ICICI Prudential launches HomeAssure with Lord Krishna Bank
By Our Banking Bureau | 21 Mar 2006
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".
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.
