OM Kotak Mahindra Life Insurance, a joint venture between South African Old Mutual plc and Kotak Mahindra Finance, has introduced two new products -- Kotak Term Group Plan and Kotak Credit-Term Group Plan -- in the city. The company has also launched Kotak Term Assurance Plan for individual policy holders.
At the launch programme, managing director Shivaji Dam said the focus of the new products would be on middle and large corporates. "Most corporates do not have a mechanism to take care of the family members in case of death of the employee. The company aims at providing them an opportunity to substantially address the requirement," he said.
Kotak Term Group Plan provides financial security to a group member's family through a low cost insurance cover in case of death or disability of the member. The plan also covers accidental death, disability, dismemberment, critical illness and family benefits.
The credit term plan is meant for a group of borrowers with the same credit institution, paying a lump sum for the outstanding credit on the death of a member. The assurance plan for individual policyholders aiming to cover the life of a policy holder at nominal cost in the event of death of the holder. This plan does not have maturity pay out but offers benefits in terms of accidental death and critical illness.
Dam said since inception in last January the company has sold 6,000 policies with a sum being assured of Rs 80 crore.
