Kotak Life Insurance
{{Short description|Private life insurance company in India}}{{Use dmy dates|date=August 2018}}
{{Use Indian English|date=August 2018}}
{{Infobox company
| name = Kotak Life Insurance
| logo_alt = Kotak Life logo
| trade_name = KLI
| founded = {{start date|2001}}
| native_name_lang = hi
| logo = Kotak Life Logo-1.png
| type = Private
| hq_location = 8th Floor, Plot # C- 12, G- Block, BKC, Bandra (E), Mumbai- 400051
| industry = Financial services
| products = {{ubl|Life insurance |Term life insurance |Unit-linked insurance plan |Endowment policy |Money-back policy |Whole life insurance | Retirement plans }}
| owner = Kotak Mahindra Bank
| key_people = Uday Kotak (Chairman)
Mahesh Balasubramanian{{cite web | url=https://bwpeople.businessworld.in/article/Mahesh-Balasubramanian-ascends-as-MD-and-CEO-of-Kotak-Life/04-05-2021-388623/ | title=Mahesh Balasubramanian ascends as MD and CEO of Kotak Life }} (MD)
| website = {{url|https://www.kotaklife.com/}}
| former_name = Kotak Mahindra Old Mutual Life Insurance Limited
}}
Kotak Mahindra Life Insurance Company Limited is a privately held life insurance company based in India.{{Cite web |title=Ministry of Defence and Kotak Mahindra Life Insurance Collaborate to Provide Job Opportunities to Veterans |url=https://currentaffairs.adda247.com/ministry-of-defence-and-kotak-mahindra-life-insurance-collaborate-to-provide-job-opportunities-to-veterans/amp/ |access-date=2023-07-07 |website=currentaffairs.adda247.com}}{{Cite web |last=Bureau |first=BW Online |title=Kotak Life Announces Bonus Of Rs 840 Cr To Policyholders |url=http://businessworld.inhttps//www.businessworld.in/article/Kotak-Life-Announces-Bonus-Of-Rs-840-Cr-To-Policyholders/31-05-2023-478680 |access-date=2023-07-07 |website=BW Businessworld |language=en}}{{Cite web |last=www.ETBrandEquity.com |title=Kotak Life acknowledges the young conscious minds before investing with new ad - ET BrandEquity |url=https://brandequity.economictimes.indiatimes.com/news/advertising/kotak-life-acknowledges-the-young-conscious-minds-before-investing-with-new-ad/98659436 |access-date=2023-07-07 |website=ETBrandEquity.com |language=en}} It was established in 2001 and currently serves 46 million customers in 148 cities and towns across India.{{Cite web |date=2018-01-21 |title=कोटक लाइफ इंश्योरेंस 60000 एजेंटों की नियुक्ति करेगा |url=https://hindi.financialexpress.com/career-news/kotak-life-insurance-recruit-60000-people-in-this-financial-year/1023955/ |access-date=2023-07-05 |website=Financial Express Hindi |language=hi}}{{Cite web |date=2023-03-20 |title=After Hours with Mahesh Balasubramanian, MD, Kotak Mahindra Life Insurance Company |url=https://www.financialexpress.com/business/brandwagon-after-hours-with-mahesh-balasubramanian-md-kotak-mahindra-life-insurance-company-3015458/ |access-date=2023-07-05 |website=Financialexpress |language=en}}
The company provides protection, retirement, savings, investment, and annuity plans.{{Cite web |date=2023-05-31 |title=इस कंपनी के पॉलिसी धारकों की मोटी कमाई, मिला 840 करोड़ रुपये का बोनस |url=https://hindi.cnbctv18.com/personal-finance/kotak-life-announce-bonus-of-840-crore-for-fy2023-cnbc-awaz-hindi-42269.htm |access-date=2023-07-07 |website=cnbctv18.com |language=hi}}
Corporate history
The Kotak Mahindra Group was founded in 1985 as a provider of financial services.{{Cite web |title=Kotak Mahindra Bank - AajTak |url=https://www.aajtak.in/topic/kotak-mahindra-bank |access-date=2023-07-05 |website=आज तक |language=hi}}{{cite news |title=life insurance companies |url=https://articlesfix.com/top-life-insurance-companies-in-the-usa/}} In February 2003, Kotak Mahindra Finance Ltd (KMFL), the Group's flagship company, received banking license from the Reserve Bank of India (RBI) to conduct banking operations in the country and was renamed as Kotak Mahindra Bank, the parent company of Kotak Life Insurance.{{cite news|title=Kotak Life Insurance records 42% growth in Profit in FY11|url=http://www.business-standard.com/article/press-releases/kotak-life-insurance-records-42-growth-in-profit-in-fy11-111051000118_1.html|access-date=22 December 2016|agency=Business Standards|publisher=Business Standards|date=10 May 2011}} The company started operations in 2001 on a joint venture between Kotak Mahindra Bank Ltd and Old Mutual Plc.