Utkarsh Small Finance Bank partners with Kotak Life to boost insurance penetration
Bengaluru: Utkarsh Small Finance Bank on Wednesday announced a strategic partnership with Kotak Mahindra Life Insurance Company Ltd to strengthen its life insurance portfolio and expand access to financial protection products across India.
The collaboration marks a significant step in Utkarsh SFBL’s product expansion strategy, integrating Kotak Life’s comprehensive suite of insurance offerings across the bank’s 1,105 banking outlets spread over 27 states and Union Territories. The tie-up is expected to benefit the bank’s 51.4 lakh customers by providing them with access to a broad range of tailor-made life insurance solutions.
Under the partnership, customers will be offered protection, savings, unit-linked insurance plans (ULIPs) and retirement products designed to meet varied financial goals and life-stage requirements. The products will be made available through multiple channels, including bank branches, internet banking, mobile banking, UPI and assisted-digital platforms.
Govind Singh, Managing Director and CEO of Utkarsh Small Finance Bank, said the alliance reinforces the bank’s commitment to delivering holistic financial solutions. “By collaborating with Kotak Life Insurance, we are creating a robust platform that offers access to a wide array of life insurance products. This enables our customers to choose solutions best suited to their individual needs, preferences and life stages, while enhancing their long-term financial security,” he said.
Mahesh Balasubramanian, Managing Director of Kotak Life, said the partnership aligns with the Insurance Regulatory and Development Authority of India’s vision of ‘Insurance for All’. “Through this collaboration, we aim to extend our reach to untapped segments by leveraging the bank’s strong customer network and our life insurance expertise,” he said.
Kotak Life currently secures over five crore active lives, and the partnership is expected to further deepen insurance penetration among underserved segments.
