Financial Daily from THE HINDU group of publications
Saturday, Feb 16, 2002
Financial Daily from THE HINDU group of publications Saturday, Feb 16, 2002 |
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Money & Banking
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Insurance OM Kotak to offer unit-linked scheme Our Bureau
Mr Shivaji Dam (right), Managing Director, OM Kotak Mahindra Life Insurance Company, with Mr Treman Ahluwalia, Chief Marketing Officer, at a press conference in Hyderabad on Friday.
HYDERABAD, Feb. 15 OM Kotak Mahindra Life Insurance Company, the insurance joint venture between the UK-based Old Mutual Plc and Kotak Mahindra Finance Ltd, is currently finalising details of a new individual product called the Kotak Unit-Linked Product, an investment product backed with insurance. This is part of its exercise to expand its individual products portfolio. The Managing Director, OM Kotak Mahindra, Mr Shivaji Dam, told presspersons here on Friday that the new product would be test marketed next month and formally launched in April. He was speaking at the launch of the company's Hyderabad operations. The unit-linked product would have four investment options — an aggressive fund, a defensive fund, a balance fund and a gilt fund — offering a range of options to investors, Mr Dam said. OM Kotak Mahindra currently offers five individual products and two group products. The individual products are the Kotak Endowment, the Kotak Moneyback, the Kotak Insurance Bond, the Kotak Term Assurance and the Kotak Gramin Bima Yojana. The two group products are the Kotak Term GrouPlan and the Kotak Term-Credit GrouPlan.
OM Kotak Mahindra, which has operations in 12 cities, has also chalked out an expansion programme under which it will commence operations in 20 more centres during the next fiscal. The expansion plan will cover Uttar Pradesh, Madhya Pradesh, Rajasthan and Punjab, apart from strengthening the branch network in Maharashtra and Gujarat.
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