ICICI Prudential Life Insurance

ICICI Prudential Life Insurance is one of the most dominant players in the insurance sectors in India. They are known to offer products such as term insurance plans, endowment plans, etc. in order to match its customers various financial needs.

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ICICI Prudential Life Insurance Company (ICICI Prudential Life) is a joint venture between ICICI Bank Ltd., one of India's largest private sector bank, and Prudential plc, a leading international financial services group headquartered in the United Kingdom. ICICI Prudential Life was amongst the first private sector life insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority of India (IRDAI).

ICICI Prudential Life's capital infused stands at Rs. 48.16 billion (as of March 31, 2015) with ICICI Bank Ltd. and Prudential plc holding 74% and 26% stake respectively. For the financial year 2015, the company garnered a total premium of Rs. 153.07 billion. The company has assets under management of Rs. 1001.83 billion as on March 31, 2015.

For over a decade, ICICI Prudential Life has maintained its dominant position (on new business retail weighted basis) amongst private life insurers in the country, with an array of products to match the different life stage requirements of customer and enable them to achieve their long term financial goals.

Term insurance plans	ICICI Pru iProtect Smart ICICI Pru iCare II ICICI Pru Life Raksha ICICI Pru POS iProtect Smart ICICI Pru POS Life Raksha
Health insurance plans	ICICI Pru Heart Cancer Protect ICICI Prudential Smart Health Cover
Unit linked insurance plans	ICICI Pru1Wealth Plan ICICI Pru Lifetime Classic ICICI Pru Elite Life Super ICICI Pru Elite Wealth Super ICICI Pru Guaranteed Wealth Protector ICICI Pru Smart Life ICICI Prudential Smart Kid Solution
Traditional Savings/Money Back plans	ICICI Pru Cash Advantage ICICI Pru Savings Suraksha ICICI Pru Assured Savings Insurance Plan ICICI Pru Future Perfect
Retirement plans	ICICI Pru Easy Retirement ICICI Pru Immediate Annuity
Group Plans	ICICI Pru Loan Protect ICICI Pru Loan Protect Plus ICICI Pru Group Term Plus Group Gratuity Plan Group Superannuation Plan Group Leave Encashment Group Immediate Annuity Plan ICICI Pru Group Loan Secure ICICI Pru Group Insurance Scheme for Pradhan Mantri Jeevan Jyoti Bima Yojana ICICI Pru Shubh Raksha Credit ICICI Shubh Raksha One ICICI Pru Shubh Raksha Life
Rural plans	ICICI Pru Sarv Jana Suraksha Micro Insurance Plan ICICI Pru Anmol Bachat

ICICI Prudential Term Insurance Plans

Type of the plan	Basic sum assured	Policy term
ICICI Pru iProtect Smart	Minimum sum assured - will be subject to the minimum premium amount Maximum sum assured - No limit (subject to underwriting policies)	Minimum policy term - 5 years Maximum policy term - 20 years
ICICI Pru iCare II	Minimum sum assured - if age is 60 years with a policy term of 5 years, then the minimum sum assured will be: For option I - Rs.87,423 and for option II - Rs.85,875. If age is 18 years and chosen policy term is 30 years, then minimum sum assured for option I will be Rs.3.6478 lakh and for option II it will be Rs.2.88257 lakh Maximum sum assured - No limit is set herein	For regular pay policies - 5, 10, 15, 20, 25, and 30 years For single pay policies - 5 and 10 years
ICICI Pru Life Raksha	Minimum sum assured - Rs.50,000 Maximum sum assured - Rs.5 lakh	For regular pay policies - 5 years

ICICI Prudential Health Insurance Plans

Type of the plan	Basic sum assured	Policy term
ICICI Pru heart/cancer protect	Sum assured must be determined after analysing future treatment costs, hospitalisation costs, additional expenses, and so on	Minimum policy term that can be chosen is 5 years. Policyholders can purchase ICICI Pru Heart/Cancer Protect between the ages of 18-65 years
ICICI Prudential Smart Health Cover	Maximum sum assured - Rs.25 lakh	Minimum policy term - 10 years Maximum policy term - 30 years

