ICICI Prudential launches HomeAssure with Lord Krishna Bank

Mumbai: ICICI Prudential Life Insurance has expanded its bancassurance tie-up with Lord Krishna Bank to launch a mortgage reducing term assurance product, HomeAssure. HomeAssure would cover the outstanding loan amount of Lord Krishna Bank's home loan customers in the event of policyholders demise.

HomeAssure includes various features like higher non-medical limit and a discounted rate for young borrowers in a joint account. The product will be extended to customers of Lord Krishna Bank.

"ICICI Prudential's diverse product range has an excellent fit with the needs of our customers. According to B Swaminathan, managing director and CEO, Lord Krishna Bank, HomeAssure is an innovative addition to our home loan offering and we are confident that its proposition of offering cost effective loan security will be welcomed".

Lord Krishna Bank Ltd. is one of the oldest private sector banks in India, and it recorded a business volume of Rs3,562 crore (FY 2004-05). The Bank has a network of 112 branches and 12 extension counters spread across 11 states and union territories (Kerala, Tamil Nadu, Karnataka, Andhra Pradesh, Maharashtra, Delhi, Chandigarh, Haryana, Uttar Pradesh, Punjab and Rajasthan.)

N S Kannan, executive director, ICICI Prudential Life Insurance, said, "With its wide customer base and rapidly growing home loan portfolio, we are certain that Lord Krishna Bank's customers will benefit greatly from HomeAssure."

ICICI Prudential and Lord Krishna Bank entered into a partnership under the bancassurance model in December 2002. Since then, Lord Krishna Bank has rapidly grown the life insurance segment of its business. The bank offers the complete range of ICICI Prudential products, including education plans, savings and investment plans and retirement solutions, which have grown to become available across 112 branches of Lord Krishna Bank across the country.

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank and Prudential plc. For the nine months ended December 31, 2005, the company had Rs1,381 crore in new business weighted premium for a total sum assured of Rs12,421 crore. For the past five years, ICICI Prudential has retained its position as the market leader among private life insurers.