ICICI Pru Life Insurance to launch a new policy every 45 days

KOLKATA: In a bid to maintain its foothold in the tight market situation, ICICI Prudential Life Insurance Company is all set to launch a new policy every 45 days this financial year.

"At ICICI Prudential Life, we will be launching about nine new policies this year ��� one each every 45 days," said Tarun Chugh, chief of alternate distribution and group, ICICI Prudential Life, in Kolkata on Wednesday.

The new products will be in categories including pension, single premium guaranteed return and family floater health products. The company is planning to focus on pension products. The company will also continue to focus on ULIPS that now accounts for 90% of its total written premium. ICICI Pru has a market share of 6.9 per cent as on May 31, 2009.

Speaking at the launch of 'LifeStage Assure Pension'- a pension plan with a guaranteed addition of up to 200 per cent of the first premium- Sanjay Singh, vice president, sales & distribution of the company, said pension products are expected to constitute 35-45% of the company's first premium income.