ICICI Prudential Unit-Linked Insurance Plans

Type of the plan	Basic sum assured	Policy term
ICICI Pru1Wealth	If entry age = less than 50 years, then minimum sum assured = 1.25 times Single Premium and maximum sum assured = 10 times Single Premium If entry age = more than 50 years, then minimum sum assured = 1.10 times Single Premium and maximum sum assured = 1.10 times Single Premium	5 and 10 years
ICICI Pru Lifetime Classic	If the entry age of the policyholder is between 0 and 44 years, then the minimum sum assured will be Higher of (10 X Annualised Premium) and (0.5 X Policy term X Annualised Premium) If the entry age of the policyholder is 45 years or more, then the minimum sum assured will be Higher of (7 X Annualised Premium) and (0.25 X Policy term X Annualised Premium) Maximum sum assured - No limit	If the entry age of the policyholder is between 0 and 39 years, then Policy term will be 10, 15, to 25 years for a premium payment term of either 7 years or less than 7 years If the entry age of the policyholder is between 40 and 44 years, then Policy term will be 10, 15, to 20 years for a premium payment term that is either 7 years and above or less than 7 years If the entry age of the policyholder is between 45 years and 46 years, then Policy term will be 10 years (minimum) and 15 years (maximum) for a premium payment term of less than 7 years or 7 years and more than 7 years If the entry age of the policyholder is between 47 years and 55 years, then Policy term will be 10 years for a premium payment term of less than 7 years or 7 years and more than 7 years
ICICI Pru Elite Life Super	For single pay policies: If the entry age of the policyholder is between 0 and 41 years, then minimum sum assured will be 1.25 X Single Premium and maximum sum assured will be 10 X Single Premium. If the entry age of the policyholder is 42 years or more, then minimum sum assured will be 1.25 X Single Premium and maximum sum assured will be 1.25 X Single Premium For regular and limited pay policies: If the entry age of the policyholder is between 0 and 44 years, then the minimum sum assured will be Higher of (10 X Annualised Premium) and (0.5 X Policy term X Annualised Premium). If the entry age of the policyholder is 45 years or more, then the minimum sum assured will be Higher of (7 X Annualised Premium) and (0.25 X Policy term X Annualised Premium)	For regular and limited pay policies: If the entry age of the policyholder is between 0 and 39 years, then: For less than 7 years’ premium payment term - the policy terms will be 10, 15, to 30 years For either 7 years or more than 7 years’ premium payment term - the policy terms will be 10, 15, to 30 years If the entry age of the policyholder is between 40 and 4 years, then: For less than 7 years’ premium payment term - the policy terms will be 10, 15, to 25 years For either 7 years or more than 7 years’ premium payment term - the policy terms will be 10, 15, to 25 years If the entry age of the policyholder is between 45 and 51 years, then: For less than 7 years’ premium payment term - the policy terms will be 10, 15, to 20 years For either 7 years or more than 7 years’ premium payment term - the policy terms will be 10, 15, to 20 years If the entry age of the policyholder is between 52 and 56 years, then: For less than 7 years’ premium payment term - the policy term will be 10 years For either 7 years or more than 7 years’ premium payment term - the policy term will be 10 years For single pay policies: If the entry age of the policyholder is between 0 and 24 years, then: For Sum Assured Multiple of 1.25 times, the policy term will be 5 to 30 years and For Sum Assured Multiple of 10 times, the policy term will be 5 to 30 years If the entry age of the policyholder is between 25 and 31 years, then: For Sum Assured Multiple of 1.25 times, the policy term will be 5 to 30 years and For Sum Assured Multiple of 10 times, the policy term will be 5 to 20 years If the entry age of the policyholder is between 32 and 37 years, then: For Sum Assured Multiple of 1.25 times, the policy term will be 5 to 30 years and For Sum Assured Multiple of 10 times, the policy term will be 5 to 10 years If the entry age of the policyholder is between 38 and 41 years, then: For Sum Assured Multiple of 1.25 times, the policy term will be 5 to 30 years and For Sum Assured Multiple of 10 times, the policy term will be 5 years If the entry age of the policyholder is between 42 and 75 years, then: For Sum Assured Multiple of 1.25 times, the policy term will be 5 to 30 years
ICICI Pru Guaranteed Wealth Protector	For single-premium single pay policies, the sum assured will be 1.25 X Single Premium For five-year premium policies, the sum assured will be: 10 × Annual Premium, if the age of the life assured is between 8 and 44 years 7 or 10 × Annual Premium, if the age of the life assured is between 45 and 54 years 7 × Annual Premium, if the age of the life assured is between 55 and 60 years	For single-premium policies, the policy term will be 10 years For five-year policies, the policy term will be 10 years
ICICI Pru Smart Life	If the entry age of the life assured is between 20 and 25 years, then the minimum sum assured will be Higher of (10 X Annual Premium) and (0.5 X Policy term X Annual Premium), and the maximum sum assured multiple will be 30 If the entry age of the life assured is between 26 and 30 years, then the minimum sum assured will be Higher of (10 X Annual Premium) and (0.5 X Policy term X Annual Premium) and the maximum sum assured multiple will be 25 If the entry age of the life assured is between 31 and 35 years, then the minimum sum assured will be Higher of (10 X Annual Premium) and (0.5 X Policy term X Annual Premium) and the maximum sum assured multiple will be 15 If the entry age of the life assured is between 36 and 40 years, then the minimum sum assured for him/her will be Higher of (10 X Annual Premium) and (0.5 X Policy term X Annual Premium) and the maximum sum assured multiple will be 15 If the entry age of the life assured is between 41 and 44 years, then the minimum sum assured for him/her will be Higher of (10 X Annual Premium) and (0.5 X Policy term X Annual Premium) and the maximum sum assured multiple will be 15 If the entry age of the life assured is between 45 and 54 years, then the minimum sum assured for him/her will be Higher of (7 X Annual Premium) and (0.25 X Policy term X Annual Premium) and the maximum sum assured multiple will be 10	Minimum policy term - 10 years Maximum policy term - 25 years
ICICI Prudential Smart Kid Solution	For regular pay policies: If the entry age of the life assured is less than 45 years of age, then minimum sum assured for him/her will be Higher of (10 X Annual Premium) and (0.5 X Policy Term X Annual Premium) and maximum sum assured will depend on the respective multiples according to entry age of the life assured If the entry age of the life assured is either 45 years or more than 45 years, then the minimum sum assured will be Higher of (7 X Annual Premium) and (0.25 X Policy Term X Annual Premium) and the maximum sum assured will depend on the respective multiples according to entry age of the life assured For single pay policies: If the entry age of the life assured is equal to 35 years or less than 35 years old, then the minimum sum assured for him/her will be 1.25 X Single Premium and the maximum sum assured will be 10 times that of the single premium If the entry age of the life assured is more than 35 years old, then the minimum sum assured for him/her will be 1.25 X Single Premium and the maximum sum assured will be 1.25 times that of the single premium	For regular pay policies, the minimum policy term is 10 years and the maximum policy term is 25 years For single pay policies, the policy term is 10 years

