Product offers option of covering two generations with one plan
MUMBAI: Kotak Mahindra Life Insurance Company Ltd (“Kotak Life”) on Friday launched its new protection plan Kotak Gen2Gen Protect.
This product offers an option of covering two generations with one plan, thus passing on the legacy of protection.
Coming with a 100 per cent guaranteed return of benefit on survival, Kotak Gen2Gen Protect offers a flexibility of transferring the complete risk cover to the child, when the parent (primary life insured) turns sixty or sixty-five years of age.
Additionally, this risk cover stays on with the child till the age of sixty.
The product also offers comprehensive coverage through in-built wellness benefits and riders such as Accidental Death Benefit, Permanent Disability Benefit and Critical Illness Plus.
For women policyholders, Kotak Gen2Gen Protect offers an additional 5 per cent death benefit.
Mahesh Balasubramanian, MD, Kotak Mahindra Life Insurance Company Limited, said Kotak Gen2Gen Protect is a product through which our customers can secure two generations with a single term plan. I am sure innovative products like Kotak Gen2Gen Protect will expand the protection category and will contribute in a significant way to IRDAI’s vision of ‘Insurance for All’ by 2047.”
Kotak Life is a fully owned subsidiary of Kotak Mahindra Bank Limited (Kotak). It is a fast growing company with 292 branches across the country and has covered more than 5 crore active lives as on 31st March 2024.
