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Home / Insuremagic Exclusives

Interview of Ms Shikha Sharma, Managing Director, ICICI Prudential Life Insurance

ICICI Prudential Life Insurance plans to make it big in the insurance industry. Already a financial bigwig, its tie up with Prudential plc of UK - the largest life insurance company there is an asset for its support as far as expertise in the insurance field is concerned. The company has rolled out its products already and banks its hopes on the forthcoming budget particularly for tax benefits.

What, do you wish, the forthcoming budget would bring for the insurance sector?

What we are looking for is a level playing field. Presently the premium paid towards our regular savings and protection plans enjoy tax benefits under sec 88 of the Income Tax Act. However the pension plan does not enjoy benefits of sec 80ccc. We expect this benefit to be extended to the pension policies of the private players as well.

Do you think the tax exemption on policies would continue?

Yes I do feel that this benefit will continue. This would definitely provide the incentive to save.

How do you as an insurer plan to provide prompt service and cost effective insurance covers among others in the changed scenario.

Service is going to be a key differentiator. We aim to use technology to set up effective and efficient delivery mechanisms. Our agents would also be trained to provide quality advice and do need based selling. In terms of products we plan to offer flexibility and options so that the customer can package these according to his needs.

What kind of insurance benefits will the forthcoming budget provide for the rural sector?

The Insurance Regulatory Development Authority (IRDA) regulations makes it obligatory on the part of the private insurance companies to sell a certain percentage of rural policies. We will ensure that these obligations are fulfilled.   We will also ensure that we meet the commitments specified for the social sector.

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