ICICI Prudential Traditional Savings/Money Back Plans

Type of the plan	Basic sum assured	Policy term
ICICI Pru Cash Advantage	If the entry age of the life assured is less than 45 years old, then the sum assured on death multiple will be 10 If the entry age of the life assured is between 45 and 54 years, then the sum assured on death multiple will be either 7 or 10 If the entry age of the life assured is more than 54 years old, then the sum assured on death multiple will be 7	The policy terms are 15, 17 years, and 20 years which will include PPT and the payout term
ICICI Pru Savings Suraksha	If the entry age of the life assured is less than 45 years old, then the sum assured on death will be 10 times the annual premium If the entry age of the life assured is between 45 and 54 years, then the sum assured on death will either be 10 times the annual premium or 7 times the annual premium If the entry age of the life assured is more than 54 years, then the sum assured on death will be 7 times than the annual premium
ICICI Pru Assured Savings Insurance Plan	Sum assured on death of the life assured will be 10 times than the annual premium amount	The policy terms available to individuals are 10, 12, and 12 years
ICICI Pru Future Perfect	For premium payment term of 5 years, the minimum basic sum assured on death will be Rs.4 lakh For a premium payment term of 7 years, the sum assured on death will be Rs.1.8 lakh For a premium payment term of 10 years, the basic sum assured on death will be Rs.1.20 lakh For a premium payment term of 15 years, the basic sum assured on death will be Rs.96,000 For a premium payment term of 20 years, the basic sum assured on death will be Rs.84,000	For premium payment term of 5 years, the policy terms are 10 to 15 years For a premium payment term of 7 years, the policy terms are 12 to 17 years For a premium payment term of 10 years, the policy terms are 15 to 20 years For a premium payment term of 15 years, the policy terms are 20 to 25 years For a premium payment term of 20 years, the policy terms offered are 25 to 30 years

