• Signifies the trust reposed by policyholders in the Company
• Total in-force sum assured exceeds ` 35 lakh crore
• Technology enabling simplification of life insurance to enhance customer experience
• Custodian and Trusteeship approach has ensured a track record of zero NPAs since inception and across market cycles
• Claim settlement ratio of 99.17% in FY2024 with a turnaround time of just 1.27 days

MUMBAI: ICICI Prudential Life Insurance Company has achieved a significant milestone of crossing ` 3 lakh crore in Assets under Management (AUM). The Company’s AUM as of July 31, 2024, stood at ` 3.14 lakh crore.

Notably, across all its business segments, the Company has also provided life insurance coverage to 9.84 crore lives as of June 2024 across all its business segments, this has grown by approx. 59% from 6.19 crore lives in June 2022. The total in-force sum assured stood at ` 35.10 lakh crore on June 30, 2024.

These achievements stand as a testament to the trust placed in the Company by its customers in its ability to help them achieve their long-term financial goals and provide financial security by swiftly settling claims.

Claims are the moment of truth for the Company and all claims are handled with utmost sensitivity and speed. This commitment is reflected in the Company’s industry-leading claim settlement ratio of 99.17% for FY2024 with an average turnaround time of just 1.27 days for non-investigated retail death claims.

The Company is committed to simplifying life insurance by leveraging technology to offer the right product to the right customer at the right price through the right channel and to enhance customer experience.

Anup Bagchi, MD & CEO, of ICICI Prudential Life Insurance, said, “We are delighted to have crossed the milestone of achieving ` 3 lakh crore in assets under management. Notably, our approach of the right product to the right customer at the right price and through the right channel has resulted in a robust increase of 59% in the number of lives covered, at an overall level, from 6.19 crore in June 2022 to 9.84 crore lives in June 2024. We believe these achievements reflect the trust placed in us by our customers.

Customers depend on us to provide financial security to themselves and their families. We, therefore, act as trustees and custodians of our customers’ savings and have institutionalized a stringent investment philosophy and risk management framework which has ensured zero Non-Performing Assets since inception and across market cycles.”

Bagchi further added, “We believe, life insurance caters to the primary needs of society of financial security, wealth creation and retirement income, therefore our products and processes are aligned to fulfil these needs. The technology solutions implemented have enabled us to simplify life insurance, design innovative products and deliver enhanced customer experience.

Our commitment to deliver on the promises made is reflected in our claim settlement ratio of 99.17% in FY2024, one of the best in the industry, with a turnaround time of just 1.27 days.”

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Motor insurance claims can often be a stressful and time-consuming process, with policyholders facing challenges such as extended repair times and uncertainty about the quality of workmanship. The ‘Smart Saver Plus’ add-on has been designed to tackle these issues head-on. By opting for this feature, customers can enjoy the assurance of repairs being completed at our preferred garages within a short span of 5 days, where the claim amount is up to  Rs. 50,000. In the unlikely event that the repair takes longer, ICICI Lombard will provide alternate travel arrangements for up to 5 days, ensuring minimal disruption to the customer’s daily routine.

Furthermore, the ‘Smart Saver Plus’ add-on offers a warranty on the quality of repair work carried out at ICICI Lombard’s preferred network garages for 24 months or 10,000-kilometer whichever is earlier for all claims irrespective of the claim amount. This assurance provides customers with peace of mind, knowing that their vehicle is in capable hands and that any workmanship issues will be promptly addressed. To avail of these benefits, policyholders simply need to notify first and foremost to ICICI Lombard of any car damage claims, and the company, will take care of the rest.

