OM Kotak Mahindra Life Insurance (OM Kotak) has bagged
one of the largest Group Term policies covering almost
10,000 employees of the PSU giant, Oil India Limited (OIL)
for the second year in succession.The total sum assured
amounts to Rs. 576.3 crore.
has also extended two new group policies to OM Kotak,
namely; Employees' Deposit Linked Insurance (EDLI) and
Credit Term cover for the employees availing housing loans.
Prior to OM Kotak, the EDLI & Credit Term cover group
policies were with LIC.
to Mr Sandip Shrikhande, Associate Vice President - Group
Salesat OM Kotak Mahindra Life Insurance, "The contract
has been awarded to us through a tendering process in
February 04, where we faced tough competition from six
other insurance players including LIC & SBI Life.
Apart from the competitive rates, our proactiveness and
ability to offer excellent services even in remote location
like Duliajan in North East, where the field headquarters
are located were the deciding factors in favour of OM
Kotak Mahindra Life Insurance".
Following an International trend of group insurance, Indian
Insurance companies are tapping large sized corporates,
as penetration levels of Group Insurance in India are
less than 10% while in the US its around 60%. It is also
beneficiary for insured employee as the group policy covers
wider risk parameters, with discounted premium and requires
no medical tests. Identifying it as potential for faster
growth, Private insurance companies are also aggressively
targeting the group insurance segment. OM Kotak has built
up a strong roster of clients across key industries like
IT, manufacturing, banking and finance amongst others.
have a comprehensive range of group insurance products
like term, credit-term, gratuity and superannuation that
can cater to all kinds of employer-employee and affinity