Kotak Mahindra Life Insurance has unveiled Kotak Gen2Gen Income, a non-linked savings plan tailored to offer financial security for two generations. This innovative plan provides a first-of-its-kind feature, the ‘legacy option,’ which allows policyholders to secure both income and protection for themselves and their beneficiaries under a single policy.
This product boasts flexible plan options, catering to various financial objectives, such as building a retirement fund or establishing a wealth legacy for future generations. On maturity, the policyholder receives accumulated benefits, which may include the sum assured, bonuses, and any additional amounts, depending on the chosen plan structure. When the legacy option is selected, the benefits can be passed on to the next generation, ensuring financial support continues. Furthermore, the policy offers lump sum payments or regular income streams, contingent upon the plan choice, to meet the financial requirements of both the policyholder and their heirs.
Mahesh Balasubramanian, Managing Director of Kotak Mahindra Life, emphasized the company’s commitment to understanding consumer needs. “Today’s consumers have diverse financial needs, and life insurance solutions must be aligned with their life stages. At Kotak Life, we strive to innovate products rooted in deep research and consumer insights. Kotak Gen2Gen Income reflects this commitment, offering a way to pass down values and legacy, which is a core aspect of Indian culture,” he stated.
The plan also incorporates optional riders, wellness advantages, and enhanced benefits for female policyholders, including higher sums assured at the same premium rates.
