Monday, April 14, 2014

ICICI Pru Rolls Out iCare -II, An Improved Online Term Plan

One of country's largest private sector insurers ICICI Prudential Life Insurance Company Limited has launched iCare II, an improved online term insurance plan. Earlier, in 2011, the insurer had launched iCare, which was the first no-medical online term insurance plan.

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, India's biggest private sector bank, and Prudential plc, a UK-based leading international financial services group.

With this new offering, ICICI Pru has started price war. Its premiums are attractively lower and now competing within the top 5 low premium online term plans. Unlike iCare, which has a maximum limit of sum assured of Rs 1.5 crore, iCare-II has no maximum limit of sum assured.

In other significant changes, the insurer has reduced the maximum entry age to 60 (from 65 in iCare) and therefore, the maximum maturity age to 65 years (from 70 in iCare).

With growing number of internet users, the online term insurance market has witnessed a rapid growth. As of now, there are approximately 25,000 online term plans of more than 15 life insurance companies.

No comments:

Post a Comment

So, what do you think?