The partnership will help 52 Lakh customers of Jana Small Finance Bank with a wide range of life insurance products offered by Kotak Life, including long-term savings and retirement solutions
by Suman Gupta
Mumbai, April, 2024: Kotak Mahindra Life Insurance Company Ltd (“Kotak Life”) today announced its corporate agency partnership with Jana Small Finance Bank. The partnership will benefit 52 lakh customers of Jana Small Finance Bank by offering a wide range of tailor-made life insurance solutions provided by Kotak Life through the Bank’s 781 banking outlets spread across 22 States and 2 Union Territories.
| (Left to Right): Ajay Kanwal, MD & CEO, Jana Small Finance Bank & Mahesh Balasubramanian, MD, Kotak Mahindra Life Insurance Company Limited exchange Memorandum of Understanding (MOU). Kotak Life will offer wide range of tailor-made life insurance solutions to Jana Small Finance Bank customers |
Mahesh Balasubramanian, MD, Kotak Mahindra Life Insurance Company Limited, said, “At Kotak Life, we firmly believe that life insurance is a necessity for every Indian. We are committed to the vision of ‘Insurance for All,’ as outlined by the IRDAI. By leveraging on Jana Small Finance Bank’s customer reach and our expertise in life insurance, we can now offer life insurance solutions and provide financial security to Jana Small Finance Bank’s customers.”
Ajay Kanwal, MD & CEO, Jana Small Finance Bank said, “We, at Jana Small Finance Bank, are committed to offering holistic financial solutions to our customers. The strategic collaboration with Kotak Life is a significant step in this commitment to our customers.”
About Kotak Mahindra Life Insurance Company Ltd: Kotak Mahindra Life Insurance Company Limited (Kotak Life) is a 100% owned subsidiary of Kotak Mahindra Bank Limited (Kotak). Kotak Life provides world-class insurance products with high customer empathy. Its product suite leverages the combined prowess of protection and long term savings. Kotak Life is one of the fastest growing insurance companies in India with 286 branches across 146 cities and has covered more than 5 crore active lives as on 31st December 2023.
About Jana Small Finance Bank: Jana Small Finance Bank, a scheduled commercial bank, is the 4th largest Small Finance Bank in India with an experience of over 16 years in lending and serving 12 million customers. The Bank was launched in March 2018, and is a solid combination of a digital institution and national presence across 22 states and 2 union territories, spread across 781 branches. From its origin of being a NBFC-MFI, the bank has transformed steadily over the years, leading to 59.6% of its lending book being secured, mostly backed by mortgages. The Bank has created a fast-growing retail deposit franchise with a strong brand presence and high standards of customer service. The bank’s management team has an average experience of 24 years with a reputed and well-rounded Board.
Note: All Numbers are as on 31st December 2023 unless specified otherwise
