- Funds under management stand at Rs 1800 crore -
Hyderabad,August' 2004: Spurred by the
excellent response to its unit-linked products, ICICI Prudential Life
Insurance, India’s No. 1 private life insurance company, has launched two
new products - LifeTime II and Premier Life. While LifeTime II is a more
cost efficient but less flexible form of the earlier flagship product;
Premier Life is a limited premium paying policy offering unmatched
flexibility and features.
Based on our customer interactions, we realized that there was a need for
a variety of products that would offer slightly varied premium payment
options and flexibilities. Premier Life, for instance, offers stability
and protection for a long time to individuals, even while they pay premium
for a short period. Such flexibilities and options make it an ideal
product for people who might otherwise have an irregular income – be it
artistes, professionals, businessmen or sportspersons”, said Ms Shikha
Sharma, CEO & MD, ICICI Prudential Life Insurance.
ICICI Prudential’s funds under management stand at Rs 1800 crore, with the
funds under its unit-linked products recently crossing the Rs 1,000 crore
level. This is the first such achievement for any private life insurance
company in the country. Of the Rs 1,000 crore funds under ULIPs, nearly
half is invested in income funds, 31% in balanced funds, 19% in growth
funds and a small portion in short-term debt.
Premier Life allows policyholders to choose between premium-payment terms
of 3, 5, 7 and 10 years, and offers cover to the life assured up to the
age of 75 years. One of the most unique features of the product is that it
allows the policyholder to decrease the premium contribution at any time,
subject to a minimum of Rs 60,000 p.a. and also offers guaranteed
financial benefits in the form of bonus units at specific intervals.
Quarter 1 Results
ICICI Prudential witnessed yet another period of triple-digit growth in
the quarter ended April-June 2004 (Q105). Its new business premium income
grew to Rs 242 crore, an increase of 244% over the corresponding period
last year (Q104). Over 100,000 new policies were added in that same period
and sum assured grew more than 250% to nearly Rs 20,000 crore. The company
also witnessed a huge growth in its group business, adding Rs 30 crore
through group gratuity, superannuation and term policies. The company’s
combined market share stands at 34% amongst private players.
About ICICI Prudential Life Insurance
ICICI Prudential Life Insurance Company is a joint venture between ICICI
Bank and Prudential plc. It was one of the first players to commence
operations when the insurance industry was opened to the private sector in
2000. In the quarter ended June 30, 2004, the company issued over 100,000
policies, for a total sum assured of over Rs 3,753 crore and new business
premium income of Rs. 242 crore. The company has a network of over 36,000
advisors; as well as 11 bancassurance tie-ups. Today, ICICI Prudential has
emerged as the No. 1 private life insurer in the country, with a wide
range of flexible products that meet the needs of the Indian customer at
every step in life.
