The strategy for portfolio insurance management was an optimal selection for investors with higher safety investment requirements.The insurance strategy synthesized by borrowing restriction and decline limits were proposed and analyzed,using for synthetic put.An expression of portfolio was given on the basis of periodical adjustment of stock price.Aimed at China's market,six stocks were selected to do the empirical research.The numerical results verified that the strategy can avoid downside risk and can get profits during the stock price's going up.It provided reference for investors,especially institution investors,to select their strategies.