Kotak Life plans health product

Kotak Mahindra Old Mutual Life Insurance (KMOMLI) Limited, a joint venture between Kotak Mahindra Depository Financial Institution and London-based Old Mutual plc is planning to establish a standalone wellness coverage merchandise in the first one-half of 2008-09.

"The wellness coverage that we are going to establish volition be probably in the word form of a Unit Of Measurement Linked Insurance Plan (ULIP) and is likely to offer cashless transcation installation to the subscribers. We mean to restart dialogues with the different infirmaries for our wellness coverage strategy in the adjacent fiscal", Arun Patil, vice-president (training and direction development) of KMOMLI said.

The new wellness coverage merchandise would also offer an option to the endorsers for investment in equity but it will not transcend 50 per cent.

At present, Kotak makes not have got a full-fledged wellness coverage merchandise but have health covers for disabilities, critical unwellness and major surgeries.

These wellness covers come up in the word form of riders with Kotak's Life coverage merchandises to those endorsers who pay an other insurance premium for them.

Kotak Life Insurance which have already achieved a insurance premium aggregation of Rs 800 crore in this financial have put a mark of Rs 1,000 crore by the end of this fiscal.

"We are aiming at a insurance premium of Rs 2,000-2,500 crore in the adjacent fiscal. Kotak Life Insurance which now have 110 subdivisions in Republic Of India is also targeting to spread out its pan-India web to over 200 subdivisions by March 2009", Patil added.

Patil was there in the metropolis for a tie-up of Kotak Life Insurance with the Kolkata-based Aashika Insurance Broking and Hazard Management Limited for a novel strategy called 'Empowered Women' on the International Women's Day.

According to this scheme, women would have got to salvage a lower limit of Rs 1,000 per calendar month for twenty old age and on adulthood they would acquire Rs 5,51,257.

"We are looking to mobilise the nest egg of atleast a thousand women in the adjacent three years. This strategy initialy launched in Kolkata will be subsequently extended to other Indian cities", Narendra Kumar Tulsian, president of Aashika Insurance Broking claimed.