Om Kotak Mahindra Insurance Company- Overview
Om Kotak Mahindra Insurance Company or Kotak Mahindra Old Mutual Life Insurance Ltd is a joint venture of Old Mutual PLC, which holds 26 percent of the shares and Kotak Mahindra Bank Ltd that has 74% of the shares. The organization started functioning from 2001 onwards.
Om Kotak Mahindra Insurance Company Management
The following officials constitute the management team at Kotak Life Insurance:
|Anand Dewan||Senior Vice President and Head, Business Impact Group|
|G Murlidhar||Managing Director|
|Cedric Fernandes||Senior Vice President and Chief Financial Officer|
|Sunil Sharma||Appointed Actuary|
|Elizabeth Venkataraman||Senior Vice President and Head, Marketing|
|Sudhakar Shanbag||Chief Investment Officer|
|Hitesh Veera||Senior Vice President and Head, Operations, Customer Service, Underwriting & Claims|
|Sugata Dutta||Executive Vice President and Head, Human Resources|
|Sandip Shrikhande||Senior Vice President and Head, Group Business|
|Suresh Agarwal||Executive Vice President and Head, Distribution & Strategic Initiatives|
|Subhasish Ghosh||Senior Vice President and Head, Financial Institutions Group|
|Kirti Patil||Senior Vice President and Head, Information Technology|
Om Kotak Mahindra Insurance Company Financial Details
The following table highlights the details of the profit and loss account of Kotak Life Insurance for the first quarter of 2012-13 fiscal.
|Domain||Figures in INR thousands|
|Income from interest, dividends, and rent gross - net of amortization||110,139|
|Profit on sale/redemption of investments||370|
|Expenses not directly related to insurance business||1158|
|Contribution to policyholders' funds||68,129|
|Profit before tax||41,222|
|Provision for taxation for current year||8,246|
|Profit after tax||32,976|
|Balance at the start of the year||506,052|
|Profit/(loss) carried to balance sheet||539,028|
Om Kotak Mahindra Insurance Company Products
The products of Kotak Life Insurance can be categorized into individual plans and group plans. The individual plans may be mentioned as below:
- Kotak Saral Suraksha
- Kotak Eternal Life Plans
- Kotak e-Term/e-Preferred Term
- Kotak Assured Protection Plan
- Kotak Term Plan/Kotak Preferred Term Plan
Savings & Investment Plans
- Kotak Assured Income Plan
- Kotak Money Back Plan
- Kotak Platinum
- Kotak Surakshit Jeevan
- Kotak Single Invest Advantage
- Kotak Premium Return Plan
- Kotak Ace Investment Plan
- Kotak Gramin Bima Yojana
- Kotak Wealth Insurance
- Kotak Invest Maxima
- Kotak Endowment Plan
- Kotak Lifetime Income Plan
- Kotak Capital Multiplier Plan
- Kotak Child Advantage Plan
- Kotak Child Edu Plan
- Kotak Headstart Child Assure
- Kotak Child Future Plan
- Kotak Group Shield
- Kotak Group Assure
- Kotak Term Group Plan
- Kotak Credit-Term Grouplan
- Kotak Complete Cover Grouplan
- Kotak Gratuity Group Plan
Om Kotak Mahindra Insurance Company News
Kotak Life Insurance has launched the Kotak Assured Protection Plan on July 13, 2012. The plan offers a combination of savings and protection benefits. The plan provides coverage against death due to natural reasons and accidents as well. In case of accidental death the policyholder is paid 200 percent of the sum insured.
The plan allows the premium to be waived off in case the insured is disabled due to some accident. It also pays 20 percent of the sum assured in case the policyholder is diagnosed with any one of the 12 specified critical illnesses. However, these benefits can be availed as long as the policyholder is younger than 70 years.
The plan covers proposers who are yet to be 75 years old. In addition, the policy also pays the total sum assured once the term period of the policy ends. It must be said in this regard that the above mentioned benefits are not dependent on each other.
For example, even if the insured has received a certain amount in any of the cases mentioned above, he or she will keep getting the other benefits as and when they are deemed necessary. There will be no deduction from the sum assured.
The plan also enables the insured to be flexible with their premium payments for either a 15 year period or till the policy ends after the insured is 60 years old. In case of policies where the sum assured is higher, discounts on premium are chosen on the basis of the selected premium band.
In addition, the insured can also avail a loan against the policy to satisfy any fiscal requirement that may come up when the policy is operational.
In other news, the organization has also recently recruited Sunil Sharma as its Appointed Actuary. Sharma has at least 21 years' experience in the Reinsurance and Life Insurance industries of India, the UK, the US, and South East Asia.
He has worked with the top life insurers in India as well as GE Financial Assurance and Swiss RE. Sharma is a trained Actuary and a fellow of Institute of Actuaries of India (FIAI) and Fellow of Institute of Actuaries, UK (FIA).
He has served as the Chairperson of Advisory Group on Communication of Institute of Actuaries of India (IAI). He has also been a part of the Advisory Group on Peer, Stakeholder and International Relations of the same organization. Besides, he edits the Actuary India Magazine.
Om Kotak Mahindra Insurance Company Office Network and Contact Details
The headquarters of Kotak Life Insurance are at Mumbai but it operates all around the country. Its contact details may be enumerated as below:
Corporate Office Address
Kotak Mahindra Old Mutual Life Insurance Ltd.
4th Floor, Vinay Bhavya Complex, 159 A, CST Road, Kalina, Santa Cruz (E), Mumbai - 400098
Telephone number: +91 22 6599 3626
Fax: +91 22 6672 6254
Client Service Desk
Kotak Mahindra Old Mutual Life Insurance Ltd,
7th Floor, Zone 4
Kotak Infinity Building No. 21,
Infinity Park, Off Western Express Highway,
General A.K Vaidya Marg, Malad (E),
Mumbai - 400097
E- Mail address: firstname.lastname@example.org
Toll free number: 1800 209 8800
Last Updated on 09/11/2012
|>> More About Insurance|