ICICI Prudential Retirement Plans

Type of the plan	Basic sum assured	Policy term
ICICI Pru Easy Retirement	When the policy matures, or after vesting, the life assured will be qualified to receive the Fund Value or Assured Benefit, whichever is higher in worth	Life assured may choose to opt for a policy with a policy term of 10, 15, 20, 25 or 30 years.
ICICI Pru Immediate Annuity	Does not provide sum assured at the end of the policy term. This plan, on the other hand, gives out monthly income upon payment of a purchase price. Policyholders have the option to receive the installments either on a monthly, quarterly, yearly, or half-yearly basis	The policy is essentially purchased to replace income after retirement, hence it does not have a defined policy term

ICICI Prudential Group Plans

Type of the plan	Basic sum assured	Policy term
ICICI Pru Loan Protect	The minimum sum assured provided under the plan is Rs.5 lakh	Minimum policy term - 5 years Maximum policy term - 30 years
ICICI Pru Loan Protect Plus	Gives out a lump-sum amount to the family of the life assured in case of an unfortunate occurrence	If it is a reducing cover - one can choose to have a policy term of 5-20, 25 or 30 years If it is a 5 or 7-year moratorium, one can choose to have a policy term of 8-20, 25 or 30 years

ICICI Pru Group Term Plus:

This plan provides financial cover to the members who are a part of the plan. In case of an unfortunate occurrence, the members’ loved ones are provided with lump-sum payments to tide over any financial losses. This plan is most commonly preferred by employers for their employees as it provides a Life Cover for the family members. Some of the benefits offered under the plan are:

Life cover without the need to submit medical test reports up to the free cover limit.
Coverage provided to the employees in case of an unfortunate occurrence.

Group Gratuity Plan: This plan is suitable for employers as it gives them the opportunity to pay the gratuity amount to their employees and settle liabilities accordingly. The minimum entry age for an employee is 15 years under this plan, however, the maximum entry age must not exceed 85 years. ICICI Group Gratuity Plan offers a renewal policy on a yearly basis. This means that the policy undergoes auto-renewal on the anniversary.

Group Superannuation Plan: With this plan, employers can choose to provide a pension or superannuation benefits to their employees. The employees are presented with the opportunity to grow their savings according to their individual risk appetite and the plan also provides them with a corpus when they retire.

Group Leave Encashment: This plan takes care of the leave encashment liabilities of employers as it helps them build a savings pool that will ultimately pay out the leave encashment amounts to their respective employees. A flat cover of Rs.1,000 is provided to the employees under this plan. The minimum entry age for an employee is 15 years under this plan, however, the maximum entry age must not exceed 85 years.

Group Immediate Annuity Plan: As the name suggests, this plan is suitable for employers who want to provide retirement benefits to their employees. With the help of this plan, an employer can provide pension benefits to his/her employees, to help them sail through the period of retirement swiftly, without any financial burden. The payouts given to the employees can be yearly, half-yearly, monthly or quarterly, depending on which mode the employer selects.

ICICI Prudential Rural Plans

Type of the plan	Basic sum assured	Policy term
ICICI Pru Sarv Jana Suraksha	Minimum sum assured that can be opted for - Rs.5,000 Maximum sum assured that can be opted for - Rs.2 lakh	For regular pay policies - policy term is 5 years
ICICI Pru Anmol Bachat	Upon death of the life assured, a sum assured is paid to his/her family to help them tide over financial losses	For single premium policies - the policy terms are 5 and 10 years For a premium payment term (PPT) of 5 years, the policy term will be 10 years For a PPT of 7 years, the policy term will be 10 years For a PPT of 10 years, the policy term will be 10 years For a PPT of 10 years, the life assured can also choose a policy term of 15 years

