Kotak Mahindra Old Mutual Life Insurance Ltd, a joint venture between Kotak Mahindra Bank Ltd and Old Mutual plc, will be launching a standalone health insurance scheme in the first half of the next fiscal.
Till now, Kotak has been offering health schemes only as riders to its life insurance policies and this new scheme would be a standalone one, according to Arun Patil, company’s senior vice- president for training and management.
“This standalone scheme would cover as many diseases and eventualities as possible,” he told reporters.
Kotak would begin negotiations with hospitals for this scheme after this fiscal, he said, but declined to divulge further details.
The company is also increasing the number of branch offices from 110 now to 140 across the country by the end of this month.
“In the next fiscal, we plan to set up another 100 branch offices out of which 10 would be for the eastern region,” Patil said.
“The first year premium collection for the current fiscal is likely to touch Rs 1000 crore and we are targeting at Rs 2,500 crore in the fiscal 2008-09,” Patil said.
He was here for the launch of three women-specific schemes — Kotak Endowment Plan, Kotak Flexi Plan and Kotak Smart Advantage Plan.
“The schemes are for 20 years, with age ranging from 0-65 years,” Patil said.
The minimum premium amount is Rs 12,000 per annum and the target is to tap at least 1 lakh women in three years, he said.
“This is a way of acknowledging the power of women on International Womens’ Day,” Patil said.
The scheme would start targeting women at the national level in a year.