ICICI Ltd will inject an additional Rs 59.72 crore into its life insurance venture -- ICICI Prudential Life Insurance Company.
Its foreign partner, the UK-based Prudential Plc, will invest another Rs 20.28 crore, bringing the total share capital of the 74:26 per cent joint venture company to Rs 230 crore.
This additional capital of Rs 80 crore will help support business expansion plans for 2002-03, said ICICI Prudential Life managing director Shikha Sharma.
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The funds will be brought in two equal tranches in the next six months -- in February and in September 2002.
As of early December, the life company has issued 48,000 policies of the 50,000 proposals it has received. "We have collected Rs 65 crore in premium and the sum assured for covers excluding the riders is in the region of Rs 700 crore," she added.
On Thursday ICICI Prudential Life launched a market-linked insurance product -- ICICI Pru LifeTime -- a flexible insurance product combining protection of life, health and wealth, with market-linked returns.
The product has three investment options namely growth plan, income plan and balanced plan.
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