HDFC Standard Life, ICICI Prudential off starting block

MUMBAI, DEC. 12. Two players of the new private insurance sector, HDFC Standard Life Insurance Company Ltd. and ICICI-Prudential Life Insurance Company Ltd. - announced their first set of policies here today.

While HDFC Standard Life launched two products - endowment assurance and moneyback policies - ICICI Prudential offered only an endowment policy.

``The two products come with an option of four riders in the form of critical illness, accidental death, waiver of premium and double sum assurance,'' the HDFC Standard Life Managing Director and CEO, Mr. Deepak Satwalekar, told reporters. Three endowment policies worth Rs. 1 lakh each were issued following the launch.

Mr. Satwalekar said the company's premiums were marginally lower than that of the Life Insurance Corporation of India.

``Our aim is to achieve 25,000 policies in this fiscal and presence in 12 cities,'' he said adding that HDFC Standard Life also had in place its 45 agents.''

Meanwhile, the ICICI Prudential Managing Director, Ms. Shikha Sharma, handed over the first set of policies worth Rs. 20,000 each to seven underpriviledged children including four girls.

``ICICI Prudential will kick-start its commercial business operations in Mumbai and Delhi shortly and expand operations across the country in a phased manner over the next 12 months,'' Ms. Sharma said.

The children were seven to eight years old and would receive the money when they attain 18 years, she said.

Ms. Sharma said ICICI Prudential would launch four more policies - single premium bond, endownment level term, single and regular premium deferred pension policies.

The company would tap rural markets and expected to sell over 10,000 policies in the current year, she added.

``We have 62 agents in place, who will be based in Mumbai. We are looking at 315 agents in Mumbai and 600 in Delhi in the next few months,'' Ms. Sharma said.

Mr. Satwalekar said HDFC Standard Life would not get into a price war but would focus on providing better services. Internet could also be used to service the insurance products.

HDFC Standard Life had received 10 applications and it also plans to target the rural market as a viable business opportunity.

The 45 agents, who had undergone 100 hours of training, were a part of the HDFC's network, he said

Talking about future products, he said they would launch individual pension products. He said HDFC Standard Life was open to non-life products.

- PTI

Our Mumbai Correspondent writes:

The first policies in the category ``Endowment Assurance'' were distributed to three individuals by HDFC Vice-Chairman, Mr. Keshub Mahindra, at the press conference.

To begin with, the company would offer a suite of a dozen pre- packaged products catering to the saving market. The objective would be to customise products to meet the financial and protection needs of customers. The company's portfolio will also include health related products, which will be expanded in the near future.

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