The private sector life major also aims to triple the number of cities it has a presence in, its branch network and life advisor force by March 2008.
KOLKATA/MUMBAI: Kotak Life Insurance is aiming for a gross premium income of Rs 1,000 crore by the close of the fiscal. The private sector life major also aims to triple the number of cities it has a presence in, its branch network and life advisor force by March 2008.
From a direct presence in 31 cities with 46 branches in March 2006, the company expects to be present in 90 cities with 140 branches in March 2008, Kotak Life Insurance managing director Gaurang Shah said. Plans are also to increase the life advisor force to 50,000 in March 2008, from 12,000 in March 2006, Shah said.
Kotak is lining up a slew of new plans over the next few months, which it has filed with the Insurance Regulatory & Development Authority. Having launched a new child plan “Headstart”, with an innovative “dynamic floor fund”, the company will soon come up with two separate unit-linked plans — for retirement and high networth individuals respectively by January. A wholelife plan is slated for launch early next year.
With a total capital of Rs 340 crore at present, the company may infuse an additional capital of around Rs 25 crore over the next few months.
Shah said: “The demand for child policies is top of mind for the consumer. About 20% of the total policies sold are children policies. The dynamic floor fund (DFF), which offers embedded investment advice, is the first of its kind in the industry”.
The fund will invest in shares, bonds and cash depending on different market situations.
“Today almost 90% of unit-linked plans are non capital guaranteed. This fund aims to profit from a rising share market and protect against capital losses in a weak market. This is ideal for risk averse investors, whose priority is capital preservation, but who still wants to participate in an actively managed upside market growth,” Shah said.
The fund may be introduced to other plans in future if it is a success with investors. Headstart Child Plans also includes other features including joint life option (pay for only as much protection as one needs), loyalty units (reward for long term savings) and an option of saving for two children with one plan.
Kotak hopes to get 20% of it new business premium (Rs 80-100 crore) in the next 12 months from the ‘Headstart’ child plan, hwith most of the sales coming through banks, said Rahul Sinha, senior vice president marketing, Kotak Life insurance.
The company has a tie-up with 24 urban co-operative banks, besides its parent bank Kotak Mahindra.
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