Yup. OCI is something similar to Permanent Residence in India except there is no physical presence requirement AND there is no need to renew OCI every 5 years. It is valid for a lifetime and you'll have to update your details on the OCI portal once after you renew your Canadian passport after you are 20 years old (if you are younger than 20 now) and once again after you're 50 years old AFAIK.
@lovedeepsingh => You'll certainly need a Canadian passport to get back to Canada from the Dominican Republic. If you are staying there only for a few days, you won't have time to apply and get a Canadian passport there. My recommendation would be to wait until you receive your Canadian passport and then travel. Book an appointment once you get your citizenship certificate, apply for Express Service (Express Pickup), get your passport and then fly. All the best!
Good luck!