Om Kotak Mahindra Insurance Company

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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.

Kotak Life Insurance aims to provide its customers substantial value through consistent and high quality services along with a collection of products that provides both long term saving and protection benefits. It has more than 4 million clients and is among the leading insurers in India when it comes to growth.

Om Kotak Mahindra Insurance Company Management

The following officials constitute the management team at Kotak Life Insurance:

Name Designation
Gaurang Shah Director
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:

Protection Plans

  • 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

Retirement Plans

  • Kotak Lifetime Income Plan
  • Kotak Capital Multiplier Plan

Child Plans

  • Kotak Child Advantage Plan
  • Kotak Child Edu Plan
  • Kotak Headstart Child Assure
  • Kotak Child Future Plan
Kotak Life Insurance offers the following group plans:

  • Kotak Group Shield
  • Kotak Group Assure
  • Kotak Term Group Plan
  • Kotak Credit-Term Grouplan
  • Kotak Complete Cover Grouplan
  • Kotak Gratuity Group Plan
In addition, it offers Individual Riders and Group Riders as well and the Kotak Gramin Bima Yojana plan as part of its Rural insurance facilities.

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: [email protected]

Toll free number: 1800 209 8800

Last Updated on 09/11/2012

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