ICICI Prudential to foray into pension funds sector

Our Bureau

Bangalore, June 6: ICICI Prudential Life Insurance Company Ltd is all set to make a foray into the pension funds sector. According to managing director Shikha Sharma, the market could expect one pension plan initially in the next 6-8 weeks.

Ms Sharma said:”We will offer voluntary pensions to people who wish to maintain the same lifestyle even after retirement.” Besides, the company will also offer advisory role for pension fund managers.

The company plans to have a simultaneous roll out of the product in all the major cities across the country, rather than a phased launch. We are currently in the process of designing the pension plan, Ms Sharma said.

The life insurance firm, which opened its sixth office in Bangalore on Wednesday, is also in talks with some companies to provide solutions to customers on total health management. However, it did not divulge the names of its potential partners but said that it is in the process of entering into strategic tie-ups with them.

ICICI Prudential also plans to focus on long term health and wealth management. Ms Sharma said: “Prudential is gearing itself to play a pioneering role by offering need based products to cater to health, financial planning and wealth management.” The company commenced operations in December 2000 and had sold 6,378 policies till March 31, 2001. This amounts to a sum assured of over Rs 100 crore. It has set a target of 1 lakh policies for March 2002. ICICI Prudential executives informed that products like ICICI Pru 10 year Single Premium Bond provides returns of 9.36 per cent in addition to life cover, which compares favourably with most other financial instruments.