Calcutta, Oct. 2 :    Calcutta, Oct. 2:  Om Kotak Mahindra Life Insurance, a joint venture between Old Mutual plc and Kotak Mahindra Finance, will apply to Insurance Regulatory Development Authority (IRDA) at the end of the month for approval to introduce policies targeted at rural clients. It will be the third private insurer to launch products meant for villagers after Iffco Tokio General Insurance and HDFC Standard Life Insurance Company. Company managing director Shivaji Dam said: 'We will come up with a single-premium product where the insurer will have to make a one-off payment. We are working on the policy and will seek approval for it at the month-end.' IRDA norms require insurance companies to generate 5 per cent of their annual business from the rural market. 'To comply with the stipulation, 5 per cent of the 30,000 policies we expect to sell in the current fiscal will be peddled in rural Maharashtra. We have identified 300 villages in Thane, Pune and Raigarh to market our products,' Dam said. The company has three products - Om Money Back Plan, Om Endowment Plan and Om Insurance Bond. There are plans to introduce a 'critical illness' rider in its schemes. 'We have sought IRDA's nod for this and expect to introduce it in November,' Dam said. The Om name in its policies will be replaced with Kotak. The company aims to achieve a sum assured of Rs 300 crore with a premium income of Rs 15 crore in its first year of business. It expects to achieve break-even in the seventh year, though Dam could not say how much it would mop up in premium income by that time. Under IRDA guidelines, 50 per cent of the policyholder's funds must be invested in government securities. 'We have invested more than 50 per cent in G-Sec funds. We are also picking up short-term infrastructure bonds, bank deposits and AAA+ rated securities,' Dam said. There is no immediate plan to increase its capital base of 153 crore. 'It is sufficient for two years of business. We can look at expanding it after three years,' he added. The company has 10 corporate agents, but says it is talking to banks and financial institutions to market its products. 'However, we cannot appoint them unless IRDA amends the law,' he said. The number of advisors will rise from over 500 now to 2000 by the year-end.