| Addressing a press conference at the launch of two new products, ICICI Prudential managing director Shikha Sharma said, "Over one lakh new policies were added during the same period and the sum assured grew more than 250 per cent to nearly Rs 20,000 crore." |
| She also said that the company witnessed huge growth in its group business "� adding Rs 30 crore through group gratuity, superannuation and term policies. According to Sharma, the current combined market share of ICICI Prudential was at 34 per cent among private players. |
| Speaking about the two new products, Life Time II and Premier Life, she said, "The move to launch the new products was taken after excellent response to the company's unit-linked products. The Life Time II product is a more cost efficient but less flexible form of the earlier Premier Life product. The product offers unmatched flexibility and features like variable premium among others," Sharma added. |
| Premier Life allows policy holders to choose between premium-payment terms of three, five, seven 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 policy holder to decrease the premium contribution at any time, subject to a minimum of Rs 60,000 per annum and also offers guaranteed financial benefits in the form of bonus units at specific intervals,"s Sharma said. |
| ICICI Prudential's funds under management stand at Rs 1,800 crore with the funds under its unit linked products (ULIPs) crossing Rs 1,000 crore. |
| According to Sharma, of the Rs 1,000 crore funds under the ULIPs, nearly half is invested in income funds, 31 per cent in balanced funds, 19 per cent in growth funds and a small portion in short-term debt. |
| ICICI Prudential has over 76 branches across 60 locations in the country. The company offers a total of 19 individual products across all segments, three group products and six riders. |
Top Section
Explore Business Standard