ICICI Pru Life issues 1 lakh policies

By Our Banking Bureau | 04 Apr 2002

1
Mumbai: ICICI Prudential Life Insurance Company Ltd, the joint venture between ICICI Ltd and Prudential plc of UK, has issued 1 lakh policies as on 31 March 2002. The company has underwritten policies amounting to over Rs 1,500 crore and has a premium income of around Rs 120 crore.

The company has augmented its equity-base by Rs 40 crore, taking its paid-up capital to Rs 190 crore. This capital infusion is the first of the two planned rounds of equity expansion, the second of which is scheduled later this year, a press release said.

Says ICICI Pru Life managing director Shikha Sharma: The company is focused on developing flexible, need-based products, backed with need-based selling advice and technology-enabled risk.

Over 40 per cent of the policies issued were of products such as market-linked policies, retirement solutions and Smart Kid, a policy designed specifically to meet the educational needs of children.

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