ICICI Prudential Life Insurance commitment for CSR

The Company’s CSR activities are largely focused in the areas of education, skill development, sustainable livelihoods, healthcare, and financial inclusion. In many ways, ICICI Prudential Life Insurance sincerely believes that Corporate Social Responsibility (CSR) can make a difference. A company has been founded through cooperation to positively impact industries such as healthcare, skill development, etc. The business views CSR as a benefit for businesses that want to fulfil their social responsibility and advance the cause of a sustainable society.

In the interview that follows, Urvi Chhaya, Senior Vice President of Human Resources of ICICI Prudential Life Insurance Company Limited, explains the company’s CSR programmes and their guiding principles. She discusses how the CSR is a crucial component of the company’s activities and supports significant socioeconomic development in the nation so that a bigger portion of the populace can benefit.

ICICI Prudential Life Insurance

What is the philosophy of ICICI Prudential Life Insurance based on which CSR initiatives are decided?

At ICICI Prudential Life Insurance, corporate social responsibility (CSR) has been a long-standing commitment and an essential component of our operations. To enable a broader portion of the populace to take part in and profit from India’s economic prosperity, we actively encourage real socioeconomic development in the nation. This is because we think that progress and growth are only beneficial to society as a whole when they lead to access to opportunities.

The Company’s CSR initiatives are primarily concentrated in the fields of financial inclusion, education, skill development, and sustainable livelihoods. Since “protection” is essential to the Company’s operations, the Company supports programmes and initiatives with this as their central theme and guiding principle.

How has your association with Tata Memorial Hospital and what were the initiatives taken under this partnership?

Our CSR programmes place a particular emphasis on assisting the impoverished sectors of society with their healthcare needs. In 2016, the Company and Tata Memorial Hospital established a collaboration. Through this collaboration, we provided cancer treatment assistance to young people from low-income families. This effort has benefited more than 300 patients like these.

The first was offering financial security to forest guards in the event of unforeseen circumstances like death, lifelong incapacity, or serious illness while doing their responsibilities. In accordance with the programme, which ran from November 2016 to December 2019, more than 65 forest guards and their families received assistance.

The second programme, carried out from August 2017 to March 2022, aimed to provide local residents in the Himalayan rangelands of PirPanjal and Ladakh with sustainable means of subsistence. Through this effort, we wanted to support sustainable rangeland management techniques while also generating a variety of livelihood options for communities residing in rangelands. Women from the tribe received craft training. Several eco-cafés were also established to accommodate visitors. At Tsokar in Ladhak, a production facility for handicrafts was established. 40 homestays were established, 6 eco-cafes were contracted to serve tourists, and more than 506 women were taught in the craft of handcraft production. We put awareness-raising and sensitization campaigns into place at educational institutions to guarantee sustainable rangeland management practises.

Are there any new partnerships which ICICI Prudential Life Insurance is planning on?

The annual plans are created each year with current programmes and focal areas in mind. The Company does receive proposals from different organisations, which are assessed according to the standards set forth in the Companies Act and are consistent with the Company’s CSR target areas.

What long-term CSR goals does ICICI Prudential Life Insurance have?

Our main goal as a life insurance provider is to sensitively meet the protection and long-term saving needs of our clients. A healthy life insurance industry is essential to the country’s economic growth because it makes it easier to mobilise resources and provides families with financial security by reducing the risks associated with mortality and morbidity. In order to provide access, support the protection of underserved populations, and realise India’s potential for progress and prosperity, we thus work to identify important areas of social development that call for investments and assistance.

CSR fashions are evolving with time. What do you anticipate CSR’s future to be moving forward?

The entire CSR system has experienced a significant transformation in recent years, providing increased accountability and openness. For instance, all implementation organisations used by businesses to carry out CSR projects must register with the Ministry of Corporate Affairs (MCA). The MCA’s compulsory impact evaluation is one more step in encouraging businesses to utilise CSR funds thoughtfully and evaluate their societal impact.

The post CSR: A commitment of ICICI Prudential Life Insurance first appeared on My CSR India - Sustainability News | Corporate Social Responsibility.