Kunal Pradhan

ICICI Prudential Life Launches iProtect – An Online Term Insurance Plan

~ Extremely affordable and convenience of online purchase ~


Mumbai, Maharashtra -- (SBWIRE) -- 08/18/2010 -- ICICI Prudential Life Insurance Company Ltd (ICICI Prudential Life) today announced the launch of iProtect – a completely online term insurance plan that is extremely affordable.

An individual can apply online for iProtect and the payment can be made either through his/her internet banking account or credit card. The life cover commences as soon as the premium is paid. Upto a certain limit, life cover can be bought immediately without the need for any medical tests. Above this limit also, the entire transaction can be finished online but the cover will start post a medical test. The policy can be done bought completely online as no physical documentation is required.

iProtect provides financial security to the family of the policy holder in the event of his untimely death. In case of such an eventuality, the nominee will receive the entire sum assured.

The entry age for a customer is a minimum of 20 years and a maximum of 65 years with a minimum policy term of 10 years and a maximum of 30 years. The maximum age at policy expiry is 75 years.

Speaking at the launch, Mr. Madhivanan Balakrishnan, Executive Vice President ICICI Prudential Life said, “India has witnessed a proliferation of internet usage and e-commerce. People are increasingly turning to the internet as a medium to transact from the confines of their homes at their convenience. The launch of iProtect will help us to be more accessible to our customers. It provides unmatched value and allows him to secure the financial protection of his family in the event of his untimely death. As this is a purely online product, we are able to pass on all benefits of cost savings to our customers. Given the uncomplicated nature of the product, ease of purchase and extremely affordable premiums, we are confident that iProtect will strike a chord with our customers.” To know more about the company, please visit http://www.iciciprulife.com

About ICICI Prudential Life Insurance
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank and Prudential plc. It was one of the first players to commence operations when the insurance industry was opened to the private sector in 2000. For FY2010, the company garnered Rs 16,532 crores of total premiums and has underwritten over 10 million policies since inception. The company has a network of over 1,900 offices and over 2,10,000 advisors, as on March 31, 2010. For the past nine years, ICICI Prudential has maintained its dominant position amongst life insurers in the country, with a wide range of flexible products that meet the needs of the Indian customer at every step in life. To know more about the company, please visit :-http://www.iciciprulife.com/public/BuyOnline/iProtect/iProtect.htm

Except for the historical information contained herein, statements in this release which contain words or phrases such as “will”, “would”, “aim”, “will likely result”, “believe”, ”expect”, “will continue”, “anticipate”, ‘”estimate”, “intend”, “plan”, “contemplate”, “seek to”, “future”, “objectives”, “goals”, “project”, “should”, “will pursue”, and similar expressions or variations of such expressions may constitute “forward looking statements”. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to ICICI Prudential’s ability to successfully implement its strategy in the field of insurance, our growth and expansion, technological changes, investment income, cash flow projections, our exposure to market risks as well as the other risks detailed in the reports filed by ICICI Bank (joint promoters of ICICI-Prudential Life Insurance Company Limited) with the Securities and Exchange Commission of the United States. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof.