After Bima Nivesh, Icici Prudential Ready To Cut Returns

Insurance companies have started cutting the returns their policies offer policyholders, in conformity with the general drop in interest rates. Close on the heels of the Life Insurance Corporation of India (LIC) reducing the assured rate of return on its single premium product Bima Nivesh, ICICI Prudential Life Insurance Company has applied to the Insurance Regulatory and Development Authority (IRDA) to bring down the promised return on the ICICI Pru Single Premium Bond by around 50 to 100 basis points. The private insurance player is offering 9.39 per cent on this bond.