New Delhi, Jun 19 : Kotak Mahindra Life Insurance on Wednesday said it plans to open 40 branches across the country in the next three months to expand its physical reach.
The life insurer has currently 290 branches and there is plan to add another 40 branches by September-end, Kotak Mahindra Life Insurance Company senior vice president Manish Alagh said, while launching a new protection plan — Kotak Gen2Gen protect.
The product offers an option of covering two generations with one plan, thus passing on the legacy of protection.
Coming with a 100 per cent guaranteed return of premium benefit on survival, Kotak Gen2Gen Protect offers a flexibility of transferring the complete risk cover to the child, when the parent (primary life insured) turns 60 or 65 years of age.
Additionally, he said, this risk cover stays on with the child till the age of 60 years.
The product also offers comprehensive coverage through in-built wellness benefits and riders such as accidental death benefit, permanent disability benefit and critical illness plus, he said.
For women policyholders, Kotak Gen2Gen Protect offers an additional 5 per cent death benefit, he added.
Currently, he said, term insurance contributes 3 per cent to total premium.
With the launch of this new product, he said, the term insurance contribution would increase to 10 per cent. (PTI )
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