Kotak Life Insurance

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Kotak Life Insurance
कोटक लाइफ इन्शुरन्स
AbbreviationKLI
Formation2001 (2001)
Headquarters2nd Floor, Plot # C- 12, G- Block, BKC, Bandra (E), Mumbai- 400051
Location
ProductsLife Insurance
Chairman
Uday Kotak
President
Gaurang Shah
Managing Director
G Murlidhar[1]
Parent organization
Kotak Mahindra Bank
Revenue (2014)
291 crore (US$41 million)
Staff (2017)
10000+
Websiteinsurance.kotak.com

Kotak Mahindra Life Insurance Company Limited[2] is a private Life Insurance company in India.[3] The company was founded in 2001. It caters to 15 million customers.[4] with 232 branches in around 167 cities and towns in India with 99,275 agents.[5]

Under the umbrella, the company offers various protection plans, savings and investment plans, child plans and retirement plans.

Corporate History[edit]

The Kotak Mahindra Group was founded in 1985 as a provider of financial services. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the Group's flagship company, received banking license from the Reserve Bank of India (RBI) to conduct banking operations in the country and was renamed as Kotak Mahindra Bank Ltd, the parent company of Kotak Life Insurance. [6]

Products & Services[edit]

Kotak Life Insurance's products include rural plans, term plans, savings, children, retirement and investment plans. The company currently has 32 products including 9 group products, 10 ULIPs & 18 rider options (as on 4 July 2016).[7]

Financials[edit]

As of March 2019, market share of Kotak life insurance increased by 1.6%.[8] The company garnered a total premium of Rs. 8132 crore. The company has net worth of Rs. multi thousand crores and assets under management of Rs. 25,936 crore as on 31 March 2019.[9]

See also[edit]

References[edit]

  1. ^ "Kotak Life has no plan to go public now". The Economic Times. 13 November 2013.
  2. ^ "Kotak Life Insurance records 42% growth in Profit in FY11". Business Standard. 10 May 2011. Retrieved 11 April 2015.
  3. ^ "Kotak Life Insurance launches annual guaranteed income product". The Economic Times. Press Trust of India. 21 July 2014. Retrieved 11 April 2015.
  4. ^ "Corporate Overview". Kotak Insurance. Retrieved 22 December 2016.
  5. ^ "Agent numbers see rise in life insurance industry". Business Standards. 8 November 2016.
  6. ^ "Kotak Life Insurance records 42% growth in Profit in FY11". Business Standards. Business Standards. 10 May 2011. Retrieved 22 December 2016.
  7. ^ "Life Product". IRDAI. Retrieved 22 December 2016.
  8. ^ "SBI Life displaces ICICI, HDFC to become top pvt life insurer in 2016". Times of India. Times of India. Retrieved 22 December 2016.
  9. ^ "DIRECTORS' REPORT" (PDF). Retrieved 22 December 2016.