Kotak Mahindra Life Insurance to Expand with 40 New Branches, Launches Generation-Spanning Protection Plan

Kotak Mahindra Life Insurance plans to open 40 branches nationwide within three months, increasing its network to 330 branches by September. The company also launched 'Kotak Gen2Gen Protect,' a product that covers two generations under one plan. The plan includes comprehensive benefits such as wellness riders and an additional 5% death benefit for women policyholders.

Kotak Mahindra Life Insurance announced on Wednesday its intention to open 40 new branches across India within the next three months, expanding its physical reach to 330 branches by September-end, according to senior vice president Manish Alagh. This development coincides with the launch of Kotak Gen2Gen Protect, a novel protection plan designed to cover two generations under a single policy.

The new product promises a 100% guaranteed return of premium benefit upon survival and flexibility to transfer the risk cover to the policyholder's child when the parent reaches the age of 60 or 65. Alagh highlighted that the coverage remains with the child until they turn 60 years old, ensuring long-term protection.

Further enhancing its appeal, Kotak Gen2Gen Protect offers comprehensive coverage through in-built wellness benefits and additional riders like accidental death benefit, permanent disability benefit, and critical illness coverage. Women policyholders benefit from an extra 5% death benefit. With the new product, Kotak Mahindra Life Insurance aims to increase term insurance contributions to 10% of total premiums, up from the current 3%.

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