ICICI Prudential Life Insurance posts

 ICICI Prudential Life Insurance posts strong growth in performance and profitability in first quarter

 

·    Starts new financial year as industry market leader with a share of 14.7% in new business sum assured

 

·    Equity Assets under Management cross ` 1 trillion, signifying customer trust

 

ICICI Prudential Life Insurance has registered a strong growth in new business and profitability in Q1-FY2022 on the back of innovative products, strong distribution network, robust technology architecture and superior customer service. Significantly, the Company has also become the overall market leader in terms of new business sum assured with a share of 14.7% during this quarter.

 

The Company posted a strong growth of 78% in its Value of New Business (VNB) to ` 358 crore, which is the appropriate measure of profitability of a life insurance company. The Company’s new business received premium too grew by 71% to ` 2,559 crore as compared to the same period last year, which highlights the strong growth in business.

 

Mr. Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance, said, “These are extremely challenging times and our focus during this period has been to stand by our customers in their hour of need. In this context, true to our purpose, we have been settling genuine claims with utmost sensitivity and speed. Overall, for the last 20 years we have been at the forefront of living up to the customer’s trust and providing financial security to customers and their families.

 

In Q1-FY2022, our VNB grew by 78% and new business premium grew by 71% pointing to both profitability and performance. Significantly, we have also become the overall market leader in terms of new business sum assured with a share of 14.7%. Equity Assets under Management too grew by 31% and now stand at over ` 1 lakh crore. This all-round growth signifies to us the trust reposed in us by our customers. We strongly believe we have earned the trust of our customers through our ability to settle claims expeditiously.

 

In the first quarter, we settled higher Covid-19 related claims due to the surge during the second wave. We have also set aside an additional sum of around ` 500 crore to settle future Covid-19 related claims. At an overall level we have settled claims totalling ` 2,278 crore. Our solvency ratio of 194%, which is well above the regulatory requirement of 150%, showcases our ability to honour the claims received from customers.

ICICI Prudential Life Insurance launches

ICICI Prudential Life Insurance launches
Guaranteed Pension Plan

 

·         ‘ICICI Pru Guaranteed Pension Plan’ is an innovative retirement plan, offering guaranteed life-long income to lead a financially independent retired life

 

·         Flexibility to start receiving regular income immediately or defer receiving income by up to 10 years

 

·         Option to increase the annuity pay-out to combat inflation

 

·         Option to get back premium in case of critical illness

 

ICICI Prudential Life Insurance has launched ‘ICICI Pru Guaranteed Pension Plan’, an innovative retirement plan that offers guaranteed life-long income to lead a financially independent retired life. A non-linked non-participating individual annuity product, it provides customers with the flexibility to choose between Immediate and Deferred Annuity.

 

The Immediate Annuity option enables customers to start receiving regular income immediately by paying a one-time premium. On the other hand, the Deferred Annuity option gives customers the flexibility to start receiving the income at any point later, for instance closer to their retirement. Customers have the option to defer the start of the income for a period of 10 years. Longer the deferment, higher would be the income.

This product enables customers to plan and lead a financially independent retired life. To address the challenge of rising inflation customers also have the option to top-up their contribution and thereby increase the income they receive.

Among other options available to customers, they have the choice to select single or joint life options. In the single life option, regular income is paid to the policyholder for the whole life. In the joint life option, the income continues to be paid to the joint policyholder on demise of the primary policyholder. The product also allows return of the premium amount on diagnosis of specific critical illnesses and permanent disability. This is to ensure that the policyholder can use the funds to access medical care to treat the illness.

Commenting on the launch, Mr. Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance, said, "We are delighted to bring to customers a guaranteed life-long income solution that can provide certainty in today's unpredictable times. With a higher life expectancy, absence of any social security, rising inflation and healthcare costs, it is imperative for customers to plan for a secure retired life. The ‘ICICI Pru Guaranteed Pension Plan’ is a versatile retirement planning product enabling customers to receive regular income immediately upon retiring or later – an option which will be relevant to people for whom retirement is still sometime away.”

AU Small Finance Bank and ICICI Prudential Life Insurance announce

 AU Small Finance Bank and ICICI Prudential Life Insurance announce strategic partnership to offer life insurance solutions to enhance customer experience

 

 

 

·         With this tie up with ICICI Prudential Life Insurance, AU Bank aims to deliver paperless, secure, and hassle-free life insurance solutions to over 18 lakh customers through digital platforms

 

·         Over 700 banking touchpoints of AU Bank across 13 states and 2 union territories to receive the entire suite of customer-centric protection and long-term savings products of ICICI Prudential Life

 

·         AU Bank’s strong presence in urban, unserved, and remote regions will strengthen distribution network of ICICI Prudential Life Insurance

 

 

AU Small Finance Bank (AU Bank), a scheduled commercial bank and one of the largest small finance banks in the country, today, announced a  partnership with ICICI Prudential Life Insurance, one of the top private life insurance companies, to offer need and goal-based life insurance solutions.

