Rural business operations of ICICI Prudential Life Insurance (ICICI Pru) has clocked over Rs 100 crore business during the first 10 months since its inception in February this year.
The private sector life insurer has completed seven years of its operation. Briefing the media on Tuesday, the company?s executive director, Bhargav Dasgupta, said: ?So far our average premium collection has been to the tune of 17000 policies?.
ICICI Pru has appointed 20,000 advisors dedicated to its rural operations. Apart from it, 260 offices have also been set up by our company in tehsils and taluka headquarters, said Dasgupta.“ By adding that we have sold 10 lakh policies in the rural areas until now.?
Though Dasgupta agreed that the average policy size of the company?s rural products ranged between 15% and 20%, which was still lesser than the urban policy size.
Though a number of products were being sold by the company in the rural areas, products like ?child plan? and ?life stage? were quite popular among the rural folks.
While the company has its own rural business channels in five states, it was also selling its products through tie-ups in five other states. It has tie-ups with 8 RRBs (rural regional banks), 30 NGOs and 65 MFIs.