{{Cite news |last=Sinha |first=Shilpy |date=2017-04-29 |title=Kotak to buy out Old Mutual in insurance JV |work=The Economic Times |url=https://economictimes.indiatimes.com/markets/stocks/news/kotak-to-buy-out-old-mutual-in-insurance-jv/articleshow/58428668.cms?from=mdr |access-date=2023-07-05 |issn=0013-0389}}{{Cite web |date=2017-10-13 |title=Kotak Bank completes buyout of life insurance subsidiary |url=https://www.thehindubusinessline.com/markets/stock-markets/kotak-bank-completes-buyout-of-life-insurance-subsidiary/article9904773.ece |access-date=2023-07-05 |website=www.thehindubusinessline.com |language=en}}{{Cite web |last=Laskar |first=Anirudh |date=2017-04-28 |title=Kotak Mahindra to buy Old Mutual’s India insurance JV stake for Rs1,292 cr |url=https://www.livemint.com/Companies/sjlVfDrpbFdU24UnGDYUGP/Kotak-Mahindra-to-buy-Old-Mutuals-India-insurance-JV-stake.html |access-date=2023-07-05 |website=mint |language=en}}
In 2017, Kotak Mahindra Bank bought Old Mutual's 26 percent stake in the life insurance joint venture for Rs 1,293 crore, subject to approvals, making the life insurance company fully owned by Kotak Mahindra Group.{{cite news |title=Kotak buys out Old Mutual's 26% stake for Rs 1,293 cr in insurance arm |url=https://www.business-standard.com/article/companies/kotak-buys-out-old-mutual-s-26-stake-for-rs-1-293-cr-in-insurance-arm-117042900043_1.html |access-date=26 April 2021 |publisher=Business Standard India |date=29 April 2017}}{{Cite web |last=Thakkar |first=Krupali |date=2017-04-28 |title=Kotak Mahindra Bank To Buy Out Old Mutual’s 26% Stake In Kotak Life For Rs 1,293 Crore |url=https://www.bqprime.com/markets/kotak-mahindra-bank-to-buy-out-old-mutuals-26-stake-in-kotak-life-for-rs-1293-crore |access-date=2023-07-07 |website=BQ Prime |language=en}}{{Cite web |date=2017-04-28 |title=Kotak Bank to buy out Old Mutual's insurance stake for Rs 1292 crore |url=https://www.moneycontrol.com/news/business/companies/kotak-bank-to-buy-out-old-mutuals-insurance-stake-for-rs-1292-crore-2267937.html |access-date=2023-07-07 |website=Moneycontrol |language=en}}{{Cite web |last=PTI |date=2017-04-28 |title=KMB buys UK Old Mutual's 26% stake in insurance arm for `1,292 cr |url=https://www.millenniumpost.in/business/kmb-buys-uk-old-mutuals-26-stake-in-insurance-arm-for-1292-cr-239045 |access-date=2023-07-07 |website=www.millenniumpost.in |language=en}}
Kotak Life Insurance has various plans,{{cite news |date=5 March 2020 |title=Kotak Mahindra Life Insurance Company Limited: Company Profile & Plans |publisher=Suger Mint |url=https://sugermint.com/kotak-mahindra-life-insurance-company-limited/ |access-date=26 April 2021}} including health insurance, as of 2020.{{Cite web |date=2020-10-23 |title=Kotak Health Shield: Rs 1 crore fixed benefit health plan from a life insurer |url=https://www.businesstoday.in/personal-finance/insurance/story/kotak-health-shield-rs-1-crore-fixed-benefit-health-plan-from-a-life-insurer-276535-2020-10-23 |access-date=2023-07-07 |website=Business Today |language=hi}}{{cite news |title=Kotak Life launches Kotak Health Shield, forays into comprehensive health insurance segment |url=https://www.financialexpress.com/money/insurance/kotak-life-launches-kotak-health-shield-forays-into-comprehensive-health-insurance-segment/2111994/ |access-date=26 April 2021 |publisher=The Financial Express |date=22 October 2020}}{{Cite web |last=www.ETBrandEquity.com |title=Kotak Life acknowledges the young conscious minds before investing with new ad - ET BrandEquity |url=https://brandequity.economictimes.indiatimes.com/news/advertising/kotak-life-acknowledges-the-young-conscious-minds-before-investing-with-new-ad/98659436 |access-date=2023-05-03 |website=ETBrandEquity.com |language=en}}{{Cite web |last=Bharatvarsh |first=TV9 |date=2022-02-14 |title=कोटक लाइफ ने लॉन्च किया नया इंश्योरेंस प्लान, 6-15 साल तक भरें प्रीमियम, 85 साल की उम्र तक मिलेगा लाइफ कवर |url=https://www.tv9hindi.com/business/kotak-life-launches-kotak-fortune-maximiser-life-insurance-plan-know-benefits-1060626.html |access-date=2023-07-05 |website=TV9 Bharatvarsh |language=hi}}
Kotak Life Insurance has implemented some CSR projects. These include free breast cancer screenings.{{Cite web |title=Kotak Life Insurance associates with NPSS for free early breast cancer detection |url=https://www.freepressjournal.in/corporate-gallery/kotak-life-insurance-associates-with-npss-for-free-early-breast-cancer-detection |access-date=2023-07-05 |website=Free Press Journal |language=en}}