<p>The product--christened iProtect--is 30 per cent cheaper than the company's conventional term products, as the dependency on intermediaries, who sell it and administrative costs go down, ICICI Prudential's Executive Vice-President Madhivanan Balakrishnan told reporters here.<br /><br />Inside a specified age limit, a person can log-on to the site, fill up necessary details and pay online through credit card or net banking, he said. The policy cover gets activated instantly in such cases.<br /><br />The insurer is primarily targeting Internet-savvy people in the age group of 35-45 and is betting big on a surge in E- commerce space in the country, which witnessed a 43 per cent growth last year.<br /><br />"Portals dedicated to travel and rail bookings have shown that if the site is convenient and easy to use, you can get good business. In insurance, we also have a conducive regulatory environment," Balakrishnan said.<br /><br />In 2009-10, ICICI collected Rs 72.10 crore in premium through online payment, while 53 per cent of policy servicing work was done online, he added.<br /><br />ICICI Prudential has insured over 6 million lives, of which 14 per cent are the traditional term products. Not being savings-inducing products, these policies contribute around 0.3-0.4 per cent of premium, Balakrishnan said. <br /></p>
<p>The product--christened iProtect--is 30 per cent cheaper than the company's conventional term products, as the dependency on intermediaries, who sell it and administrative costs go down, ICICI Prudential's Executive Vice-President Madhivanan Balakrishnan told reporters here.<br /><br />Inside a specified age limit, a person can log-on to the site, fill up necessary details and pay online through credit card or net banking, he said. The policy cover gets activated instantly in such cases.<br /><br />The insurer is primarily targeting Internet-savvy people in the age group of 35-45 and is betting big on a surge in E- commerce space in the country, which witnessed a 43 per cent growth last year.<br /><br />"Portals dedicated to travel and rail bookings have shown that if the site is convenient and easy to use, you can get good business. In insurance, we also have a conducive regulatory environment," Balakrishnan said.<br /><br />In 2009-10, ICICI collected Rs 72.10 crore in premium through online payment, while 53 per cent of policy servicing work was done online, he added.<br /><br />ICICI Prudential has insured over 6 million lives, of which 14 per cent are the traditional term products. Not being savings-inducing products, these policies contribute around 0.3-0.4 per cent of premium, Balakrishnan said. <br /></p>