Sep 18: Kotak Mahindra Life Insurance Company Ltd. and Policybazaar announced the launch of Kotak Protect Advantage, a term insurance plan designed to help individuals safeguard their family’s financial future through a flexible and comprehensive protection solution. The product combines high life cover with a range of customer-centric features that address evolving protection needs across key life milestones.
Amit Palta, Deputy MD, Kotak Life, said,
“The future of life insurance lies in delivering solutions that are relevant to distinct customer cohorts. At Kotak Life, we work closely with our partners to understand the unique needs, preferences and financial priorities of the customers they serve, and translate those insights into meaningful product innovation. Kotak Protect Advantage is an outcome of this approach, to address the needs and preferences of a younger, digitally savvy customer segment”.
Vivek Jain, Chief Business Officer, Policybazaar, said,
“Term insurance needs to keep pace with real life needs of an individual. As people move through different stages of life, their financial responsibilities and protection also need to change. We are happy to partner with Kotak Life to bring Kotak Protect Advantage to the Policybazaar platform, a product that brings in features useful through different stages of a customer’s journey. The plan offers customers the flexibility to enhance cover at key life milestones without additional medicals, take a premium break, access instant payout upon claim intimation of ₹2 Lakh, and avail health and wellbeing benefits. This makes it more relevant to evolving customer needs.”
Younger consumers are approaching financial planning differently from previous generations. Accustomed to hyper-personalised experiences across digital platforms, they increasingly seek flexibility, convenience and greater control over their financial decisions. This has created an opportunity for life insurers to develop offerings tailored to the specific needs and expectations of distinct customer cohorts.
Recognising these changing expectations, Kotak Life and Policybazaar have collaborated to develop Kotak Protect Advantage, bringing together Kotak Life’s protection expertise and Policybazaar’s understanding of digitally savvy young consumers to create a proposition that aligns with their financial priorities.
The product offers customers a choice of two plan options and two payout options, enabling them to tailor coverage based on individual protection requirements and family needs. It also comes with a suite of features, including the Premium Break Benefit, Milestone Upgrade Option, Accelerated Terminal Illness Benefit and Special Exit Benefit with Return of Premium, providing greater flexibility and value for customers.