Mumbai: Spurred by the excellent response to its unit-linked products, ICICI Prudential Life Insurance, India's leading 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 company's earlier flagship offering, Premier Life is a limited premium paying policy.
"Based on our customer interactions, we realised 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 artists, professionals, businessmen or sportspersons," said Shikha Sharma, CEO and MD, ICICI Prudential Life Insurance.
The company's funds under management stand at Rs1,800 crore, with the funds under its unit-linked products crossing the Rs1,000-crore level. Of the Rs1,000-crore funds under 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.
Premier Life allows policyholders to choose between premium-payment terms of three, five, seven and ten years, and offers cover to the life assured up to the age of 75 years. One of the unique features of the product is that it allows the policyholder to decrease the premium contribution at any time, subject to a minimum of Rs60,000 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 (Q1FY05). Its new business premium income grew to Rs242 crore, an increase of 244 per cent over the corresponding period last year (Q1FY04). Over 1,00,000 new policies were added in that same period and sum assured grew more than 250 per cent to nearly Rs20,000 crore. The company also witnessed a huge growth in its group business, adding Rs30 crore through group gratuity, superannuation and term policies. The company's combined market share stands at 34 per cent among private players.