Om Kotak plan for non-tobacco users, women

Our Banking Bureau
13 September 2002

Mumbai: Om Kotak Mahindra Life Insurance Company has announced the launch of its latest product Kotak Preferred Term Plan (KPTP). The plan is a one-of-a-kind pure risk product that aims to cover preferred lives at a nominal cost.

The plan offers special benefits of lower premium rates to people who meet the “preferred lives“ criteria — non-tobacco-consuming men over the age of 25 and women over the age of 25. This plan is also ideal for covering outstanding debts like mortgages, home loans due to its low-premium rates.

“This is the first product of its kind in the Indian insurance industry that rewards consumers for not consuming tobacco,“ says Om Kotak Mahindra Life Insurance Company chief marketing officer Treman Ahluwalia. “Apart from the affordability of the product as demonstrated by the low premium applicable to preferred lives, this product also reinforces the OMKM philosophy of jeene ki azaadi by helping consumers maximise their life cover.“

“The plan will help working women over the age of 25 who have financial responsibilities to cover themselves at a lower cost. We hope that women in India benefit from this plan especially since we have designed the plan to be affordable as well as flexible for our consumers,“ says Om Kotak Mahindra Life Insurance Company managing director Shivaji Dam.

The plan, besides offering a lower premium to preferred lives, also differs from the existing Kotak Term Assurance Plan with respect to the maximum term, which has been increased from 20 to 30 years. It is also ideally suited for those wanting to take a sum assured of greater than 10 lakh, as there is no restriction on the amount of sum assured in Kotak Preferred Term Plan.

The plan is available with options for regular premium payment or single premium payment. In the case of the regular premium payment option, premiums may be paid in either annual, half yearly or quarterly instalments.