Page 282 - DCOM304_INDIAN_FINANCIAL_SYSTEM

Unit 13: Mutual Funds and Insurance Services

HDFC Standard Life Insurance Company has a range of individual and group solutions, Notes
which can be easily customised to specific needs. Their group solutions have been designed
to offer complete flexibility combined with a low charging structure.
4. ICICI Prudential Life Insurance Company: ICICI Prudential Life Insurance Company is a
joint venture between ICICI Bank - one of India's foremost financial services companies-
and Prudential plc - a leading international financial services group headquartered in the
United Kingdom. Total capital infusion stands at ` 47.80 billion, with ICICI Bank holding
a stake of 74% and Prudential plc holding 26%.
The company began its operations in December 2000 after receiving approval from
Insurance Regulatory Development Authority (IRDA). Today, their nation-wide team
comprises of 2099 branches.
ICICI Prudential is the first life insurer in India to receive a National Insurer Financial
Strength rating of AAA (Ind) from Fitch ratings. AS obvious, the company has a commitment
to deliver world-class financial solutions to customers all over India.

5. ING Vysya Life Insurance Company Limited: ING Vysya Life Insurance Company Limited
is a global financial institution of Dutch origin offering banking, insurance and asset
management to over 85 million private, corporate and institutional clients in over 40
countries. In India, it started its business in September, 2001. With a diverse workforce of
approximately 125,000 people, ING is dedicated to setting the standard in helping our
clients manage their financial future.
ING Life follows a "customer centric approach" while designing its products. The
Company's product portfolio offers products that cater to every financial requirement, at
all life stages. ING Life has developed an exclusive tool - the LifeMaker, a simple tool
which helps the customers choose a plan most suitable to them, based on their needs,
requirements and current life stage. This tool helps build a complete financial plan for life
at every lifestage, whether the requirement is Protection, Savings, Retirement or
Investment.

6. Life Insurance Corporation of India: Life Insurance Corporation of India was created on
1st September, 1956, with the objective of spreading life insurance much more widely and
in particular to the rural areas with a view to reach all insurable persons in the country,
providing them adequate financial cover at a reasonable cost.
LIC functions with 2048 fully computerized branch offices, 100 divisional offices, 7 zonal
offices and the Corporate office. LIC's Wide Area Network covers 100 divisional offices
and connects all the branches through a Metro Area Network. LIC has tied up with some
Banks and Service providers to offer on-line premium collection facility in selected cities.
LIC's ECS and ATM premium payment facility is an addition to customer convenience.
Apart from on-line Kiosks and IVRS, Info Centres have been commissioned at Mumbai,
Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, New Delhi, Pune and many other
cities. With a vision of providing easy access to its policyholders, LIC has launched its
SATELLITE SAMPARK offices. The satellite offices are smaller, leaner and closer to the
customer. The digitalized records of the satellite offices will facilitate anywhere servicing
and many other conveniences in the future.

LIC continues to be the dominant life insurer even in the liberalized scenario of Indian
insurance and is moving fast on a new growth trajectory surpassing its own past records.
LIC has issued over one crore policies during the current year. It has crossed the milestone
of issuing 1,01,32,955 new policies by 15th Oct, 2005, posting a healthy growth rate of
16.67% over the corresponding period of the previous year.

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