Kotak Life Insurance

Last updated

Kotak Life Insurance
TypePrivate
Industry Financial services
Headquarters Mumbai
Key people
 Uday Kotak (Chairman)
Mahesh Balasubramanian [1] (MD)
Products
Owner Kotak Mahindra Bank
Website www.kotaklife.com

Kotak Mahindra Life Insurance Company Limited is a privately held life insurance company based in India. [2] [3] [4] It was established in 2001 and currently serves 46 million customers in 148 cities and towns across India. [5] [6]

Contents

The company provides protection, retirement, savings, investment, and annuity plans. [7]

Corporate history

The Kotak Mahindra Group was founded in 1985 as a provider of financial services. [8] [9] 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. [10] The company started operations in 2001 on a joint venture between Kotak Mahindra Bank Ltd and Old Mutual Plc. [11] [12] [13]

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. [14] [15] [16] [17]

Kotak Life Insurance has various plans, [18] including health insurance, as of 2020. [19] [20] [21] [22]

Kotak Life Insurance has implemented some CSR projects. These include free breast cancer screenings. [23]

See also

Related Research Articles

Housing Development Finance Corporation was an Indian private sector mortgage lender based in Mumbai. It was the biggest housing finance company in India. It also had a presence in banking, life and general insurance, asset management, venture capital and deposits through its associate and subsidiary companies.

<span class="mw-page-title-main">Reliance Capital</span> Indian Financial Services company

Reliance Capital Limited is an Indian diversified financial services holding company promoted by Reliance Anil Dhirubhai Ambani Group. Reliance Capital, a constituent of Nifty Midcap 50 and MSCI Global Small Cap Index, is a part of the Reliance Group. It is amongst India's leading and most valuable financial services companies in the private sector. As on 31 March 2017, the net worth of the company stood at ₹16,548 crore, while its total assets as on the date stood at ₹82,209 crore. In Fortune India 500 list of 2018, Reliance Capital was ranked as the 77th largest corporation in India with 5th rank in 'Non-Banking Finance' category.

Kotak Mahindra Bank Limited is an Indian banking and financial services company headquartered in Mumbai. It offers banking products and financial services for corporate and retail customers in the areas of personal finance, investment banking, life insurance, and wealth management. It is India's third largest private sector bank by market capitalisation after HDFC Bank and ICICI Bank. As of 31 March 2023, the bank has a national footprint of 1,780 branches and 2,963 ATMs.

<i>Business Standard</i> Indian English-language daily newspaper

Business Standard is an Indian English-language daily edition newspaper published by Business Standard Private Limited, also available in Hindi. Founded in 1975, the newspaper covers the Indian economy, infrastructure, international business and trade, stock and currency markets, corporate governance, and a range of other financial news, opinions and insights.

Axis Bank Limited, formerly known as UTI Bank (1993–2007), is an Indian banking and financial services company headquartered in Mumbai, Maharashtra. It is India's third largest private sector bank by assets and Fourth largest by Market capitalisation. It sells financial services to large and mid-size companies, SMEs and retail businesses.

<span class="mw-page-title-main">Infrastructure Leasing & Financial Services</span> Infrastructure development and finance company headquartered in Mumbai, India

Infrastructure Leasing & Financial Services Limited (IL&FS) is an Indian state-funded infrastructure development and finance company. It was created by public sector banks and insurance companies.

<span class="mw-page-title-main">IndiaFirst Life Insurance Company</span> Indian life insurance company

IndiaFirst Life Insurance Company is an Indian life insurance company headquartered in Mumbai. It is a joint venture between Bank of Baroda, Union Bank of India, and Carmel Point Investments India, and has a paid-up share capital of ₹754.37 crore (US$94 million).

Religare Enterprises Limited (REL) is an Indian investment and financial services holding company, headquartered in New Delhi. REL is listed on National Stock Exchange of India and Bombay Stock Exchange. It is registered with the Reserve Bank of India (RBI).

Poonawalla Fincorp Limited is an Indian non-banking financial company (NBFC) that is engaged in consumer and MSME financing. It is headquartered in Pune and part of the Cyrus Poonawalla Group.

