Page 37 - The Insurance Times July 2025
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New Product Launches
Galaxy Health Insurance launches new It is jointly promoted by industry giants, including Venu
Srinivasan, Chairman Emeritus of TVS Motor Company and
product with wellness-linked benefits Sundaram-Clayton Ltd, and the family of V Jagannathan,
Galaxy Health Insurance has launched a new product former CMD of United India Insurance.
Galaxy Marvel to meet the evolving needs of todays
health-conscious society. ICICI Prudential Life launches SIP+, tar-
Launched in partnership with Policybazaar, the product gets young investors
encourages wellness by offering health-linked incentives and ICICI Prudential Life Insurance has introduced the ICICI Pru
digital wallet credits to policyholders who maintain good Smart Insurance Plan Plus (SIP+), a new market-linked in-
health. Among its other features are premium discounts for surance product targeting young investors.
healthy lifestyles and zero co-payment feature. It includes
coverage for modern and AYUSH treatments, including ro- The product, which requires a starting monthly premium of
botic surgeries, room rent without caps, outpatient services just Rs 1,000, blends investment and insurance, making it
across four plans, and additional benefits such as newborn both cost-effective and tax-efficient for first-time earners
and maternity cover. and young professionals, it said in a release.
Partnership with Policybazaar The launch comes at a time when Indias economic momen-
The company has partnered with Policybazaar to make tum is driven significantly by its young population, which
Galaxy Marvel available to its present and potential cus- accounts for roughly 65 percent of the total demographic.
tomer base pan-India. The launch of Galaxy Marvel follows
the insurers first flagship product, Galaxy Promise, launched India is set to become the worlds third-largest economy by
in October 2024. 2028, ICICI Prudential Life said, citing Morgan Stanley pro-
jections. In this context, the company sees SIP+ as a tool to
Over the past year, the company has expanded its physical help the youth participate in this growth story through dis-
presence across South India, insured over 72,900+ lives in ciplined investing.
Tamil Nadu, and built a strong network of 5,330+ agents in
the state. ULIPs are inherently strong wealth-creation tools, and with
this new product, we want to encourage young Indians to
Understanding the pulse of India, we have introduced start their investment journey early, said Amit Palta, chief
Galaxy Marvel a plan that incentivises wellness by reward- product and distribution officer at ICICI Prudential Life In-
ing policyholders for maintaining good health. Policybazaar surance. This plan offers affordability, flexibility, and secu-
has been a trusted and forward-thinking partner, consis- rity, all in one package.
tently driving innovation and customer value in the digital
insurance landscape, said G Srinivasan, MD & CEO, Galaxy SIP+ offers investors 25 funds and four portfolio strategies,
Health Insurance. the release said, adding it also allows unlimited fund
switches without incurring tax or fees, offering a nimble
Headquartered in Chennai, Galaxy Health Insurance re- approach to asset allocation.
ceived licence from the IRDAI in March 2024. It currently
operates through a network of over 8,800+ agents across Recognising the tech-savvy nature of its target audience,
the four southern States Tamil Nadu, Karnataka, the company said it has enabled a fully digital purchase
Telangana, and Andhra Pradesh. experience.
The Insurance Times July 2025 33
