Visakhapatnam, Sep 17(UNI) The ICICI Prudential Life Insurance Senior Vice-President and Head-Sales Anup Rau today announced the launch of its first micro-insurance product 'Sarv Jana Suraksha' designed towards making life-insurance cover available to customers across the lower-income groups in the country.
Speaking to mediapersons here, he said the new product provides life-cover at only Rs 50 per annum,''.
Micro-insurance is a key element in the financial services package, especially for individuals in the low-income group.The key features of the policy was safety and security at an affordable cost, protection against liabilities such as debt and mortgage,hassle-fee documentation in regional languages.
It requires no medical tests and extends upto the age of 55 years in unfortunate death cases.
Mr Rau said insurance industry was open to the private sector in 2000 for the quarter ending on June 2008.The company garnered Rs 1,526 crore of retail in addition to new business premiums and wrote 614,330 policies.The company has a network of 2,029 branch-offices as well as 20 bank partners.
He also said the life capital was Rs 42.72 billion in June 30,2008 with ICICI bank and Prudential holding 74 percent and 26 per cent stake respectively.The company garnered a business premium of Rs 1,174 crore as against Rs 810 crore for the quarter ending on June 2007, he added.
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