Gaurav Arora, Chief of underwriting & Claims Property & Casualty at ICICI Lombard, commented, “At ICICI Lombard, our consistent focus is to deliver innovative and customized solutions. Our recent offering ‘Smart Saver Plus’ is yet another example of this philosophy, recognizing the discomfort caused by having a vehicle in the garage for an extended period. By addressing these minute yet crucial aspects like swift repairs, quality assurance, and a seamless claims experience, we are endeavoring to provide a truly customer-centric insurance experience.“

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• The offering provides investors with an opportunity to gain exposure to the metal sector which is diverse and dynamic
• The ETF will invest in a range of companies involved in both ferrous and non-ferrous metals, reflecting the behavior and performance of the companies forming a part of the metal sector
• The NFO period is from August 1, 2024, to August 12, 2024

MUMBAI: ICICI Prudential Mutual Fund has announced the ICICI Prudential Nifty Metal ETF launch. The offering aims to provide returns before expenses that correspond to the returns provided by the Nifty Metal Index, subject to tracking errors. The Nifty Metal Index includes companies from the metal sector, including ferrous and non-ferrous metals.

The Nifty Metal Index is designed to reflect the behavior and performance of the Metals sector (including mining). The Nifty Metal Index comprises a maximum of 15 stocks that are listed on the National Stock Exchange. These companies are selected from the Nifty 500 based on their market value, ensuring a broad representation of the sector. The index composition ensures that no single company has more than 33% weight, and the top three companies cumulatively do not exceed 62% of the index.

Speaking on the launch of the product, Chintan Haria, Principal – Investment Strategy at ICICI Prudential AMC, said, “ICICI Prudential Nifty Metal ETF is designed to provide investors with access to one of the critical sectors that form the backbone of industrial growth. The metal sector, encompassing crucial industries like steel, aluminum, and copper, is integral to infrastructure and economic development. With increasing demand and consumption, especially in a rapidly growing economy like India, this sector presents a compelling long-term investment opportunity. Our Metal ETF aims to allow investors to benefit from the uptick in metals due to expected higher global inflation amidst lower interest rates.“

Why invest in ICICI Prudential Nifty Metal ETF?

The Nifty Metal TRI has outperformed the Nifty 500 TRI five times in the last decade, demonstrating its potential for delivering good returns. Investing in the ICICI Prudential Nifty Metal ETF provides:

1. Exposure to a key sector essential for economic growth.
2. Access to well-established companies experiencing renewed global interest.
3. A relatively low valuation compared to broader market indices, coupled with increasing demand and consumption.
4. A convenient entry with a minimum investment of just one unit.

Performance of the Index: Calendar Year Returns (%)

Nifty Metal TRI has Outperformed the Nifty 500 TRI five times in the last 10 years.

Data as of June 28, 2024. Data Source: Nifty Indices https://www.niftyindices.com/indices/equity/sectoral-indices/nifty-metal, MFI Explorer. MFI Explorer is a tool provided by ICRA Online Ltd. MFI Explorer is a tool provided by ICRA Online Ltd. For their standard disclaimer please visit http://www.icraonline.com/ legal/standard-disclaimer.html. The performance of the index does not signify the returns of the scheme. Past performance may or may not be sustainable in the future.

Data as of July 23, 2024. Data Source: Nifty Indices https://www.niftyindices.com/indices/equity/sectoral-indices/nifty-metal. MFI Explorer. MFI Explorer is a tool provided by ICRA Online Ltd. MFI Explorer is a tool provided by ICRA Online Ltd. For their standard disclaimer please visit http://www.icraonline.com/legal/standard-disclaimer.html. CAGR stands for The compound annual growth rate (CAGR) is the rate of return (RoR) that would be required for an investment to grow from its beginning balance to its ending balance, assuming the profits were reinvested at the end of each period of the investment’s life span. Returns rebased to Rs. 100 as of 12th July 2013. The performance of the index does not signify the returns of the scheme. Past performance may or may not be sustained in the future.

Index Portfolio Snapshot:

Source: Nifty Metal Factsheet. As of June 28, 2024. https://www.niftyindices.com/Factsheet/ind_nifty_metal.pdf. The sector(s)/stock(s) mentioned in this document do not constitute any recommendation of the same and ICICI Prudential Mutual Fund may or may not have any future positions in the sector(s)/stock(s).

The Nifty Metal Index is updated twice a year to reflect the sector’s performance accurately and has outperformed broader market indices since inception, as shown in the above graph, demonstrating its potential for delivering good returns.

