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ICICI Prudential Introduces A One Stop Solution For Coverage

Author: Anumeha Singh
by Anumeha Singh
Posted: Jun 07, 2016

The ICICI Prudential Life Insurance Company is amongst the first private life insurance providers to receive approval from the Insurance regulatory Development Authority i.e the IRDA and is into operations since December 2000. The company received a net total premium of 191.64 billion in the financial year 2015.

ICICI Prudential Life (ICICI Prudential Life Insurance Company) is a conglomerate of ICICI Bank Ltd which is amongst the largest private banking service providers and Prudential.

ICICI Prudential started its service operations in December 2000 and is amongst the winning life insurance providers in India since their inception into the insurance market space. The ICICI Prudential offers a wide range of insurance products to meet various life stage needs of the individuals and allow them to accomplish the long term financial goals. The company operates on one radical axis which is customer centric services and products. To achieve this customer service goal ICICI Prudential has structured and has implemented several products that are cost effective and best class services with best and stable product performance portfolios. This company provides an experience of hassle free claim settlements.

The ICICI Prudential Life Insurance Co. recently has chosen IPO picks of 892 million dollars. ICICI Prudential as the largest private insurance provider opened the biggest sale of shares in 6 years. It chose Bank of America Corp and the ICICI Securities Ltd to guide the share sale as per company’s internal sources.

Along with ICICI looking for a listing the HDFC standard life insurance co. is also making arrangements to open its offerings. From being India’s 50 billion dollar insurance industry these openings are the first listings as well.

According to the sources, Edelweiss Financial Services, UBS Group, Deutsche Bank, CLSA Capital Partners, JM Financial Ltd, IIFL Holdings will also be sharing the space into the sale share of ICICI Prudential which is mainly controlled by the ICICI Bank Ltd.

Sale of Stakes

The ICICI bank also is planning to put off its stakes for the Initial Public Offerings where the Prudential which has a holding of 26% has not made its decision on the stake sale.

Last year the parliament of India passed its bill previous year to allow the foreigners also to hold 49% into the Indian insurance providers. In November, ICICI Bank which is known to be the major private sector insurance service provider had reduced its stakes in its joint venture Prudential in a deal value of Rs. 32.5 crores.

The ICICI Prudential is now aiming at a value of Rs. 40,000 crores with the goal of marking the field. ICICI Prudential is now looking at a value of around Rs.40,000 crore. ICICI aims to make a capital market prospectus by the month end.

Approval of Board

According to an exchange filling, A small fund support which was built by Azim Premji who is the outsourcing billionaire of India and the State Investment Company of Singapore i.e. the Temasek Holdings purchased the share unit of ICICI Prudential wherein ICICI Bank had cut down its share ownerships to 68%.

The exchange filling published that the board of ICICI bank agreed the on the sale of Initial Public Offering Sale. The CEO of the company says that the filling of the IPO is supposed to end by the initial 6 months of the coming year. According to sources, JP Morgan Chase, Morgan Stanley, Kotak Mahindra life insurance and the Citigroup Inc are those banks that HDFC chose for its IPOs of 400 million dollars.

ICICI Prudential introduced ICICI Pru iProtect Smart

ICICI Prudential Life introduced a new ICICI Pru iProtect Smart which is the best insurance product that provides coverage on Critical Illness, Terminal Illness, Accidental Death, Permanent Disability and majorly on Death. This product is structured so that its is the first that has combined benefits of Life Death, Medical and Accidental Insurance.

About the Author

Hi, i am Anumeha Singh. A Bloger and A Insurance adviser for Life Insurance, Term Insurance, Child Insurance, Investment Plans and Tax Saving.

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Author: Anumeha Singh

Anumeha Singh

Member since: May 17, 2016
Published articles: 11

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