ICICI Prudential Life covers 2 lakh rural people

India's largest private sector insurance company, ICICI Prudential Life Insurance crossed milestone of covering 2 lakh people in rural India.

Gujarat remained the key contributor in company's focus on rural market where insurance regulatory framework is also putting stress.

In Gujarat, ICICI Prudential had jointly worked with non-government organisations (NGOs), microfinanance institutions and co-operatives and other grassroots organisations apart from its regular partners.

"We have long been convinced of the need for and long term potential of life insurance in rural India. Certainly, covering the lives of those in rural areas presents several unique challenges and developing specific products and introducing simplified underwriting and claims guidelines to help the rural customer secure his or her financial future," said Shikha Sharma, MD and CEO of ICICI Prudential in a press release.

The company claims to have settled over 90 per cent of its rural claims within eight days of receiving the necessary documents, quicker than the mandatory 30-day period.