Kotak Life Insurance launches Kotak Gen2Gen Protect

Insurance
16/06/2024News

Kotak Mahindra Life Insurance Company has introduced an innovative protection plan, Kotak Gen2Gen Protect, designed to cover two generations within a single policy. This new plan offers an industry-first feature, allowing policyholders to pass on their coverage to their children, thus creating a legacy of protection.

Digital Reinvention
13/06/2024Article

Financial Innovation Spotlight: June 2024 edition

Key features of Kotak Gen2Gen Protect

• Guaranteed Return of Premium: The plan guarantees a 100% return of premium benefit upon survival.

• Generational Coverage: The policy allows the complete risk cover to be transferred to the policyholder's child when the primary insured parent reaches the age of 60 or 65. This coverage then continues for the child until they turn 60.

• Comprehensive Protection: Kotak Gen2Gen Protect includes built-in wellness benefits and optional riders such as Accidental Death Benefit, Permanent Disability Benefit, and Critical Illness Plus.

• Additional Benefits for Women: Female policyholders receive an extra 5% death benefit.

Emphasizing family and legacy

Mahesh Balasubramanian, Managing Director of Kotak Mahindra Life Insurance Company Limited, highlighted the cultural significance of the new product. He stated, "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 that understands the essence of these values."

Supporting IRDAI's vision

Balasubramanian also emphasized that innovative products like Kotak Gen2Gen Protect are crucial in expanding the protection category and contributing significantly to the Insurance Regulatory and Development Authority of India's (IRDAI) vision of "Insurance for All" by 2047.

Related news & insights

Insurance
16/01/2025Article

Turning challenges into triumphs: The real story of insurance innovation

There are countless ways to innovate, but it all starts with a great idea – a new approach to solving...

16/01/2025News

Bank Millennium launches Millennium 360 Prestige for affluent clients

This innovative account, combined with the previously introduced Visa Global credit card, offers a comprehensive solution designed to meet the...

Insurance
09/01/2025Article

Generative AI in insurance: The game-changer you can’t afford to ignore

Generative AI (GenAI) isn’t just a buzzword – it’s set to completely revolutionize the industry in ways we’re only starting...

Insurance
30/12/2024News

Tokio Marine Kiln partners with FemHealth founders to address industry barriers

Tokio Marine Kiln (TMK), a prominent international insurer, has released a report spotlighting the critical challenges faced by FemHealth startups.

Digital Reinvention
26/12/2024Article

Qorus Innovation Spotlight – December 2024 edition

This month’s Financial Innovation Spotlight highlights five standout initiatives from Prudential, U.S. Bank, Santander, CaixaBank, and HSBC UK.

Mobility
22/12/2024Video

Electric vehicle residual values: Understanding and managing the risks of EV asset evolution

The Corporate Value Associates team shares insights into the future of electric vehicles and emphasizes the importance of gaining a...

Mobility
22/12/2024News

Income Insurance launches EV-focused motor insurance with industry-first features

This innovative product introduces two industry-first benefits—24/7 emergency mobile rescue and voluntary battery replacement excess—aimed at addressing key concerns of...

Insurance
19/12/2024News

Prudential partners with Empathy to enhance bereavement support for families

This partnership reflects Prudential Group Insurance’s dedication to offering practical and emotional support during life’s most challenging moments.