Kotak Life Insurance launches non-linked par product Kotak G.A.I.N | Company News – Business Standard

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Private sector life insurer Kotak Life Insurance on Tuesday launched a non-linked participating product Kotak G.A.I.N which offers long-term saving or income.


The minimum annual premium payable to avail the product is Rs 50,000. While taking the policy, the minimum age of the policyholder should be 90 days while the policy maturing age should be minimum 40 years and maximum 85 years.


The product provides three options to the policyholder to choose from. Under the first option, policyholders can receive regular income from the 1st month of policy issuance for monthly payout mode and 1st year onwards for annual payout mode. Under the second option, income benefits will be used to purchase additional sum assured throughout the policy term and receive it as lump sum or withdraw as per convenience. The third option is where the policyholder receives cash bonus from the end of the premium payment term, and there is also guaranteed loyalty additions (GLASs) payable in the policy that can also be used to pay the last 2 years premiums.


Mahesh Balasubramanian, managing director, Kotak Mahindra Life Insurance Company, said, “Delivering value to our customers through protection and long-term savings has been our core purpose at Kotak Life. G.A.I.N aims to empower customers with a comprehensive solution that provides long-term income and ensures robust protection for their loved ones.”


All three variants of Kotak G.A.I.N will offer customers a blend of long-term income as well as life cover. We believe G.A.I.N will play a significant role in helping individuals achieve their financial goals with confidence and peace of mind, he said.


In December 2023, Kotak Mahindra Life had launched a participating product. According to the management, the product which was a combination of term plan and ULIP – TULIP has received good traction among the customers.


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First Published: Mar 05 2024 | 11:13 PM IST