Mumbai: ICICI Prudential Life Insurance (IPLI), a joint venture between ICICI Bank and Prudential plc, has become the first private life insurer to cross the one million policies milestone. The corresponding sum assured stands at about Rs22,500 crore and the new business premium income is Rs1,700 crore.
Speaking at the occasion, K V Kamath, chairman IPLI said, "The life insurance sector has seen tremendous growth in the last few years, fuelled by product and service innovation. It has also created several opportunities for employment and generated long-term savings to fund development of the economy in the future. We see pensions as a high-growth segment for the industry. We are pleased with the progress made by ICICI Prudential thus far, and remain committed to the sector."
Dan Bardin, managing director, South Asia & Greater China, Prudential Corporation Asia, said, "India is a very important part of Prudential`s Asian strategy , and the success of ICICI Prudential is testament to the faith we have in the talent available and growth potential of this country. With its reputation for quality and strong track record of innovation, I am sure we can continue to expect more impressive achievements from ICICI Prudential Life Insurance."
The company's CAGR has been 148 per cent over the past three financial years. To commemorate the one million-policy milestone, ICICI Prudential has launched a programme called 'dil se', under which the company gifted 10 LifeLink insurance policies to underprivileged children, each with a value of Rs20,000. The company will altogether gift 50 such policies, totaling a symbolic Rs1 million, to underprivileged children in Mumbai, Delhi, Kolkata, Chennai and Bangalore.
According to Shikha Sharma, managing director and CEO, ICICI Prudential Life, said, "Our complete focus on the customer right from day one has enabled us to touch this landmark in less than four years of operations. It was a leap of faith that our early customers took when they decided to place their trust in ICICI Prudential in early 2001. I am happy to say that today; we have over a million such customers, each of them a testament to the progress made by not only the company, but life insurance as a whole."