ICICI Prudential Life and RGA launch life insurance industry’s first product covering women specific ailments

(MENAFN- Adfactors PR) Bengaluru, December 13, 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.”

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