Page 51 - Insurance Times December 2022

ICICI Prudential Life Insurance launches of its flexible and popular product --Reliance Health Gain
Policy -- on Policybazaar’s online platform.
long-term savings product, ICICI PruSukh
Launched in May, the Reliance Health Gain Policy has
Samruddhi
witnessed high demand among customers because of its
ICICI Prudential Life Insurance has launched a new features and benefits. The policy gives its customers the
participating savings product, 'ICICI PruSukhSamruddhi,' freedom to choose and personalise their health policies as
which provides customers with guaranteed benefits and per their requirements. By making the product live on
growth potential in the form of bonuses. Besides, the life Policybazaar’s digital distribution channel, this partnership
cover continues for the entire duration of the policy, aims to ensure insurance accessibility for all.
including the income period, providing financial security to
“The non-life insurance penetration in India is about 1% of
the family.
GDP which is quite low in comparison to the global average
This product also provides a higher maturity benefit to of 4.1%. In India, the Fintech ecosystem with its large
women customers to encourage them to embark on their customer base offers a unique opportunity to tap the
savings journey and achieve financial independence. To uninsured population and make insurance available to
address the varied financial needs of customers, this long- everyone in every corner of the country.
term saving product has been made available in two variants
We at Reliance General Insurance always strive to bring in
- income and lump sum.
innovative products that meet the customers’ requirements
ICICI PruSukh Samruddhi - Income: Provides an excellent and serve them the best. We are optimistic that offering
route to create a supplementary source of tax-free Reliance Health Gain Policy on Policybazaar will enable us
guaranteed income to meet financial goals, such as child's to make our most flexible health insurance product
education, annual vacations, or any other interim income accessible to a larger population and present them with the
requirement. This option provides customers with a freedom of choice in health insurance.
guaranteed regular income for the specified time-period
Through such a customisable product, we aim to encourage
selected at the time of purchase. Additionally, customers
uninsured customers to protect themselves and their hard-
also receive a lump sum maturity benefit.
earned savings with health insurance," Rakesh Jain, CEO,
The innovative feature of 'Savings Wallet' allows customers Reliance General Insurance, said.
to accumulate and grow the income, instead of taking it as
Reliance Health Gain Policy is available in three different
payment. This accumulated corpus can be withdrawn from
plans - Plus, Power and Prime – and an array of features to
the 'Savings Wallet' in part or in full at any time during the
facilitate customisation of policy for each customer. The
policy term. This feature can enable customers to meet
policy comes loaded with 38 industry-leading features like
their changing financial needs as per their lifestage.
Double Cover that provides twice the amount of sum insured
Further more, the unique 'Save the Date' feature enables to be used during the same claim; Unlimited reinstatement
customers to start receiving income on a date of their to restore the base sum insured amount as many times as
choice. Customers can choose to receive income on special it gets exhausted during a policy year; Guaranteed
dates such as marriage anniversary, spouse's birthday, etc., Cumulative Bonus, that protects loss of cumulative bonus
thereby making them memorable. post claim; or the benefit to reduce Pre-Existing disease
waiting period from 3 years to 2 or even 1 year. With many
ICICI PruSukh Samruddhi - Lump sum: This variant is ideal
more such benefits, the product has been designed keeping
for customers looking to build a corpus over the long term
in mind the modern health insurance consumer.
and utilise the lump sum maturity amount to achieve big-
ticket financial goals such as purchasing a house, financing “This plan, which is highly customizable, will effectively cater
children's higher education, or legacy planning, to name a to the needs of a small family of 2 as well as a larger one of
few. 12.

This association is in line with our brand’s vision of Har Family
Reliance General Insurance, Policybazaar
Hogi Insured and also aligned with the regulator IRDAI’s
launch Reliance Health Gain Policy vision of increasing the insurance penetration in India,"
Reliance General Insurance announced the launch of one Sarbvir Singh, CEO, Policybazaar.com, said.

44 December 2022 The Insurance Times