Page 12 - The Insurance Times February 2025

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Unlike traditional reimbursement-
LIC's Bima Sakhi Initiative Crosses 50,000 Registrations based policies, ICICI Pru Wish offers
in a Month fixed lump-sum payouts, providing
greater financial flexibility. With a
Registrations for the Bima Sakhi scheme by the Life Insurance Corporation
premium guarantee for 30 years, the
(LIC) have surpassed 52,000 within just a month of its launch, the state-
owned insurer announced. The initiative is designed to empower women product also allows for a 12-month
aged 18 to 70 years who have completed at least Class X through specialized premium sabbatical during the
training. Participants receive stipends for the first three years to improve payment term and includes options to
their financial literacy and awareness of insurance products. cover maternity-related complications
and newborn congenital illnesses.
LIC aims to enroll 100,000 Bima Sakhis within a year and 200,000 over the
next three years as part of its women empowerment agenda. After training,
participants can become LIC agents, with some graduates being eligible for ILO to Reassess India's
Development Officer roles within the corporation. Prime Minister Narendra Social Protection Coverage
Modi inaugurated the scheme on December 9.
The International Labour Organisation
Of the 52,511 registered Bima Sakhis, 27,695 have received appointment (ILO) has accepted India's request to
letters to sell policies, and 14,583 have already begun selling policies. reassess its social protection coverage
by factoring in the financial
implications of in-kind benefits under
Aviva Acquires Direct Line ICICI Prudential Launches the Public Distribution System (PDS)
Insurance Group for £3.7 Insurance Plan for and state-level social security schemes.
Billion Women-Specific Ailments "This will offer a more comprehensive
perspective on India's social protection
Aviva Plc has agreed to purchase ICICI Prudential Life Insurance has
Direct Line Insurance Group Plc for introduced a groundbreaking health framework," said Labour Secretary
approximately £3.7 billion ($4.65 insurance product, ICICI Pru Wish, Sumita Dawra. The reassessment could
billion), creating the UK's largest targeting women-specific critical elevate India's social protection
motor insurer. Under the agreement, illnesses and surgeries. + coverage to over 57% of the
each Direct Line shareholder will population from the current 48.8%
receive 0.2867 new Aviva shares, 129.7 Developed in collaboration with reported in ILO's 2024-26 Social
pence in cash, and up to 5 pence in Reinsurance Group of America Inc., the Protection Report.
dividends. This values each Direct Line plan provides instant payouts of up to India's social protection coverage
share at 275 pence, representing a 100% of the insured amount upon the doubled to 48.8% in 2022 from 24.4%
73% premium over the closing price on diagnosis of critical conditions like in 2018. The country spends over Rs 2
November 27, when Bloomberg News breast, cervical, and uterine cancers, lakh crore annually on food subsidies for
reported the takeover interest. as well as heart ailments. 800 million citizens. The labour ministry

12 February 2025 The Insurance Times