Women in India today are caregivers, professionals, and the backbone of their families. However, they often face unique health challenges that can keep them from their important roles. From cancer to pregnancy complications to age-related conditions like osteoporosis, the medical risks women navigate are complex and can levy substantial financial burdens.
Recognizing this vital need, RGA India and ICICI Prudential Life Insurance collaborated to launch a first-of-its-kind critical illness plan “ICICI Pru Wish”, tailored exclusively for women. This innovative product provides comprehensive coverage for nearly 50 critical illnesses and conditions specific to the different life stages women experience.
This innovative plan fills a significant gap in the Indian insurance market for women-centric health insurance solutions. It also shines a light on women’s increased risk for certain illnesses and the financial pitfalls that accompany unexpected medical situations.
Figure 1: The number of new cancer cases in 2022 for females of all ages.
To build the product, RGA India conducted focus group research on the exact needs and purchasing hurdles faced by women seeking insurance. The research revealed that the primary health concerns for women are cancer, cardiovascular disease, and gynecological conditions.
These concerns are well-founded. Breast cancer is the most common cancer in India, accounting for 28.2% of all female cancers.1 The age-standardized incidence rate of female breast cancer has increased by 39.1% from 1990 to 2016, and this trend has been seen in every state of India over the past 26 years.2 Breast cancer is the leading cause of cancer in women around the world, accounting for one quarter of all female cancers. Additionally, breast cancer deaths in the South-East Asia region are expected to increase to 61.7% by 2040.3
India accounted for approximately one-fifth of new cases and nearly one-fourth of deaths due to cervical cancer, making the country a major contributor to the global burden of cervical cancer.4
Heart-related conditions are also prevalent among women in India. According to researchers, ischemic heart disease is increasing more rapidly among women than men in India. The sex-associated convergence of the condition is associated with greater increases in overweight, diabetes, tobacco use, and periodontal infections in women.5
Faced with the risk of these serious medical conditions, People in India have a common misconception that most frequent health issues faced by women can be managed through individual or group Mediclaim policies. However, not all expenses are covered by medical reimbursements and many family members of women experiencing medical conditions experience financial hardship due to indirect costs associated with their illness. ICICI Pru Wish provides broader financial freedom by paying a lump sum that customers can use at their discretion to cover both direct and indirect costs associated with an illness. These costs can include surgery, genetic testing, rehabilitation costs, and the expense of long-term medications.
Life-impacting conditions can affect a woman at any stage in her life, impacting the financial stability of her family, but it is not just the diagnosis itself that is the focus of this product. A holistic approach to wider healthcare needs was considered. That is why ICICI Pru Wish’s innovative design focuses on lump sum payout after the diagnosis of stipulated critical illness conditions along with additional surgeries, rehabilitation, and financial protection for women throughout their life journey. The plan covers an extensive range of major and minor illnesses, with 18 conditions categorized under "Vital Care" for cancers like breast, ovarian, and uterine cancer. It also covers heart attack, stroke, and autoimmune diseases like rheumatoid arthritis and SLE with nephritis. The risk of hip fractures in post-menopausal women is approximately three times higher compared to men due to osteoporosis, the product covers osteoporotic fractures of the hip and spine.
Ten procedures are covered under "Surgical Care" for surgeries due to cancer, osteoporotic fracture repairs, and hysterectomy for specified conditions. Perhaps most pioneering is the "Maternity and Child Care" option, which provides coverage for nine pregnancy complications like ectopic pregnancy and post-partum hemorrhage, as well as 13 congenital birth defects in newborns which includes seven congenital heart defects most prevalent in India.
The maternity option is unique among women-focused insurance products in India, both because of maternity options covered and the inclusion of numerous common congenital birth defects in newborns.
Treatment of a child with congenital defects may require one or multiple surgeries and extended hospital stays immediately after birth, leading to financial hardships within the family. Babies may need intensive therapies like physical, occupational, speech, or feeding therapy. Specialized equipment like wheelchairs, braces, communication devices, or home modifications for accessibility add even more costs. A lump-sum payment can go a long way towards easing these financial burdens.
Please note: This fictional example provides an overview of how benefits could be paid to a policyholder. All benefits are dictated by specific policy terms and conditions.
Neha, a 35-year-old Indian woman, buys ICICI Pru Wish to cover her against critical illnesses for a policy term of 30 years. The Sum Assured details are mentioned below:
In Policy Year 9, Neha is diagnosed with minor breast condition under Vital Care. The applicable sum assured of INR 15 Lakhs will be paid.
The Sum Assured details post payout under Vital Care are now:
In Policy Year 10, Neha undergoes a unilateral breast lumpectomy covered under the Surgical care. The applicable Sum Assured of INR 6 lakhs for the procedure is paid and her cover under Surgical Care terminates. The remaining cover of INR 15 lakhs under Vital Care continues for the rest of the policy term.
In Policy Year 17, Neha is diagnosed with a major condition, for example, invasive breast cancer under Vital Care. The remaining sum assured of INR 15 is paid and the policy terminates.
In addition to its wide-ranging coverage, ICICI Pru Wish offers significant financial benefits. The plan allows multiple claim payouts up to 150% of the Base Sum Assured.
Customers can tailor the plan based on their specific needs and life stage, adding the optional maternity benefit when planning for pregnancy. This approach ensures women only pay for the coverage most relevant to their health.
Male family members can buy this product for their spouse, daughter, or mother. This product is an excellent supplement to medical reimbursement policies.
Ultimately, critical illness insurance is about survival, not death – empowering women and their families to push through challenging health situations and emerge on the other side.
As women continue advancing in all spheres of life, innovative insurance solutions like ICICI Pru Wish are critical for safeguarding their physical, emotional, and financial future, and that of their families. RGA India and ICICI Prudential's novel critical illness plan is a major step towards making comprehensive health protection more accessible for women across India.
Contact RGA to learn more and discuss if this product solution may be right for you.
