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: encourage disciplined long-term savings. All these features have worked well with the Indian retail investors. While the month-on-month growth has seen a marginal decline, I am confident that serious investors will continue to prefer ULIPs to meet their long-term financial goals.
With the current volatility in the stock markets, do you think it's time for traditional products?
We have a comprehensive product portfolio comprising both traditional and unit-linked insurance plans for our consumers. From our feedback, we understand that they seek transparency and flexibility offered by ULIPs and choose it as a preferred vehicle to invest in the equity markets and participate in the Indian growth story, over the long-term. There is no question that the long-term nature of these products enable consumers to invest in a disciplined manner.
How are your child or pension products doing?
Today, retail investors are more aware of the financial products that can fulfil their needs. An Indian investor will generally secure his child's future first before saving for himself. So, this has resulted in many takers for child insurance plans.
Pension products, on the other hand, have also been a popular investment option and have driven growth. This is true despite the fact that the younger generation does not opt for provident funds. As per data released by the Life Insurance Council, around 35% of new business premium collected in FY 2007-08 was from pension plans.
Will competition intensify in the life insurance sector with new players joining the industry?
Competition has significantly increased with the number of players increasing to 21. However, India remains under penetrated and under insured and as an industry we can provide life insurance solutions to more consumers across the country. Life insurance is a long-term product and customers in this highly competitive environment will choose a brand that will deliver over a long term and an insurer who is well capitalised.
How popular are your health products? Can you compete with non-life companies?
Over the last 18 months, ICICI Prudential Life has continued to strengthen its position as a health insurer by introducing first-of-their-kinds products based on consumer needs and providing a wider range of services to health insurance consumers. Today, we offer nine health insurance plans ranging from products to manage one’s hospitalisation expenses to managing expenses related to critical illnesses such as cancer or diabetes. The category has marked substantial growth and it will continue to remain one of...
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