Background

ICICI Prudential Life Insurance Company Ltd (ICICI Prudential Life), was incorporated in the year 2000. ICICI Prudential Life is a private life insurer and a JV between ICICI Bank and Prudential plc, a financial services group headquartered in the UK.

Business Profile

ICICI Prudential Life offers life insurance products for individuals and groups. Its products for an individual include savings & wealth creation plans, protection plans, child plans, retirement plans and health plans among others. Group insurance solutions provided by the company include gratuity plans, superannuation plans, immediate annuities and term plans for groups. ICICI Prudential Life also offers flexible rider options like income rider benefits, critical illness benefits and accident & disability benefits among others for its customers. During FY08, the company operated with a sales force of 306,354 agents and had 18 bancassurance partners along with tieups with many banks like ICICI Bank, SIB and Gramin Bank among others. For FY08, the NPE by the company registered a y-o-y growth of over 70%. As on Mar 31 2008, the total individual policies issued by the company stood at 5,355,000 of which ULIPs constituted of over 75%.