Mumbai: The insurance regulator has cleared the entry of Prudential HCL Health Insurance, paving the way for a new standalone health insurer to enter India’s ₹1.2 lakh crore health insurance market as insurers race to tap rising demand for medical cover and healthcare services.
The Insurance Regulatory and Development Authority of India (Irdai) also approved a series of regulatory measures including the rollout of Indian Accounting Standards, creation of a policyholder protection fund and retention of three domestic systemically important insurers.
The venture is majority owned by Prudential Group Holdings with a 70% stake, while HCL Group‘s Vama Sundari Investments holds the remaining 30%. Amit Dave has been appointed managing director and chief executive officer, while Abhishek Saraf will serve as chief operating officer.
The approval expands Prudential’s footprint in India beyond its existing life insurance and asset management partnerships with ICICI. The company recently acquired a 75% stake in Bharti Life Insurance and, once regulatory approvals are completed, its India operations will comprise majority-owned Bharti Life Insurance and Prudential HCL Health Insurance, alongside minority stakes in ICICI Prudential Life Insurance and ICICI Prudential Asset Management.
