Kotak Life plans health insurance

Kolkata, March 8, 2008 Kotak Mahindra Old Mutual Life Insurance Ltd, a joint venture between Kotak Mahindra Depository Financial Institution Ltd and Old Mutual plc, will be launching a standalone wellness coverage strategy in the first one-half of the adjacent fiscal.

Till now, Kotak have been offering wellness strategies only as riders to its life coverage policies and this new strategy would be a standalone one, according to Arun Patil, company's senior vice- president for preparation and management.

"This standalone strategy would cover as many diseases and contingencies as possible," he told reporters.

Kotak would get dialogues with infirmaries for this strategy after this fiscal, he said, but declined to divulge additional details.

The company is also increasing the figure of subdivision business offices from 110 now to 140 across the state by the end of this month.

"In the adjacent fiscal, we be after to put up another 100 subdivision business offices out of which 10 would be for the eastern region," Patil said.

"The first twelvemonth insurance premium aggregation for the current financial is likely to touch Rs 1000 crore and we are targeting at Rs 2,500 crore in the financial 2008-09," Patil said.

He was here for the launch of three women-specific schemes --- Kotak Endowment Plan, Kotak Flexi Plan and Kotak Smart Advantage Plan.

"The strategies are for 20 years, with age ranging from 0-65 years," Patil said.

The lower limit insurance premium amount is Rs 12,000 per annum and the mark is to tap at least 1 hundred thousand women in three years, he said.

"This is a manner of acknowledging the powerfulness of women on International Womens' Day," Patil said.

The strategy would begin targeting women at the national degree in a year.