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Our Bureau

Visakhapatnam, Sept. 17

ICICI Prudential Life has launched its first micro insurance product — Sarva Jana Suraksha — with a minimum annual premium of as low as Rs 50. This is part of the company’s strategy to penetrate into the rural markets. At a press meet on Wednesday, Mr Anup Rau, the senior vice-president, said that the scheme term is for five years and customers between 18 to 55 years could opt for it without any medical examination. The minimum sum assured would be Rs 5,000 and the maximum Rs 50,000. “The plan entails an annual premium payment frequency with the death benefit amounting to 100 times of the base premium amount,” he said.

He said ICICI Prudential Life has garnered new business premium of Rs 1,174 crores for the quarter ended June 30, 2008, against Rs 810 crores during the previous year. More than six lakh policies have been underwritten during the period, he added.

Mr Anup Rau said the company had at present over 2,000 branches.

More Stories on : Life Insurance | New Products & Services | Andhra Pradesh

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