 

AU Bank is rapidly expanding its distribution footprints across India and this tie-up between the two leading companies will further enrich its life insurance offering with an agile, accelerated, digital and paperless platform offered by ICICI Prudential Life. Through this corporate agency arrangement, over 18 lakh customers of AU Bank across over 700 banking touchpoints in 13 states and 2 Union territories, will have an easy access to the entire suite of customer-centric protection and long-term savings products of ICICI Prudential Life. These products will enable customers to provide financial security to themselves and their families and help them achieve their financial goals.

 

Speaking on the occasion, Mr. Uttam Tibrewal, Executive Director, AU Small Finance Bank, said, “AU Bank has always worked with the core Dharma of ‘customer centricity’. Expanding our bouquet of financial services and customer value proposition, we wanted to associate with an additional life insurance partner to add value to our existing range of products & services while helping our customers to plan for better financial security. We hereby welcome ICICI Prudential Life Insurance as our valued insurance partner who we believe has the ability and experience to understand customers’ needs and offer them customized need-based solutions and provide seamless services. I am sure, the customer-friendly products of ICICI Prudential Life Insurance, combined with our extensive presence and robust technological capabilities, will be the right mix to increase insurance penetration. I look forward to the difference that we will make to people’s lives.”

 

Mr. Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance, said, “We are delighted to partner with AU Small Finance Bank, one of the most trusted small finance banks in the country. The integration of digital platforms will ensure a smooth, quick, and virtually paperless on-boarding experience to customers. We believe, this mutually beneficial partnership will enable AU Small Finance Bank to offer a well-rounded bouquet of financial savings and risk mitigation solutions to their customers. At the same time, it will enable us to further strengthen our multi-channel distribution network in the semi-urban and rural geographies of the country. Small finance banks play a pivotal role in enhancing financial inclusion and penetration of life insurance.”

 

AU Bank customers based across Rajasthan, Madhya Pradesh, Gujarat, Maharashtra, Punjab, Haryana, Chhattisgarh, Delhi NCR, Himachal Pradesh, Uttar Pradesh, Karnataka, Goa, West Bengal and the Union Territories of Chandigarh and J&K will be able to provide financial security to their families by building a well-rounded financial plan.

 

RBL Bank and ICICI Prudential Life Insurance forge

 RBL Bank and ICICI Prudential Life Insurance forge Bancassurance Partnership

 

·         398 RBL Bank branches in 28 states will distribute ICICI Prudential Life Insurance’s
protection and savings products

·         Partnership deepens and widens ICICI Prudential Life’s multi-channel distribution network

 RBL Bank and ICICI Prudential Life Insurance have entered into a bancassurance partnership to offer an array of life insurance products to the Bank’s customers. This alliance will enable over 8.7 million customers of RBL Bank to access and seamlessly purchase customer-centric protection and long-term savings products of the Company and provide financial security to themselves and their families.

 

RBL Bank will distribute ICICI Prudential Life’s products through its network of 398 branches spread across 28 states besides it’s internet and mobile banking touch-points, that distinguish the Bank’s multi-channel distribution network. For ICICI Prudential Life, the partnership will deepen and further strengthen its multi-channel distribution network.

 

Through this tie-up, the entire bouquet of ICICI Prudential Life’s insurance plans on the protection and savings platform will be available for purchase to customers of the Bank. ICICI Prudential Life Insurance’s protection products provide a strong foundation for a financial plan and the diversified range of long-term savings products will help the Bank’s customers achieve their financial goals, be it wealth creation, retirement planning or higher education of children. Simultaneously, the partnership will  also provide a financial safety net to the customer’s family by way of a life insurance cover.

 

Vishwavir Ahuja, MD and CEO, RBL Bank said, “We are happy to partner with ICICI Prudential Life and are confident that this strategic alliance will accelerate value creation for both our organisations. As a bank, we are constantly focused on serving the evolving needs of our customers and ensuring that they have a holistic service experience. This collaboration empowers our customers to choose from a comprehensive suite of products and plan for a financially secure future. With our strong distribution reach and digital platforms, we will be able to offer these products instantly to all our customer segments across India.”

 

N S Kannan, Managing Director & CEO, ICICI Prudential Life Insurance said, "We are delighted to partner with RBL Bank, and this mutually beneficial tie up will further deepen our multi-channel distribution footprint in the country. Besides the common philosophy of customer-centricity, both partners have been leveraging technology to provide customers a seamless digital fulfilment journey and superior customer experience. There is a growing awareness among consumers about protection and the need to financially secure self and family following the pandemic. We believe our array of protection and long-term savings products will complement RBL Bank’s offerings and enable their customers to develop a robust financial plan.”