Subhasis Ghosh, Kotak Mahindra Life Insurance Company Limited, Head-Financial Institutions, Employee Benefits, Marketing and Alliances introduced the new protection plan Kotak Gen2Gen Protect.

It is the first product of its kind in the industry that comes with a feature to cover two generations with one plan. As a result, it passes the legacy of protection.

The product is equipped with a 100 percent guaranteed return of premium benefit on survival. This protection plan helps in transferring the risk cover to the child when the parent is sixty or sixty-five years of age. This age has to be decided when the primary applicant of the plan takes the plan. The risk cover stays with the child till he/she turns 60.

It also is equipped with other facilities like in-built wellness benefits and riders like Accidental death benefits, Permanent disability benefits, and Critical illness plus.

The product also provides an additional 5% death benefit.

Since Kotak Gen2Gen Protect returns the entire premium amount to the primary applicant, the premium is 20 to 30 percent more than the other regular products available in the market.

With this new product, there will be an expansion in the protection category and also a contribution to IRDAI’s vision of Insurance for all by 2047.

Priyanka Dutta