ICICI Prudential Life and RGA launch first-of-its-kind health product for women

ICICI Prudential Life Insurance, in collaboration with Reinsurance Group of America (RGA), has developed and launched ICICI Pru Wish, a first-of-its-kind health product in the life insurance industry that addresses critical illnesses and surgeries specific to women.

ICICI Pru Wish offers an immediate payout of up to 100% of the health cover amount upon diagnosis of critical illnesses such as breast, cervical, and uterine cancers, as well as heart ailments, among others.

Unlike standard plans that offer reimbursements, this product provides a fixed lump sum upon diagnosis, offering customers greater flexibility.

Research shows that a key concern for customers is the potential increase in premiums over time. To address this, ICICI Pru Wish offers a 30-year premium guarantee, helping customers plan their payments with greater peace of mind.

The product also allows for a premium sabbatical of up to 12 months anytime during the premium payment term, providing additional financial flexibility to manage health-related responsibilities.

Additionally, ICICI Pru Wish gives customers the option to cover maternity complications and newborn congenital illnesses.

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.”

Sunil Sharma, CEO of Reinsurance Group of America, India, added, “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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