Kotak Life Insurance Explained

Kotak Life Insurance
Logo Alt:Kotak Life logo
Trade Name:KLI
Native Name Lang:hi
Type:Private
Hq Location:8th Floor, Plot # C- 12, G- Block, BKC, Bandra (E), Mumbai- 400051
Industry:Financial services
Owner:Kotak Mahindra Bank
Key People:Uday Kotak (Chairman)
Mahesh Balasubramanian[1] (MD)
Former Name:Kotak Mahindra Old Mutual Life Insurance Limited

Kotak Mahindra Life Insurance Company Limited is a privately held life insurance company based in India.[2] [3] [4] It was established in 2001 and currently serves 46 million customers in 148 cities and towns across India.[5] [6]

The company provides protection, retirement, savings, investment, and annuity plans.[7]

Corporate history

The Kotak Mahindra Group was founded in 1985 as a provider of financial services.[8] [9] 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, the parent company of Kotak Life Insurance.[10] The company started operations in 2001 on a joint venture between Kotak Mahindra Bank Ltd and Old Mutual Plc.[11] [12] [13]

In 2017, Kotak Mahindra Bank bought Old Mutual's 26 percent stake in the life insurance joint venture for Rs 1,293 crore, subject to approvals, making the life insurance company fully owned by Kotak Mahindra Group.[14] [15] [16] [17]

Kotak Life Insurance has various plans,[18] including health insurance, as of 2020.[19] [20] [21] [22]

Kotak Life Insurance has implemented some CSR projects. These include free breast cancer screenings.[23]

See also

Notes and References

  1. Web site: Mahesh Balasubramanian ascends as MD and CEO of Kotak Life .
  2. Web site: Ministry of Defence and Kotak Mahindra Life Insurance Collaborate to Provide Job Opportunities to Veterans . 2023-07-07 . currentaffairs.adda247.com.
  3. Web site: Bureau . BW Online . Kotak Life Announces Bonus Of Rs 840 Cr To Policyholders . 2023-07-07 . BW Businessworld . en.
  4. Web site: www.ETBrandEquity.com . Kotak Life acknowledges the young conscious minds before investing with new ad - ET BrandEquity . 2023-07-07 . ETBrandEquity.com . en.
  5. Web site: 2018-01-21 . कोटक लाइफ इंश्योरेंस 60000 एजेंटों की नियुक्ति करेगा . 2023-07-05 . Financial Express Hindi . hi.
  6. Web site: 2023-03-20 . After Hours with Mahesh Balasubramanian, MD, Kotak Mahindra Life Insurance Company . 2023-07-05 . Financialexpress . en.
  7. Web site: 2023-05-31 . इस कंपनी के पॉलिसी धारकों की मोटी कमाई, मिला 840 करोड़ रुपये का बोनस . 2023-07-07 . cnbctv18.com . hi.
  8. Web site: Kotak Mahindra Bank - AajTak . 2023-07-05 . आज तक . hi.
  9. News: life insurance companies .
  10. News: Kotak Life Insurance records 42% growth in Profit in FY11. 22 December 2016. Business Standards. Business Standards. 10 May 2011.
  11. News: Sinha . Shilpy . 2017-04-29 . Kotak to buy out Old Mutual in insurance JV . The Economic Times . 2023-07-05 . 0013-0389.
  12. Web site: 2017-10-13 . Kotak Bank completes buyout of life insurance subsidiary . 2023-07-05 . www.thehindubusinessline.com . en.
  13. Web site: Laskar . Anirudh . 2017-04-28 . Kotak Mahindra to buy Old Mutual’s India insurance JV stake for Rs1,292 cr . 2023-07-05 . mint . en.
  14. News: Kotak buys out Old Mutual's 26% stake for Rs 1,293 cr in insurance arm . 26 April 2021 . Business Standard India . 29 April 2017.
  15. Web site: Thakkar . Krupali . 2017-04-28 . Kotak Mahindra Bank To Buy Out Old Mutual’s 26% Stake In Kotak Life For Rs 1,293 Crore . 2023-07-07 . BQ Prime . en.
  16. Web site: 2017-04-28 . Kotak Bank to buy out Old Mutual's insurance stake for Rs 1292 crore . 2023-07-07 . Moneycontrol . en.
  17. Web site: PTI . 2017-04-28 . KMB buys UK Old Mutual's 26% stake in insurance arm for `1,292 cr . 2023-07-07 . www.millenniumpost.in . en.
  18. News: 5 March 2020 . Kotak Mahindra Life Insurance Company Limited: Company Profile & Plans . Suger Mint . 26 April 2021.
  19. Web site: 2020-10-23 . Kotak Health Shield: Rs 1 crore fixed benefit health plan from a life insurer . 2023-07-07 . Business Today . hi.
  20. News: Kotak Life launches Kotak Health Shield, forays into comprehensive health insurance segment . 26 April 2021 . The Financial Express . 22 October 2020.
  21. Web site: www.ETBrandEquity.com . Kotak Life acknowledges the young conscious minds before investing with new ad - ET BrandEquity . 2023-05-03 . ETBrandEquity.com . en.
  22. Web site: Bharatvarsh . TV9 . 2022-02-14 . कोटक लाइफ ने लॉन्च किया नया इंश्योरेंस प्लान, 6-15 साल तक भरें प्रीमियम, 85 साल की उम्र तक मिलेगा लाइफ कवर . 2023-07-05 . TV9 Bharatvarsh . hi.
  23. Web site: Kotak Life Insurance associates with NPSS for free early breast cancer detection . 2023-07-05 . Free Press Journal . en.

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