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.
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.
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.
"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.
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.
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.
Published 16 August 2010, 12:34 IST