ICICI Securities, one of the India’s leading financial products distributor, on April 30, announced that it has partnered with Religare Health Insurance to distribute the latter’s health insurance products. The products would be distributed on ICICI Securities award winning platform I- Sec. Further, the company’s 200+ retail outlets spread across the country would also be involved in distributing the products. That said, this would be company’s third health insurance principal to get added on I-Sec’s platform and the first pure play health insurance company.
Commenting on the same, Hariharan M, Senior Vice President – Products Advisory Group, ICICI Securities, said,
“We are constantly looking at providing increased investment and protection products for our clients. We are happy to bring on-board Religare Health Insurance and am sure our 4.4 million customers would find this very useful when they are looking at purchasing a health insurance policy.”
Presently, when it comes to health insurance penetration in India, it is still in low. As low as single digit, despite the industry size, which is pegged at about ` 50,000 crore per annum. Given the changing demographics India is witnessing, the sector has been growing at a Compound Annual Growth Rate (CAGR) of approximate 20 per cent over the past 10 years.
Speaking on the new tie-up, Anuj Gulati, MD and CEO, Religare Health Insurance said, “It is our consistent objective to provide value-for-money, innovative health insurance solutions and quality servicing to our customers. We foresee immense potential from this association with ICICI securities and look forward to being the preferred health insurer for their customers.”