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Renewal premium business grows closer to new premium business
Kotak Mahindra Old Mutual Life Insurance Ltd is looking at a 25 per cent growth in its new premium business as against the Rs 1,700 crore registered during last year. The company would be looking at offering products for the young professionals, said Sunil Sharma, appointed actuary, Kotak Mahindra Old Mutual Life Insurance Limited.
Speaking to reporters while announcing the launch of Kotak Premier Pension Plan, a pension policy which ensures financial stability for the policyholder after retirement from job, he said that the new business premium is expected to grow 25 per cent. He added that the renewal premium business is also growing and it is closer to the new premium business now.
During the quarter ended June, this year, the renewal premium was Rs 242 crore, while the new premium was of Rs 274 crore and the renewal business is catching up with the new premium business, which is a healthy trend, said company official.
He added that the Kotak Mahindra Bank’s acquisition of ING Vysya Bank would bring in more strength in terms of distribution to the company in South India. The company is targeting to offer plans to the young professionals, he added.
Through the Premier Pension Plan, the company is offering a product with financial stability and security and a participating plan with assured benefits on death and vesting.
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