Om Kotak Mahindra to focus new policy only in six cities

Kolkata: Om Kotak Mahindra Life Insurance Company will focus its recently launched policy, Kotak Safe Investment Plan (KSIP), only in six major cities.

Om Kotak Life Insurance managing director Shivaji Dam says the product is designed in such a manner that it meets the demands of an urban resident rather than a rural individual.

KSIP is a market-linked insurance plan that offers to invest in the capital market and gain market-linked returns. However, it offers safety against the fluctuations of an equity market.

The premiums paid by a policyholder is converted into units and invested in any one or a combination of four managed funds.

Dam says professionals of the insurance company will manage the debt part of the investment. "But the executives of Om Kotak Mutual Fund may manage the equity fund. A decision on this matter will be taken in our next board meeting scheduled for 26 May 2003. There, we will also finalise our annual results."