ICICI Prudential Life Insurance, India's No. 1 private life insurer, has announced the launch of the world's first critical illness insurance especially meant for people with type 2 diabetes. The product is christened as 'diabetes care'.
Speaking at the launch, Shikha Sharma, CEO and Managing Director, lClCI Prudential Life Insurance, said, "With over 20 per cent of the world's diabetic individuals in India, there is an urgent need for a solution that both encourages and incentivises them to manage their condition better, and also offers them a financial cushion should they suffer from any related critical illnesses. These are the key requirements we have taken into account while developing diabetes care".
Currently ICICI prudential Life Insurance is introducing diabetes care product in 12 cities, namely Bombay, Delhi, Banglore, Pune, Calcutta, Hyderabad, Ahmedabad, Chennai, Chandigarh, Cochin, Lucknow and Jaipur. The company has tie-ups with many pharma companies. For Insulin and oral drugs they have tie-ups with Wockhardt, Nicholas Piramal and Biocon. For testing instrument (Glucometer) with Johnson &Johnson. Wellspring and Metropolis Lab for the diagnostic chain, where company is providing three free test. The company has health solution product for health assure and health assure plus, cancer care and diabetes care. But they are also planning to introduce new health related product in the coming year.
Commenting on the challenges of the product development, she said, "When we scanned the global environment, we realised that despite the huge need, there was no insurance product specifically tailored for diabetic individuals. Diabetes care is truly a milestone innovation for both us and the global life insurance market and becomes even more important as it marks a paradigm shift in insurance product structures from cost pooling to overall cost reduction," she added.
Diabetes care is available for a term of 5 years for people of 25 to 60 years of age who already suffer from adult diabetes or impaired glucose tolerance (IGT). Available under 3 sum assured variants of Rs 3 lakhs, Rs 5 lakhs and Rs 10 lakhs, the product provides payment of the sum assured on diagnosis of any of 6 critical illnesses. One can also purchase a rider that makes a payout of 10 per cent of sum assured for diabetes-related eye and limb complications. Another version, diabetes care plus, provides life cover in addition to critical illness cover.
lClCl Prudential Life Insurance company is a joint venture between ICICI Bank and Prudential plc. It was one of the first players to commence operations when the insurance industry was opened to the private sector in 2000. For the half year ended September 30, 2006, the company garnered Rs 1,382 crore of weighted new business premium and wrote 658,437 policies. The sum assured in force stands at Rs 64,113 crore.