Kotak Mahindra Old Mutual Life Insurance Limited is a private Life Insurance company in India. The company is jointly owned by Kotak Mahindra group of India and Old Mutual of South Africa in 74:26 ratio respectively. The company was founded in 2001. The company currently caters to 15 million customers. The company has presence of 232 branches in around 167 cities and towns in India and has an agency strength of 99,275 agents.
Under the umbrella, the company offers various protection plans, savings and investment plans, child plans and retirement plans.
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Old Mutual
Old Mutual is an international long-term savings, protection and investment group. The company is based out of South Africa and was established in 1845. The company owns 26%-owned joint venture in India with Kotak Mahindra Bank providing life insurance, retirement pensions, savings and investments.
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Corporate History
The Kotak Mahindra Group was founded in 1985 as a provider of financial services. 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 Ltd, the parent company of Kotak Life Insurance.
Products & Services
Kotak Life Insurance's products include rural plans, term plans, savings, children, retirement and investment plans. The company currently has 32 products including 9 group products, 10 ULIPs & 18 rider options (as on 4 July 2016). Customer Care: 18002098800
Financials
As of March 2016, market share of Kotak life insurance increased by 1.6%. The company garnered a total premium of Rs. 3,972 crore. The company has net worth of Rs. 1,521 crores and assets under management of Rs. 16,936 crore as on March 31, 2016.
See also
- Kotak Mahindra Bank
References
Source of the article : Wikipedia
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