Kotak Life Announces Bonus Of Rs 840 Cr To Policyholders
Kotak Mahindra Life Insurance Company (Kotak Life) has announced a bonus of Rs 840 crore to more than 6.5 lakh eligible participating policyholders for FY 2023. This is an increase of 24 per cent over the bonus declared for FY 2022. A practice, which was started in 2002, this year marks the 22nd consecutive year of the bonus payment to policyholders, the company said in a statement.
Bonuses declared in each financial year are accrued and paid out at maturity or exit. Cash bonuses or special one-off bonuses will also be paid out on specific policy events as per policy conditions.
Mahesh Balasubramanian, Managing Director, Kotak Mahindra Life Insurance Company said, “True to our brand promise, Hum hain… hamesha, our endeavour remains to always be there for our customers. We at Kotak Life stay committed to playing a significant part in securing the lives of our policyholders and their families. We are pleased to announce an increased bonus for our valued customers and have strengthened our customer engagement initiatives through enhanced digital capabilities and analytics and will continue to provide convenient and easy solutions for them.”
Kotak Life is a 100 per cent owned subsidiary of Kotak Mahindra Bank. Kotak Life provides insurance products and is one of the fastest-growing insurance companies in India with 289 branches across 148 cities and has covered more than 4.5 crore active lives as on 31 March 2023.
