Chennai, Jan 4 (IANS): With the licence to open 30 more branches, private life insurer Kotak Life Insurance Company Ltd, (Kotak Life) will expand its distribution network this year, said a senior official. The company currently has 289 branches.

“We have the licence from the IRDAI (Insurance Regulatory and Development Authority of India) to open 30 more branches. We will open them during the course of this year,” Vivek Prakash, Joint President and Head Agency Business, said on Thursday.

He was here to launch the Rs.15,320 crore premium new policy of the firm called `Term with Unit Linked Insurance Plan (TULIP).’

The new product is a unit-linked term insurance plan that offers life cover up to 100 times of the annual premium while giving a customer the opportunity to earn returns like a ULIP.

It also provides additional protection against critical illnesses and accidental death.

With the changes made in the tax laws, he said the company is now focusing on selling policies to wider sections of the society than to the taxpayers as a tax saving instrument.

Asked about the business from different channels Prakash said the division of business between individual agents and the bancassurance channel is 50:50.