Kotak Life Insurance launches new unit-linked insurance plan

Mumbai: Kotak Life Insurance has announced the launch of its third unit-linked insurance plan (ULIP), Kotak flexi plan (KFP). Its other unit-linked products are Kotak safe investment plan II, Kotak easy growth plan and Kotak flexi plan.

Elaborating on the scheme, Gaurang Shah, who was recently appointed managing director of Kotak Life Insurance said, "KFP has been launched with single-minded focus on the changing customer needs. As you go through life, your need for insurance varies. KFP brings the ultimate flexibility, transparency and safety in a unit-linked plan."

In addition, KFP offers tax-free switching amongst its five funds — 'floating rate fund', 'bond fund', 'balanced fund', 'growth fund' and 'gilt fund'. The Kotak flexi plan are lump sum injection, partial withdrawal and limited premium payment option, automatic cover maintenance, loan facility in case of emergencie and rider options for enhanced protection. Thus, KFP would be similar to a better endowment plan with the flexibility of a mutual fund.

The half yearly growth of the company's unit-linked plans this fiscal over the previous year has been 90 per cent and the company is aiming for a Rs300-crore first year premium this year.