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ICICI Prudential Life Insurance and Reinsurance Group of America unveil a pioneering health insurance product catering specifically to women’s health needs.

ICICI Prudential Life Insurance, in partnership with Reinsurance Group of America (RGA), has launched a unique health insurance product called ICICI Pru Wish, designed specifically for women. This product addresses specific health concerns, including breast, cervical, and uterine cancers, as well as heart diseases, and offers a lump sum payout of up to 100% of the health cover amount upon diagnosis. Unlike traditional plans, ICICI Pru Wish provides a fixed lump sum payment, offering customers greater flexibility in managing their medical expenses.

The product also offers a 30-year premium guarantee, providing customers with peace of mind and financial stability. Additionally, it allows for a premium sabbatical of up to 12 months, enabling customers to focus on their health-related responsibilities. ICICI Pru Wish also covers maternity complications and newborn congenital illnesses.

According to Amit Palta, Chief Product and Distribution Officer at ICICI Prudential Life Insurance, “ICICI Pru Wish is a first-of-its-kind health product that empowers women to be financially prepared for medical exigencies. We have combined our customer-focused approach with RGA India’s expertise to design a product that addresses the insurance needs of women.” Sunil Sharma, CEO of RGA India, added, “We are excited to collaborate with ICICI Prudential Life Insurance on ICICI Pru Wish, a pioneering health product that addresses the unique needs of Indian women.”

ICICI Pru Wish is designed to relieve financial distress caused by the unique health risks faced by women, providing a compelling proposition with a premium guarantee for 30 years, multiple claims for certain medical incidents, and an additional payout to cover rehabilitation expenses. This innovative product is a testament to the partnership between ICICI Prudential Life Insurance and RGA, highlighting their commitment to offering customer-focused solutions for evolving market demands.

According to LIC’s projections, the National Business Pulse is expected to contract in January 2025.

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The life insurance industry in India saw a contraction in new business premiums (NBP) in January 2025, with a 8.2% decline. Private insurance companies, however, reported a marginal contraction of 0.7%, outperforming Life Insurance Corporation of India (LIC), which saw a contraction of 13.9%. Even on a cumulative basis, private insurers reported 12.1% growth in NBP, while LIC reported 4.76% growth.

On the number of policies sold, the overall insurance sector saw a 8.9% decline, with LIC reporting a 14.6% decline, while private players recorded a 6.1% increase. Private insurers sold 8.11 million policies in January 2025, accounting for 31.9% of the total, while LIC sold 17.32 million policies, accounting for 68.1%.

Among the top 5 private life insurance companies, SBI Life Insurance reported a 37.24% decline in NBP, HDFC Life Insurance saw a 25.47% growth, ICICI Prudential Life Insurance reported a 13.61% growth, Axis Max Life Insurance saw an 8.81% growth, and Bajaj Allianz Life Insurance reported a 6.87% decline. Group single and group yearly renewable premium policies were among the categories that saw contraction or marginal growth in NBP.

The data suggests that despite the overall industry contraction, private insurance companies performed better, with most of them reporting positive growth in NBP and number of policies sold. LIC, on the other hand, lagged behind, reporting declines in both NBP and number of policies sold. The performance of individual and non-individual premiums, group single and group yearly renewable premiums differed across companies, with some reporting positive growth and others contracting.

ICICI Prudential Life Insurance seamlessly converges real-time policy management with its innovative Bima Central platform.

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ICICI Prudential Life Insurance has integrated its real-time policy services with Bima Central, a digital policyholder servicing platform provided by CAMSInsurance Repository (CAMSRep). This integration allows policyholders to make renewal payments, update their personal details, and change their nominees in real-time. This is the second collaboration between Bima Central and an insurance company, following a similar integration with SBI General. The integration ensures that any changes made to a policy are reflected in real-time across the insurer and the insurance repository.

The integration enables policyholders to manage their policies more efficiently, with features such as renewal reminders, online payment gateways, and an easy update process for personal details. The platform also utilizes Artificial Intelligence-Optical Character Recognition (AI-OCR) technology to read cheque images and validate payments. Data security and compliance checks are in place to ensure the integrity of customer data and the process.

The CEO of CAMSInsurance Repository, Vivek Bengani, emphasizes that the collaboration with ICICI Prudential Life has given them the momentum to expand Bima Central’s services for eIA holders. The company aims to complete insurer service integrations to ensure that 100% of its eIA holders can access basic policy servicing on Bima Central. In the coming months, more services, such as digital assignment, grievance management, and claims reporting, will be enabled on the platform.

The Chief Operations Officer of ICICI Prudential Life Insurance, Amish Banker, stresses the importance of providing customers with a hassle-free and secure experience, which is achieved through Bima Central’s real-time policy services. He also emphasizes the benefits of holding policies in a dematerialized form, which mitigates the risks associated with loss or damage of physical policy documents.