The minimum application amount during the NFO is Rs. 1000 (plus in multiple of Re. 1).

This ETF’s benchmark is the Nifty Metal TRI, and Mr. Nishit Patel and Ms. Priya Sridhar are the fund managers of the ETF.

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In the investment universe, PIFAA is one of the most well-known Associations of Mutual Fund Distributors (MFDs) in the country. Their initiatives to empower investors and MFDs have been exemplary and well-recognized by the industry. For more than a decade, they have worked diligently towards developing skills and technical development of MFDs. Consequently, investors have received more comprehensive interaction and guidance for their money matters.

The book ‘Striving Success Stories chronicles the journey of many of their members in the field. Apart from reflecting on their journey, the book serves as a guiding light for future financial advisors as these learned members have generously shared their learnings with the readers. The book is packed with real-life stories of members who triumphed over various odds to reach the pinnacle of success in their advisory and distribution business.

At the event, Nimesh Shah shared insights on the industry and hailed PIFAA for its illustrious efforts among the masses to popularise mutual funds as an investment product. Further, Shah said, “The true enjoyment in our job, whether in investment management or advisory, comes from creating happy customers. India’s future is bright, and as the nation continues to grow, so do the opportunities for its investors.”

He emphasized that growth is essential for survival, noting the immense potential in the Indian market and that businesses must continuously strive for growth to avoid stagnation, and the digital acquisition of customers has been highly effective in driving this growth. Shah also highlighted the keys to success, stating, “Effective risk management, continuous growth, and maintaining customer trust are paramount for success.”

Speaking at the event, Suhas Akole, one of the founding members of PIFAA, said, “Congratulations to all the winners tonight. PIFAA is proud of your accomplishments and hopes your success will inspire and motivate many others. We are delighted to have been able to share the stories of leaders in the MFD fraternity in Pune through this book, made possible with the support of ICICI Prudential AMC. We are grateful for their backing and assistance throughout the publishing journey.”

Reflecting on the book’s creation, Mr. Gaurav Jajoo, Regional Head (ROMG) at ICICI Prudential AMC, expressed his privilege in collaborating with PIFAA members. He acknowledged that many of these members have played a vital role in the evolution of the mutual fund industry. Their stories, captured in this book, stand as a testament to PIFAA’s dedication to preserving and sharing the industry’s rich history for the benefit of future members.

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With over two decades of experience in the banking industry, Capital Small Finance Bank has developed a nuanced understanding of its niche market—middle-income segment customers. The Bank has tailored its products and services to meet the specific needs of this segment. Through this collaboration, Capital Small Finance Bank will leverage its extensive network and customer base to distribute ICICI Lombard’s comprehensive suite of general insurance products, including health, motor, home, travel, and rural insurance. This alliance is set to enhance the customer experience by offering the convenience of availing insurance solutions alongside their banking services.

The addition of ICICI Lombard to the Bank’s insurance partners will enhance the range and quality of insurance solutions available to its customers, ensuring greater financial security and convenience.

Commenting on the partnership, Anand Singhi, Chief- Retail and Government, ICICI Lombard, said, “Our alliance with Capital Small Finance Bank is a strategic move to further expand our reach especially with the Bank being deeply entrenched in Northern India. This partnership will empower the Bank’s customers to be adequately risk covered and access our wide suite of innovative and tech-driven insurance solutions.”

Sarvjit Singh Samra, MD & CEO, of Capital Small Finance Bank said, “As we embark on this strategic alliance with ICICI Lombard, we are excited about the opportunities it presents for our customers. This tie-up aligns with our commitment to offering comprehensive financial solutions tailored to the evolving needs of our clients. Through this partnership, we aim to enhance accessibility to quality insurance products while reinforcing our position as a trusted financial partner in empowering businesses and individuals alike. This tie-up is a further step to become the primary banker for our middle-income group (MIG) customers, driving both business expansion and revenue growth“

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MUMBAI: ICICI Prudential Life Insurance launched ICICI Pru Platinum, the Company’s first unit-linked product which aligns distributor payouts to their customers’ fund value – the distributor commissions are linked to their customers’ Assets under Management. This unique product incentivises distributors to encourage their customers to stay invested for the entire policy tenure. Notably, it offers customers a cost and tax-efficient route to build wealth over the long-term.

