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.
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.