The integration of Bima Central with ICICI Prudential Life is a significant milestone in the company’s efforts to enhance customer experience and simplify processes. The platform’s ultimate goal is to provide an end-to-end solution for policyholders, making it easier for them to manage their policies and access various services.

ICICI Prudential Life receives court order affirming two upper-level tax demands totaling 4.92 billion rupees each, with an effective date of February 4th, 2025, 9:02 am EST.

ICICI Prudential Life Insurance Company Limited is a leading provider of life insurance, pensions, and health insurance products to individuals and groups in India. The company operates through multiple segments, including non-linked life insurance, non-linked pension, non-linked variable, non-linked variable pension, annuity, health, and linked insurance plans.

ICICI Prudential offers a range of non-linked insurance savings plans, which are designed to provide a guaranteed sum assured to policyholders upon maturity. These plans include ICICI Pru Gift Pro, ICICI Pru Lakshya, ICICI Pru Guaranteed Income for Tomorrow, and others. The company also offers protection plans, which provide a financial safety net to policyholders in the event of death or critical illness. Examples of protection plans include ICICI Pru iProtect Smart, ICICI Pru Saral Jeevan Bima, and ICICI Pru Heart Cancer Protect.

In addition to these plans, ICICI Prudential offers a range of unit-linked insurance plans, which allow policyholders to invest their premiums in a variety of investment options. These plans include ICICI Pru Signature, ICICI Pru LifeTime Classic, ICICI Pru Smart Life, and ICICI Pru Platinum. Unit-linked insurance plans provide policyholders with the opportunity to grow their investments over time, while also providing a death benefit to their beneficiaries.

Overall, ICICI Prudential Life Insurance Company Limited is a comprehensive provider of life insurance, pensions, and health insurance products in India. The company’s range of products and services are designed to meet the diverse needs of its customers, from saving for the future to protecting against unexpected events.

Insurance stocks, including LIC and ICICI Lombard, surge in value as Finance Minister announces landmark decision to open insurance sector to 100% Foreign Direct Investment.

The Indian insurance sector saw stocks like LIC India, ICICI Lombard General Insurance Company, and New India Assurance Company trade with decent gains on February 1, following Finance Minister Nirmala Sitharaman’s announcement to increase the Foreign Direct Investment (FDI) limit to 100% in the insurance sector. This move is expected to attract more foreign investments in the industry. In fact, the insurance sector received the highest FDI inflow in the service sector in the last year.

Despite having a large population, India’s insurance penetration remains low compared to international standards. With the increased FDI limit, the inflow of foreign investment is expected to increase significantly, leading to enhanced capacity and efficiency in the sector. Shiju PV, a senior partner at IndiaLaw LLP, opined that “Penetration of insurance is still at the lowest level in India compared to international standards. Hence, an increase in the FDI limit in the insurance sector can significantly increase the inflow of FDI into the country.”

The rise in stocks such as ICICI Prudential Life Insurance Company, HDFC Life Insurance Company, and SBI Life Insurance Company during the session also reflected the optimism surrounding the sector. The increased FDI limit is likely to attract more foreign players, leading to improved services, increased competition, and better coverage for Indian consumers. This development is expected to be a positive step towards Deepening the Indian insurance market and making it more attractive to foreign investors. As a result, insurance stocks continued to trade with gains throughout the day, reflecting the optimism in the sector following the announcement.

ICICI Prudential Life and RGA introduce a new insurance product catering to the unique health concerns of women.

ICICI Prudential Life Insurance Company has launched a new health insurance product specifically designed for women, called “ICICI Pru Wish”. The product, developed in collaboration with Reinsurance Group of America (RGA), provides a lump sum payout of up to 100% of the health cover amount in case of a diagnosis of critical illnesses such as breast, cervical, and uterine cancers, as well as heart ailments. This means that customers can access a fixed amount to cover medical expenses immediately, providing them with financial flexibility and peace of mind.

Amit Palta, Chief Product and Distribution Officer at ICICI Prudential Life Insurance, emphasized that the product is designed to empower women to be prepared for medical exigencies, providing them with a lump sum payout to cover unexpected medical expenses. The company believes that the women’s customer segment offers a large market opportunity and has developed this product to address their specific insurance needs.

Sunil Sharma, CEO of RGA India, highlighted the partnership between ICICI Prudential Life Insurance and RGA as a symbol of their commitment to offering innovative, customer-focused solutions that respond to changing market demands. The product is a testament to the companies’ dedication to providing women with protection and security, especially in times of health crisis.

ICICI Pru Wish aims to fill the gap in the market by providing women with a sense of security and peace of mind, knowing that they have a financial safety net in case of unexpected health issues. With its unique features and benefits, the product is poised to make a significant impact on the lives of Indian women.