ICICI Pru Platinum provides unlimited free switches between asset classes, without any cost or tax implications. Customers can choose from an array of 21 funds under this product, comprising 13 equity and four each in the debt and balanced categories, besides offering an option of four portfolio strategies.

Announcing the launch, Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance, said, “ICICI Pru Platinum, our Company’s first unit-linked product designed to make distributor payouts aligned to their customers fund value, promoting the long-term interests of both.

We endeavour to continuously innovate and introduce products and processes which are simple. This is in line with our philosophy of ensuring right product to the right customer at the right price and through the right channel. We have introduced pioneering products on the annuity and pension savings platform. These include an annuity product which offers a 100% refund of all premiums paid from the date of purchase. We also offer a traditional product which allows customers to make partial withdrawals to meet liquidity requirements.

Notably, we are the only life insurer in the country to payout commissions to distributors on the same day. Besides, achieving the milestone of issuing ~45% of our savings policies on the same day in FY2024.”

He further added “Life insurance is all about claims and as a customer friendly brand we aim to settle all claims speedily. This is reflected in our industry leading claim settlement ratio of 99.2% for FY2024 with an average turnaround time of just 1.3 days.”

ICICI Pru Platinum provides a choice between two life cover variants. The Growth Plus variant entitles the nominee to receive either the sum assured or the fund value, whichever is higher. Whereas the Protect Plus variant offers the nominee both the sum assured and the fund value.

The post ICICI Prudential Life Insurance Launches Its First ULIP With Fund Value-Based Distributor Payouts – ICICI Pru Platinum appeared first on NRI News.

MUMBAI: ICICI Bank today announced that it has enabled NRI customers to use their international mobile number to make UPI payments instantly in India, thereby significantly enhancing their convenience of making everyday payments. With this facility, the NRI customers of the Bank can make payments for their utility bills, and merchant and e-commerce transactions with their international mobile number registered with their NRE / NRO bank account held with ICICI Bank in India. The Bank has made this service available through its mobile banking app, iMobile Pay. Earlier, NRIs had to register an Indian mobile number with their banks to make UPI payments.

To bring forth this facility, ICICI Bank has leveraged the international infrastructure laid down by the National Payments Corporation of India (NPCI) for convenient usage of UPI across countries. The Bank offers this facility across 10 countries namely the USA, UK, UAE, Canada, Singapore, Australia, Hong Kong, Oman, Qatar, and Saudi Arabia.

NRI customers of the Bank can make UPI payments by scanning any Indian QR code and sending money to a UPI ID or any Indian mobile number or Indian bank account.

Speaking on the initiative, Sidharatha Mishra, Head of Digital Channels and Partnerships, at ICICI Bank said, “We are delighted to partner with NPCI to launch the UPI facility on international mobile numbers through iMobile Pay. With this facility, our NRI customers residing in 10 countries do not need to switch to an Indian mobile number to pay using UPI. This launch reinforces our commitment to provide our NRI customers with innovative solutions, for them to have a safe, secure, and hassle-free payment experience. We are witnessing a positive response from our NRI customers who have started using this facility. With this initiative, we intend to leverage NPCI’s UPI Infrastructure in strengthening and transforming the digital payments ecosystem globally”.

Below are easy steps to activate the UPI facility on international mobile numbers using iMobile Pay:

Step 1: Log in to the iMobile Pay app

Step 2: Click on ‘UPI Payments’

Step 3: Verify Mobile Number

Step 4: Click on Manage –> My Profile

Step 5: Create a new UPI ID (select from the suggested options)

Step 6: Select the Account Number -> Submit

To know more about UPI facility on international mobile numbers, please visit https://www.icicibank.com/nri-banking/money_transfer/money2india/upi

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