Business | Investment

NRIs take up investments linked to insurance

Volatile market conditions are attracting large number of non-resident Indian investors to seek refuge in insurance linked investment products, said Tarun Chugh, Chief- Group Sales and Alternate Channels, ICICI Prudential Life Insurance.

  • Staff Report
  • Published: 23:29 November 17, 2008
  • Gulf News

Dubai: Volatile market conditions are attracting large number of non-resident Indian investors to seek refuge in insurance linked investment products, said Tarun Chugh, Chief- Group Sales and Alternate Channels, ICICI Prudential Life Insurance.

"In these turbulent times it is important to understand that equity markets pass through various high and low phases. Retail investors normally get carried away with the euphoria and buy when the markets are high and panic and sell when the markets are low, leading to severe erosion of personal wealth. It is critical to understand that life insurance products are designed to tackle these highs and lows, and enable individuals to meet their long-term financial goal," said Chugh.

Since opening its representative office in Dubai one year ago, ICICI Prudential has attracted 2,500 policies from the region. In addition to its office in Dubai, the company has another representative office in Bahrain.

Convenience

To enhance consumer convenience in Dubai, ICICI Prudential Life partnered with the UAE Exchange House recently. Through this tie-up, the company's NRI customers will have access to over 65 branches of UAE Exchange for paying their renewal premiums.

After the opening up of insurance sector a number of new private players have entered the life insurance sector. Currently there are 23 companies competing in this segment. With a total capital of Rs478 billion (Dh35.6 billion), ICICI Prudential has a marketshare of 13.5 per cent.

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