Utkarsh
Small Finance Bank and Kotak Life Announce Strategic Partnership to Drive Life
Insurance Penetration
The
partnership strengthens the Bank’s commitment to providing customers with
diverse and comprehensive financial protection solutions offered by Kotak Life
Mumbai / Chennai, February 27, 2026: Utkarsh Small Finance Bank Limited (“Utkarsh SFBL”) today announced a strategic partnership with Kotak Mahindra Life Insurance Company Ltd (“Kotak Life”), marking a significant milestone in the Bank’s product expansion strategy. This collaboration significantly strengthens Utkarsh SFBL’s life insurance vertical, integrating Kotak Life’s comprehensive suite of products across the Bank’s 1105 banking outlets spanning 27 states and union territories.
The tie-up plans to benefit 51.4 lakh customers of Utkarsh SFBL that will
offer a wide range of tailor-made life insurance products and solutions
provided by Kotak Life, including protection, savings, unit-linked and
retirement.
Speaking
on the partnership, Mr. Govind Singh, Managing Director & CEO, Utkarsh
Small Finance Bank Limited, said: “This partnership reinforces our
commitment to delivering holistic financial solutions to our customers. By
collaborating with Kotak Life Insurance, we are creating a robust platform that
offers access to a wide array of Life Insurance products from leading insurers.
This enables our customers to choose solutions that are best suited to their
individual needs, preferences and life stages, while enhancing financial
security that best suits their unique needs and financial goals”.
Mahesh
Balasubramanian, Managing Director, 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 IRDAI's vision of 'Insurance for All' and our collaboration with
Utkarsh Small Finance Bank is a step in that direction. Through this
partnership, we aim to extend our reach to untapped segments of the population
by leveraging the bank's customer network and our life insurance expertise to
provide financial security to Utkarsh SFBL's customers."
This
partnership will enable Utkarsh SFBL's customers to access a wider range of life insurance
offerings, which can be delivered through multiple channels such as branches, Internet
Banking, Mobile Banking, UPI and assisted-digital platforms.
Kotak
Life has secured over 5 crore active lives*, reflecting its consistent track
record of delivering financial security to policyholders, an assurance that
will now extend to the customers of Utkarsh SFBL.
About
Utkarsh Small Finance Bank Limited
Utkarsh
Small Finance Bank Limited (Utkarsh SFBL), incorporated on April 30, 2016, is a
listed entity engaged in providing banking and financial services with a focus
on underserved and unserved communities. Headquartered in Varanasi, Uttar
Pradesh, the Bank commenced its operations on January 23, 2017, after receiving
a small finance banking license from the Reserve Bank of India on November 25,
2016.
The
Bank offers a range of digital services including internet and mobile banking,
Digi On-Boarding, UPI, and online account opening facilities. Supported by an
extensive network of ATMs and Micro ATMs, Utkarsh SFBL ensures seamless and
convenient banking access for its customers.
About Kotak Mahindra Life Insurance Company Ltd
Kotak
Mahindra Life Insurance Company Limited is a 100% owned subsidiary of Kotak
Mahindra Bank Limited. 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 356 branches across 161 cities and has covered more
than 5 crore lives as on 31st December 2025.
For
more details, please visit www.kotaklife.com
For media queries, please contact:
Ms.
Meenakshi Vijay
Corporate Communication
Utkarsh Small Finance Bank Limited
Email: meenakshi.vijay@utkarsh.bank
Mobile: 9823322290
Ms
Shazin Motorwala
Corporate Communication
Kotak Mahindra Life Insurance Company Ltd.
E: Shazin.Motorwala@kotak.com
M: +91 9833240021
