Kotak Life Targets 10% to 12% Business Contribution From Tamil Nadu

Kotak Mahindra Life Insurance Company (Kotak Life) is targeting to increase Tamil Nadu's contribution to its overall business to 10% to 12% over the next three to five years.

Mahesh Balasubramanian, Managing Director and Chief Executive Officer of Kotak Life, announced the growth plans, highlighting Tamil Nadu as a key focus market. The state currently ranks third in terms of business contribution to the insurer, accounting for 9% of Kotak Life's overall business in India.

While the company’s individual business grew by 17% nationally, Tamil Nadu recorded a 20% year-on-year growth in the 2026 fiscal year (FY26). Nationally, Kotak Life reported assets under management (AUM) of Rs 1,03,156 crore in FY26, up 12.4% from Rs 91,807 crore in FY25.

To support its expansion, Kotak Life plans to increase its physical presence in Tamil Nadu. The company currently operates 46 branches across 18 cities and 31 districts in the state. After adding eight branches in Tamil Nadu last year, the insurer plans to open another five branches this year. The remaining districts in the state are served through bancassurance partners, including Kotak Mahindra Bank.

In Tamil Nadu, Kotak Life's product portfolio consists of 80% traditional products, 15% unit-linked insurance plans (ULIPs), and 5% protection products. The company has virtually doubled the share of protection products in its overall mix following the GST reform in September 2025, which granted GST exemption for individual life insurance policies, including term plans, endowment policies, and ULIPs.

For the 2027 fiscal year, Kotak Life aims to grow beyond the mid-teens to increase its market share, outperforming the broader life insurance industry, which is projected to grow at a compound annual growth rate (CAGR) of 13% to 15%. Nationally, Kotak Life has covered more than four crore lives.