima Trinity, a comprehensive insurance solution, for broader coverage

During the event, IBAI affirmed its commitment to collaborating with IRDAI and other stakeholders to drive positive change in the Indian insurance industry and achieve “insurance for all” by 2047. Meanwhile, IRDAI emphasised the importance of ongoing collaboration with brokers to implement the initiatives.