ICICI Pru plans new insurance policy

ICICI Prudential Life Insurance Company is planning to launch a new policy in 45 days this financial year.

“We will be launching a new policy every 45 days this year. Going at this pace, we may launch about nine new products this fiscal,” said Tarun Chugh, chief – alternate distribution and group, ICICI Prudential, at a press conference in Kolkata on Wednesday.

The new policies would be in different categories including pension, single premium guaranteed return and family floater health products, he added.

This apart, ICICI Prudential will be bullish on increasing its pension policy portfolio. The pension segment was expected to contribute nearly 50 per cent of total premium collection soon, as against 30-35 per cent now, he said.

The company would continue to focus on ULIPS, which currently account for 90 per cent of its total written premium.

The company launched a new pension plan-- LifeStage Assure Pension-- with guaranteed additions of up to 200 per cent of first year premium. The company planned to market the product for the age group starting from 35 years, he pointed out.

ICICI Prudential would hire 3,000 employees in 2009-10, Chugh said.