Mumbai: Over 6.5 lakh eligible participating policyholders would get a bonus of Rs 840 crore from Kotak Mahindra Life Insurance Company Limited (Kotak Life) for the fiscal year 2023.
This is a 24% increase above the bonus announced for FY 2022. This year is the 22nd year in a row that policyholders have received bonuses under a practise that began in 2002.
Mahesh Balasubramanian, Managing Director, Kotak Mahindra Life Insurance Company Limited 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. We have strengthened our customer engagement initiatives through enhanced digital capabilities and analytics and will continue to provide convenient and easy solutions for them.”
At the time of maturity or exit, bonuses that were announced throughout each fiscal year are accrued and paid out. Depending on the terms and conditions of the policy, specific policy events may also result in the payment of cash bonuses or special one-time bonuses.
Meanwhile, on 22nd May 2023 announces its community service initiative across three districts of Tamil Nadu.
Kotak Mahindra Bank Limited (Kotak) wholly owns Kotak Mahindra Life Insurance Company Limited (Kotak Life). Kotak Life offers top-notch insurance solutions. As of 31 March 2023, Kotak Life has 289 branches spread over 148 cities and was one of the insurance companies in India with the fastest rate of growth.