OM Kotak Mahindra bags group policy for Oil India

Mumbai: 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.

OIL 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.

According 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.

They 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 groups.