StarAgri is an India based agricultural marketing company providing warehousing, procurement and Collateral Management of Agri-Commodities. StarAgri was established in April 2006 by former ICICI Bank associates and has a presence at 190 locations across 16 Indian states. It has 800 agri commodity warehouses under its control, with a cumulative capacity of around 1.2 million metric tons. The number of employees at the company is over 500.StarAgri has five post-harvesting focus areas: agri-warehousing, procurement, collateral management, lab testing and logistics. A bulk of its revenues (65%) are derived from warehousing services.

SBI Mutual Fund is an Indian Asset Management company introduced by the State Bank of India (SBI) and incorporated in 1987 with its corporate head office located in Mumbai, India. SBIFMPL is a joint venture between the State Bank of India, an Indian public sector bank, and Amundi, a European asset management company. A shareholder agreement in this regard has been entered on April 13, 2011, between SBI & AMUNDI Asset Management. Accordingly, SBI currently holds 63% stake in SBIFMPL and the 37% stake is held by AMUNDI Asset Management through a wholly owned subsidiary, Amundi India Holding. SBI & AMUNDI Asset Management shall jointly develop the company as an asset management company of international repute by adopting global best practices and maintaining international standards.

<span class="mw-page-title-main">Aditya Birla Sun Life Asset Management</span> Indian investment company

Aditya Birla Sun Life Asset Management Company Ltd. (ABSLAMC), formerly known as Birla Sun Life Asset Management Company Limited, is an investment managing company registered under the Securities and Exchange Board of India. It is a joint venture between the Aditya Birla Capital of India and the Sun Life Financial Inc. of Canada. The company offers sector-specific equity schemes, fund of fund schemes, hybrid and monthly income funds, debt and treasury products and offshore funds.

<span class="mw-page-title-main">Airtel Payments Bank</span> Indian Payments Bank

Airtel Payments Bank is an Indian payments bank with its headquarters in New Delhi. The company is a subsidiary of Bharti Airtel. On 5 January 2022, it was granted the scheduled bank status by Reserve Bank of India under second schedule of RBI Act, 1934.

<span class="mw-page-title-main">AU Small Finance Bank</span> Indian small finance commercial bank

AU Small Finance Bank Limited is an Indian small finance bank, based in Jaipur. It was founded as vehicle finance company AU Financiers (India) Ltd in 1996 and converted to a small finance bank on 19 April 2017. AU Small Finance Bank serves low and middle income individuals and micro and small businesses that have limited or no access to formal banking and finance channels. The Bank offers loans, deposits and payment products and services.

<span class="mw-page-title-main">Kotak Mutual Fund</span> Indian finance company

Kotak Mutual Fund is an Indian mutual fund that is managed by Mahindra Asset Management Company (KMAMC). KMAMC started operations in December 1998 and as of 2018, had approximately 74 Lakh investors in various schemes. The fund is a wholly-owned subsidiary of Kotak Mahindra Bank.

Policybazaar is an Indian insurance aggregator and multinational financial technology company based in Gurgaon. The company was founded in June 2008 by Yashish Dahiya, Alok Bansal and Avaneesh Nirjar. It provides a digital platform—website and an app—where users can compare insurance policies and other financial services from major insurance companies. The company is India's largest insurance aggregator, and has expanded its operations to the United Arab Emirates.

<span class="mw-page-title-main">1-India Family Mart</span> Online retailers of India

1-India Family Mart is a chain of value retail stores in India operated by Nysaa Retail Pvt. Ltd. The chain has the total of 100 stores across 81 cities of East and North of India. 1-India Family Mart has established the first store in Uttar Pradesh and later has expanded operations across Bihar, Chhattisgarh, Uttrakhand, Jharkhand, Madhya Pradesh, Odisha and the North East.

FirstCry is an Indian e-commerce company focused on baby products retailing. The company was started in 2010 and is headquartered in Pune. As of June 2023, the company had over 900 FirstCry and BabyHug stores across India.

ICICI Prudential Life Insurance Company Limited is an Indian life insurance company in India. Established as a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited, ICICI Prudential Life is engaged in life insurance and asset management business. In 2016, the company became the first insurance company in India to be listed in the domestic stock exchanges.

PharmEasy is an Indian multinational e-pharmacy company that sells medicines, diagnostics and telehealth online.

