Funds under ICICI Pru Life crosses 10,000 cr

Kolkata, Aug 24: Leading private life insurer ICICI Prudential Life Insurance today said that funds under its management had crossed the Rs 10,000 crore mark till now.

''The funds under management stands at Rs 10,366 crore till now and the sum assured amount stands at Rs 56,796 crore at present,'' company's vice-president and head of sales Prasun Sikdar told reporters here.

He said the company with 19 bancassurance partners and presence in 250 locations had sold more than 2.5 million policies so far.

''We garnered Rs 812 crore new business premium in the first quarter ended June 30, 2006, and wrote 302482 policies during the period,'' Mr Sikdar said adding that the company enjoys 12.1 per cent of the overall insurance market and 32 per cent share of the private insurance market.

Mr Sikdar today launched the first of its kind premium guarantee product and immediate annuity product for the retired persons.

He said the premium guarantee product would shield the investors from capital erosion since only 40 per cent of the investments would be made in equity.

The product is available for a minimum premium of Rs 8000 per year for a policy term ranging between 10-30 years.

The immediate annuity plan is aimed for retirees with a stable secured income for life. A person between the ages of 45 and 80 years can purchase the policy by making a single lump sum payment with a selection option of seven annuity plans.

UNI