With the licence to open 30 more branches, private life insurer Kotak Life Insurance Company Ltd, (Kotak Life) will expand its distribution network this year, said a senior official. The company currently has 289 branches."We have the licence .
Kotak Life aims at over 10% growth in individual premium for FY24 thehindu.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindu.com Daily Mail and Mail on Sunday newspapers.
The total benefits paid by private life insurance companies to policyholders rose by 5.98 per cent to Rs 1.57 trillion during 2022-23.
This figure stood at Rs 1.49 trillion in the corresponding year-ago period.
On the other hand, Life Insurance Corporation of India (LIC) paid out 4 per cent fewer benefits at Rs 3.39 trillion from Rs 3.53 trillion in 2021-22.
Unit Linked Insurance Plans offer the dual benefit of investment and life insurance, with the option to invest in equity, debt, or a combination of both. The waiver of premium feature ensures that long-term investment goals are protected even in the event of the policyholder s untimely demise