ICICI Prudential Life Insurance is planning to increase its equity base by Rs 80 crore, of which Rs 40 crore will be pumped in by March and the rest at a later date.
At present the insurance company has an equity base of Rs 150 crore. According to Shikha Sharma, managing director of the company, both the venture partners -- ICICI and Prudential -- will contribute to the new equity in proportion to their existing stakes, which are at 74 per cent and 26 per cent, respectively.
The company is also planning to spread its presence to seven cities by this year end. It currently has branches in 14 cities.
ICICI Prudential has so far sold nearly 70,000 policies with a premium income of over Rs 100 crore, while sum assured has crossed Rs 1,000 crore.
The company has launched Smart Kid, a life insurance policy aimed at taking care the educational needs of children. The policy provides guaranteed payments to children at higher secondary, graduation and post graduation levels.
The policy covers the risk on the life of the parent. It also carries an income benefit rider that provides an annual income to the child till the maturity of the policy in the event of death of the parent to take care of regular expenses besides education.
