Kotak Mahindra Bank’s subsidiary company -- Kotak Life Insurance is planning to raise term insurance premiums rates and to file a new product with insurance regulator IRDAI. Insurers and reinsurers have been affected globally due to the pandemic and this has caused a realignment of underwriting norms and pricing of products.
The company’s total new business premium grew 37 per cent to Rs 3,376 crore in April-November 2021. Its individual business renewal premium registered a growth of 20 per cent to Rs 3,002 crore in the same period.
Kotak Mahindra Bank offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiaries in the areas of personal finance, investment banking, life insurance, and wealth management.
