ICICI Prudential Life Insurance is one of the largest Insurance networks in thecountry, and 2
Life Insurance Company in India. The ICICI Group has been in existencesince 1955 when ICICI Ltd., was created. ICICI Prudential started in 2002 as subsidiaryof ICICI Ltd., Today ICICI Life Insurance has a customer base of 4 million with totalassets exceeding Rs.1, 00,000 Cr. making it the 2
largest life insurance company in thecountry, next only to LIC.The Insurance sector, after the opening up, provides greater opportunities. Severalglobal players have emerged and the market has changed significantly. In the changedscenario, the expectation is that the low Insurance premium as a percentage of GDP prevailing in India will improve and will offer better opportunities to the insurance players.Life Insurance sector is one of the key areas where enormous business potentialexists. In India currently the life insurance premium as a percentage of GDP is 1.3 per cent against 5.2 per cent in the US, but in the liberalized scenario, the life insurance premiums were projected to grow at around 18% to 20% from Rs 215 billion in 1998- 99to Rs 592 billion in 2004-05 and to Rs 1450 billion by 2009-10. Corporate non-life premium was projected to grow from Rs 84 billion in 1998-99 to Rs 386 billion in 2009-10 and personal line non-life from Rs 4 billion to Rs 51 billion. In the life Insurance segment the Life Insurance Corporation of India (LIC) is themajor player. The LIC has 2050 branches. It is constituted in to seven Zones. Currentlythere are 5, 60,000 LIC agents in India. General Insurance is another segment, which has been growing at a faster pace.
Visvesvaraya Technological University, ‘Jnana Sangama’ PG Centre, Belgaum.