News About ICICI Life Insurance

Net Profit of ICICI Prudential Life Insurance for Q2 at Rs.300 Crore
ICICI Prudential Life Insurance, a private life insurance provider - has recorded its net profit for the September quarter to stand at Rs.300 crore. This marked a drop in the net profit by 28.5% on an year-on-year basis due to a higher new business strain. A new business strain generally arises when the premium paid after the completion of a contract is not sufficient to cover the initial expenses which includes acquisition costs and any mathematical reserve that the insurer might need to set up at that point. According to the Managing Director and Chief Executive Officer at ICICI Prudential Life Insurance, N. S. Kannan, the value of new business has witnessed a growth by 41.5% on an year-on-year basis to amount to Rs.590 crore during the first half of the financial year 2018-19. He has further explained that despite the volatile nature of the markets, the opportunities in both protection and savings continue to increase for life insurance providers. Kannan also addressed the crisis due to the defaults in repayment by the Infrastructure Leasing & Financial Services (IL&FS) Group stating that ICICI Prudential Life Insurance does not have any exposure to the group.
Furthermore, the net earned premium of ICICI Prudential Life Insurance witnessed a growth by 16.2% on an year-on-year basis with Rs.7,601 crore during the second quarter of the current financial year. On the other hand, the investment income of the company reduced by 54% to Rs.1,370 crore during in the second quarter of the current financial year owing to the volatile market conditions. The annualised premium equivalent (APE) of the company has witnessed a growth by 6.2% percent on an year-on-year basis to stand at Rs.1,985 crore in the second quarter of FY 2018-19. In terms of the product mix, 85% of it is unit-linked insurance, 8% is protection, and the rest are other traditional products. During the first half of the financial year 2018-19, protection APE registered a growth of 77.3% on an year-on-year basis to stand at Rs.266 crore, while the 13th month persistency was recorded to be steady at 85.2% at the same period of time. The 49th month persistency increased to 63.7% in the first half of the current financial year as opposed to the recorded 59.8% in the first half of the previous financial year. The assets under management (AUM) of ICICI Prudential Life Insurance witnessed a rise by 12% on an year-on-year basis to remain at Rs.1.46 lakh crore. On the other hand, the life insurer has announced an interim dividend of Rs.1.60 for every share.

29 October 2018
ICICI Have Three Years to Reach 25% Public Holding Norm

ICICI Prudential Life Insurance and its promoters have 3 years to meet SEBI’s public holding norms, according to a report.

ICICI Bank and Prudential Holdings’ shares in the company will be reduced following their IPO, with ICICI Bank holding 54% and Prudential holding 20%.

The IPO, set for the 19th-22nd of September, 2016, will see the bank dilute 12.63% of its stake in the life insurance company.

The ICICI CEO and MD, Ms. Chanda Kochhar, has stated that the bank’s long term plan is to divest some of its stake in the life insurance company. She further stated the bank is working towards achieving the new norms set out for IPO’s for insurance companies in 2015, with the life insurer now ready to be listed on the exchanges.

16 September 2016
ICICI stakes sold to insurance firms

Private sector ICICI Bank has sold stakes from its insurance ventures. ICICI Lombard, which is the general insurance arm, sold 9% of its stakes, while from ICICI Prudential 2% stakes amounting to around Rs 2,200 crore were sold. The transfers were completed on March 31, 2016.

In a statement issued, ICICI Lombard General Insurance Company sold 9% of its shareholdings to Fairfax Financial Holdings, its joint venture partner. An additional 9% stakes, estimated to around Rs 1,550 crore, was acquired by Prem Watsa-run Fairfax Financial Holdings. Post this transaction, the company values at Rs 17,225 crore. The Fairfax holding in ICICI Lombard has gone up to 35%.

ICICI Bank, in another stake transfer, sold ICICI Prudential Life Insurance Company’s 2% stake to Compassvale Investments Pte Ltd. Compassvale Investments is an indirectly wholly-owned subsidiary of Temasek, which is Singapore-based investment Company. ICICI Bank received Rs 650 after this stake transfer, valuing the company at Rs 32,500 crore.

After the completion of stake transfer, ICICI Bank will have 68% of share holdings in both the insurance arms. The foreign joint venture partner, Prudential Plc, will maintain its current holding which is approximately 26%

11 April 2016
ICICI Lombard to Settle 8.5 Lakh Claims This Financial Year

A senior ICICI Lombard official said the insurer would settle 8.5 lakh motor insurance claims during 2016-17. Last year, the company settled 7.4 lakh claims in the segment.

The number of claims are reported to have gone up especially after the floods in Tamil Nadu in November 2015. Claims under the non-life insurance in general is reported to be around Rs. 700 crore because of the Tamil Nadu floods, ICICI Lombard General Insurance Chief Underwriting, Claims and Reinsurance, Sanjay Datta told PTI.

A majority of the claims that are likely to be settled in this fiscal fall under the own-damage category. ICICI Lombard gets around 45 per cent of its total premium collection from motor insurance.

