ICICI Prudential Life Insurance To Invest in Bima Sugam India Federation

ICICI Prudential Life Insurance Company stands out as one of the top private life insurance providers in India. This company is a collaboration between ICICI Bank, one of the country’s major private banks, and Prudential Corporation Holdings Limited, a prominent global financial services company based in the UK. Founded in 2001, ICICI Prudential has established itself as a reliable name within the life insurance sector.

With its headquarters located in Mumbai, it has emerged as a key player in India’s private life insurance market. Under the leadership of CEO Anup Bagchi (as of 2024), it achieved a milestone by becoming the first life insurer in India to be publicly traded on the BSE and NSE in 2016. The company provides a wide range of products such as term insurance, ULIPs, endowment plans, retirement solutions, health coverage, and policies aimed at children.

ICICI Prudential Life Insurance To Invest in Bima Sugam India Federation

ICICI Prudential Life Insurance Company has consented to invest up to 10% of the issued and subscribed share capital in future tranches, contingent upon a corresponding increase in the authorized capital of Bima Sugam India Federation. The Insurance Regulatory and Development Authority of India (IRDAI) has implemented several initiatives aimed at broadening access to insurance, enhancing the customer experience, and fulfilling the vision of ‘Insurance for all’ by 2047. One of these initiatives involved the establishment of a not-for-profit organization under Section 8 of the Companies Act, 2013, called Bima Sugam India Federation.

About Bima Sugam India Federation

Bima Sugam seeks to establish and manage a centralized platform for insurance products and services. The Bima Sugam India Federation is focused on developing a digital insurance marketplace within India. Currently, India ranks as the 10th largest insurance market globally and is projected to become the 6th largest by 2032, surpassing Germany, Canada, Italy, and South Korea.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.