Prudential ICICI leverages postal network

Alok Agarwal
28 July 2001

Private sector mutual funds are increasingly realising their limitations in reaching out to a larger number of customers for their various schemes. To overcome this, they are resorting to tapping the strong distribution networks, even if they belong to the state or state-owned companies.

Prudential ICICI Asset Management Company, a leading private sector mutual fund with assets over Rs 5,997 crore under management, recently tied up with India Post, part of the department of posts, for distribution of its latest product, the child care plan.

Prudential ICICI Asset's child care plan was launched by the minister of communications, Ram Vilas Paswan, at a function held in Mumbai recently. To mark the launch of the scheme, Mr. Paswan gifted away units of the plan to 20 needy children belonging to the "Serve the Children" organisation, to help secure funds for their higher education.

Speaking on the occasion Lalita Gupte, joint managing director, ICICI, pointed out that children and child-care are integral to ICICI's corporate policy. She said, "The real purpose of mutual funds is to enable an investor to grow his wealth and plan for future. This is an ideal that is central to the values at Prudential ICICI. With the child care plan we hope to enable people to put their children through college and allow them to be whatever their dreams tell them to be."

Corroborating her, Garth Jones, managing director Prudential Corporation Asia, pointed out that various child care plans of Prudential Corporation, which came into being in 1848 and is the largest insurance company in UK, expedited its success and the tradition continues today.

He said, "The world over Prudential has listened to the needs of millions of people and helped them achieve their dreams. The launch of the Prudential ICICI child care plan and the partnership with India Post are two exciting initiatives that underscore Prudential's long term commitment to the dynamic Asian region. The financial security and depth of expertise of Prudential ICICI allied with the unique reach of the post office holds tremendous potential."