Kotak Life Launches Gen2Gen Protect: Two-Generation Coverage Plan
- Kotak Mahindra Life Insurance Company Ltd launches Kotak Gen2Gen Protect, offering a unique feature that covers two generations with one plan, including a 100% guaranteed return of premium benefit on survival and the flexibility to transfer the risk cover to the child.
- Key Features and Benefits: The plan includes comprehensive coverage with in-built wellness benefits and riders such as Accidental Death Benefit, Permanent Disability Benefit, and Critical Illness Plus. Additionally, women policyholders receive an extra 5% death benefit.
BILKULONLINE
Ahmedabad, July 8: Kotak Mahindra Life Insurance Company Ltd today announced the launch of its new protection plan, Kotak Gen2Gen Protect. This innovative product offers an industry-first feature by providing an option to cover two generations with one plan, passing on a legacy of protection.
Kotak Gen2Gen Protect comes with a 100% guaranteed return of premium benefit on survival. The plan offers flexibility, allowing the complete risk cover to be transferred to the child when the parent (primary life insured) turns sixty or sixty-five years of age. Additionally, this risk cover remains with the child until the age of sixty.
The product also provides comprehensive coverage through in-built wellness benefits and riders such as Accidental Death Benefit, Permanent Disability Benefit, and Critical Illness Plus. Women policyholders receive an additional 5% death benefit with Kotak Gen2Gen Protect.
Hitesh Veera, Chief Operating Officer of Kotak Mahindra Insurance Company Limited, spoke to the media in Ahmedabad on Monday. He highlighted the importance and usefulness of this insurance plan, stating, “With the advent of nuclear families, life insurance coverage is very much necessary.” He emphasized that “insurance plans should not be taken as a point of investment but for the cover it offers.”
Veera also noted, “Covid has instilled a sense of more care and concern for the monetary safety of the family members by the insurers of the family.” He added that Kotak quickly settled claims amounting to Rs 1800 crore during Covid-19 due to policyholder fatalities.
Kotak Insurance has 28 branches in Gujarat, generating a business of over Rs 1,000 crore. The company launches six to eight new insurance plans annually, with claims typically settled within two days.
Mahesh Balasubramanian, MD of Kotak Mahindra Life Insurance Company Limited, said, “As an organization, 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. I am sure innovative products like Kotak Gen2Gen Protect will expand the protection category and will contribute in a significant way to IRDAI’s vision of ‘Insurance for All’ by 2047.”