Reinsurance Group of America Inc.
12/12/2024 | Press release | Distributed by Public on 12/12/2024 07:16
ICICI Prudential Life and RGA launch life insurance industry’s first product covering women specific ailments
- Extensively researched product developed in collaboration with RGA India
- Immediate lump sum payout upon diagnosis of a critical illness along with hassle-free claims settlement
- Offers customers the freedom to choose hospital for treatment
- Premium guaranteed throughout the policy tenure
- Inbuilt flexibility with premium holiday
Mumbai, December 12, 2024 - ICICI Prudential Life Insurance today launched 'ICICI Pru Wish', a first-of-its-kind health product, in the life insurance industry, catering to women specific critical illnesses and surgeries. This product has been developed by ICICI Prudential Life Insurance in collaboration with Reinsurance Group of America, Incorporated (RGA), a leading global life and health reinsurer.
ICICI Pru Wish offers an instant payout of up to 100% of the health cover amount on diagnosis of critical illnesses like breast, cervical, uterine cancers and heart ailments to name a few. Unlike standard plans, where the payouts are in the form of reimbursements, this product offers a fixed lump sum on diagnosis, providing flexibility to customers.
As per research findings, one of the causes for customers' anxiety was the probability of an increase in premium every few years. ICICI Pru Wish, with its premium guarantee for a period of 30 years, can enable customers to better plan for their premium payments providing them with peace of mind. This product also provides customers with a premium sabbatical for 12 months, anytime during the premium payment term. This feature offers customers financial flexibility, equipping them to navigate their health responsibilities.
Besides, this product also offers customers an option to cover maternity related complications and newborn congenital illnesses.
Mr. Amit Palta, Chief Product and Distribution Officer, ICICI Prudential Life Insurance, said, "We are delighted to offer ICICI Pru Wish, the life insurance industry's first health product addressing women specific health ailments. This product empowers them to be financially prepared by offering a lump sum payout to cover medical exigencies.
ICICI Pru Wish has been developed by combining our customer-focused approach and RGA India's in-depth knowledge on the health challenges faced by Indian women. We believe the women customer segment offers a large market opportunity, and this product has been specifically designed to address the insurance needs of this segment. This product will relieve the financial distress caused to women due to the unique health risks they face.
ICICI Pru Wish offers customers a compelling proposition by providing a premium guarantee for 30 years while giving them the flexibility to make multiple claims for certain medical incidences. Importantly, it provides an additional payout which helps in covering rehabilitation expenses."
Mr. Sunil Sharma, Chief Executive Officer, Reinsurance Group of America, India said, "We are excited to announce our collaboration with ICICI Prudential Life Insurance on 'ICICI Pru Wish,' a pioneering health product designed specifically to address the unique needs of Indian women in today's world. This partnership highlights our mutual dedication to offering innovative, customer-focused solutions for changing market demands."
For further queries please e-mail on [email protected]
ICICI Prudential Life Insurance Company Limited is promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited. The Company began its operations in fiscal year 2001 and has consistently been amongst the top private sector life insurance companies in India on Retail Weighted Received Premium (RWRP) basis.
The Company offers an array of products in the Protection and Savings category which match the different life stage requirements of customers, enabling them to provide a financial safety net to their families as well as achieve their long-term financial goals. The digital platform of the Company provides a paperless buying experience to customers, empowers them to conduct an assortment of self-service transactions, provides a convenient route to make digital payments and facilitates a hassle-free claims settlement process.
The Company has introduced ICICI Pru Stack, a first-of-its kind suite of platform capabilities that combines digital tools and analytics. This innovative suite aims to enhance the understanding of customers' requirements and enable distributors to offer suitable insurance products, deliver seamless experiences, and provide exceptional pre- and post-sale services. By deploying this comprehensive solution, the Company aspires to transform into the most customer-friendly and partnerable insurance provider in the country.
At September 30, 2024, the Company had an AUM of Rs. 3.20 lakh crore and a total in-force sum assured of Rs. 36.37 lakh crore with over 9.7 crore lives covered. ICICI Prudential Life is also the first insurance company in India to be listed on both the National Stock Exchange (NSE) Limited and Bombay Stock Exchange (BSE) Limited.
About RGA
Reinsurance Group of America, Incorporated (NYSE: RGA) is a global industry leader specializing in life and health reinsurance and financial solutions that help clients effectively manage risk and optimize capital. Founded in 1973, RGA is today one of the world's largest and most respected reinsurers and remains guided by a powerful purpose: to make financial protection accessible to all. As a global capabilities and solutions leader, RGA empowers partners through bold innovation, relentless execution, and dedicated client focus - all directed toward creating sustainable long-term value. RGA has approximately $4.0 trillion of life reinsurance in force and assets of $120.3 billion as of September 30, 2024. To learn more about RGA and its businesses, please visit rgare.com or follow RGA on LinkedIn and Facebook. Investors can learn more at investor.rgare.com.
Disclaimer
Except for the historical information contained herein, statements in this release which contain words or phrases such as 'will', 'expected to', etc., and similar expressions or variations of such expressions may constitute 'forward-looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results, opportunities and growth potential to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the actual growth in demand for insurance and other financial products and services in the countries that we operate or where a material number of our customers reside, our ability to successfully implement our strategy, including our use of the Internet and other technology, our exploration of merger and acquisition opportunities, our ability to integrate mergers or acquisitions into our operations and manage the risks associated with such acquisitions to achieve our strategic and financial objectives, our growth and expansion in domestic and overseas markets, technological changes, our ability to market new products, the outcome of any legal, tax or regulatory proceedings in India and in other jurisdictions we are or become a party to, the future impact of new accounting standards, our ability to implement our dividend policy, the impact of changes in insurance regulations and other regulatory changes in India and other jurisdictions on us. ICICI Prudential Life insurance undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. This release does not constitute an offer of securities.