23 January 2016
FIPD to take call on 14 FDI proposals on January 14

The Foreign Investment Promotion Board (FIPB) announced that it will take up 14 foreign investment proposals on January 14. The FDI proposals include ICICI Prudential Life Insurance, ICICI Lombard General Insurance Co., drugmaker CIPLA and Euronet Services India among others.

The board, which recommends foreign investment proposals for government approval, is scheduled to meet next week for the first time in 2016. The panel, headed by Economic Affairs Secretary Shakikanta Das, had cleared four investment proposals worth Rs 1,810 crore at the last meeting on December 29 2015 and deferred the decision to increase foreign shareholding from 26 per cent to 49 percent on a further four investment proposals.

14 January 2016
ICICI Prudential Life Insurance Company Launches 3 in 1 Product

ICICI Pru iProtect Smart is a 3 in 1 product offered by ICICI Prudential Life Insurance Company Limited. This comprehensive product offers 3 benefits which is providing cover for critical and terminal illnesses, cover against death and cover against accidental death and disability.

Although the product cannot replace the loss and devastation of the breadwinner of the family, it does provide financial security to the family through an insurance product which combines the cover for Life, Health and Accidents.

Puneet Nanda, Executive Director of ICICI Prudential Life Insurance Company Limited says that earlier customers would have to purchase insurance covers for life, accidental death and critical illness separately but with the introduction of the iProtect Smart, customers can get the combined benefits in one single product at an affordable price.

He also added that the product is not a typical term product and the customers have flexibility to increase the cover at pivotal milestones such as during times of marriage or when welcoming a new child and so on.

21 December 2015
ICICI Prudential Life introduces iProtect Smart

ICICI Prudential Life Insurance has launched ICICI Pru iProtect Smart - a single product that combines the benefits of life, health and accident insurance by offering cover against death, critical and terminal illness, accidental death and disability due to accident.

Puneet Nanda, Executive Director, ICICI Prudential Life, stated that the iProtect Smart was introduced to help customers purchase a single product at an affordable price instead of purchasing separate insurance covers individually. Customers can also increase their cover at important points during their lifetime, like marriage, childbirth etc.

The premium for critical illness cover remains the same throughout the policy term while there is also the option to avail of death benefits as monthly income over 10 years.

20 December 2015
ICICI Bank ready to sell 6% of its stake in life insurance

The board of directors of ICICI Bank has agreed to the sale of 6% of its stake in its life insurance subsidiary, ICICI Prudential Life Insurance Company. The price targeted for this sale has been set at Rs. 1,900 crore which puts the value of the company at about Rs. 32,500 crore. Of the proposed sale of the 6% shareholding, 4% will be sold to Premji Invest and the remaining 2% to Temasek, an investment company based out of Singapore, through its subsidiary Compassvale Investments Pvt Ltd. While the sale has been approved by the board of directors, it still awaits the seal of approval from the government.

18 November 2015
ICICI Bank to sell ICICI Prudential Life Insurance stock to PremjiInvest and Compassvale Investments Pte Ltd.

ICICI Bank Ltd said that its board of directors has approved the sale of its stake in its life insurance joint venture, ICICI Prudential Life Insurance. 4% stake is being taken over by PremjiInvest and its affiliate. 2% stake will be taken by Compassvale Investments Pte Ltd., which is a wholly-owned subsidiary of Temasek Holdings, Singapore. The value of the deal is said to be Rs.1,950 crore. After the takeover, ICICI Bank will hold 68% share of ICICI Prudential Life Insurance. The transaction is as per the government and regulatory approval. 9% share was taken over by Fairfax Financial Holdings for Rs.1,550 crore on 31st October, 2015.

17 November 2015
ICICI bats for tech upgradation of services to beat competition

ICICI Lombard is increasingly looking to offer solution-oriented products via greater use of technology as a business enabler to enhance customer satisfaction, opined Sanjay Datta, Chief, Underwriting, Reinsurance & Claim, ICICI Lombard GIC Ltd recently.

Admitting that the general insurance sector in India continues to be under-penetrated, Datta said ICICI Lombard is increasingly focusing on providing innovative services based on customer needs and specific requirements. Also, simplification in terms of product delivery and model of distribution is important to attract and retain customers, he said.

In a move to increase its product penetration, ICICI Lombard has been reaching out to its clientele via alternate distribution channels. ICICI Lombard is also extensively using analytics to map the changing preferences of customers, Datta added.

27 August 2015

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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