• 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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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.