References

  1. ↑ "Mahesh Balasubramanian ascends as MD and CEO of Kotak Life".
  2. ↑ "Ministry of Defence and Kotak Mahindra Life Insurance Collaborate to Provide Job Opportunities to Veterans". currentaffairs.adda247.com. Retrieved 7 July 2023.
  3. ↑ Bureau, BW Online. "Kotak Life Announces Bonus Of Rs 840 Cr To Policyholders". BW Businessworld. Retrieved 7 July 2023.
  4. ↑ www.ETBrandEquity.com. "Kotak Life acknowledges the young conscious minds before investing with new ad - ET BrandEquity". ETBrandEquity.com. Retrieved 7 July 2023.
  5. ↑ "कोटक लाइफ इंश्योरेंस 60000 एजेंटों की नियुक्ति करेगा". Financial Express Hindi (in Hindi). 21 January 2018. Retrieved 5 July 2023.
  6. ↑ "After Hours with Mahesh Balasubramanian, MD, Kotak Mahindra Life Insurance Company". Financialexpress. 20 March 2023. Retrieved 5 July 2023.
  7. ↑ "इस कंपनी के पॉलिसी धारकों की मोटी कमाई, मिला 840 करोड़ रुपये का बोनस". cnbctv18.com (in Hindi). 31 May 2023. Retrieved 7 July 2023.
  8. ↑ "Kotak Mahindra Bank - AajTak". आज तक (in Hindi). Retrieved 5 July 2023.
  9. ↑ "life insurance companies".
  10. ↑ "Kotak Life Insurance records 42% growth in Profit in FY11". Business Standards. Business Standards. 10 May 2011. Retrieved 22 December 2016.
  11. ↑ Sinha, Shilpy (29 April 2017). "Kotak to buy out Old Mutual in insurance JV". The Economic Times. ISSN   0013-0389 . Retrieved 5 July 2023.
  12. ↑ "Kotak Bank completes buyout of life insurance subsidiary". www.thehindubusinessline.com. 13 October 2017. Retrieved 5 July 2023.
  13. ↑ Laskar, Anirudh (28 April 2017). "Kotak Mahindra to buy Old Mutual's India insurance JV stake for Rs1,292 cr". mint. Retrieved 5 July 2023.
  14. ↑ "Kotak buys out Old Mutual's 26% stake for Rs 1,293 cr in insurance arm". Business Standard India. 29 April 2017. Retrieved 26 April 2021.
  15. ↑ Thakkar, Krupali (28 April 2017). "Kotak Mahindra Bank To Buy Out Old Mutual's 26% Stake In Kotak Life For Rs 1,293 Crore". BQ Prime. Retrieved 7 July 2023.
  16. ↑ "Kotak Bank to buy out Old Mutual's insurance stake for Rs 1292 crore". Moneycontrol. 28 April 2017. Retrieved 7 July 2023.
  17. ↑ PTI (28 April 2017). "KMB buys UK Old Mutual's 26% stake in insurance arm for `1,292 cr". www.millenniumpost.in. Retrieved 7 July 2023.
  18. ↑ "Kotak Mahindra Life Insurance Company Limited: Company Profile & Plans". Suger Mint. 5 March 2020. Retrieved 26 April 2021.
  19. ↑ "Kotak Health Shield: Rs 1 crore fixed benefit health plan from a life insurer". Business Today (in Hindi). 23 October 2020. Retrieved 7 July 2023.
  20. ↑ "Kotak Life launches Kotak Health Shield, forays into comprehensive health insurance segment". The Financial Express. 22 October 2020. Retrieved 26 April 2021.
  21. ↑ www.ETBrandEquity.com. "Kotak Life acknowledges the young conscious minds before investing with new ad - ET BrandEquity". ETBrandEquity.com. Retrieved 3 May 2023.
  22. ↑ Bharatvarsh, TV9 (14 February 2022). "कोटक लाइफ ने लॉन्च किया नया इंश्योरेंस प्लान, 6-15 साल तक भरें प्रीमियम, 85 साल की उम्र तक मिलेगा लाइफ कवर". TV9 Bharatvarsh (in Hindi). Retrieved 5 July 2023.{{cite web}}: CS1 maint: numeric names: authors list (link)
  23. ↑ "Kotak Life Insurance associates with NPSS for free early breast cancer detection". Free Press Journal. Retrieved 5 July 2023.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.