16 September 2015 10:37:29 IST

Kotak Life sees 25% growth in new business premium

To target young professionals

Kotak Mahindra Old Mutual Life Insurance (Kotak Life) is expecting a 25 per cent growth in its new business premium over the previous year’s figure of ₹1,700 crore, said its Appointed Actuary and Chief Risk Officer, Sunil Sharma.

The difference between renewal and fresh business premium for the company is narrowing. For the June quarter the company earned fresh business premium of ₹274 crore whereas the renewal premium was ₹242 crore, he said.

For new business, Kotak Life, a 74:26 joint venture between Kotak Mahindra Bank and Old Mutual plc, plans to target young professionals from sectors such as information technology, who plan to retire early. The newly launched Kotak Premier Pension Plan is one of the products that ensures financial stability for post-retirement life, he said.

On the new plan, Sharma said that it helps a person achieve financial stability and security and earn a steady income while pursuing an active retired life. It promises assured guaranteed benefit equal to 105 per cent of the total premiums (excluding taxes and rider premium if any) paid till date of death, he said.