ICICI Securities to distribute Religare Health Insurance products

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Mumbai, April 30, 2019: ICICI Securities Limited (I-Sec), India’s leading financial products distributor, today said it has tied up with Religare Health Insurance, a leading health insurance company, to sell the latter’s products on its award winning platform – www.icicidirect.com and through its 200+ retail outlets spread across the country. This would be the third health insurance principal to get added on I-Sec’s platform and the first pure play health insurance company.
Talking on the tie-up, Mr. Hariharan M, Sr. VP – 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 on our platform and am sure our 4.4 million customers would find this very useful when they are looking at purchasing a health insurance policy.”
Mr. Anuj Gulati, MD & 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.”
Health insurance penetration in India is in low single digits even as the industry size is pegged at about ` 50,000 crore per annum. However, owing to various factors like rising awareness and entry of specialized health insurers, the sector has been growing at a CAGR of ~20% over the past 10 years.
I-Sec is a leading financial product distributor in the country and it sells products like mutual funds, life and general insurance, NPS, corporate FDs, sovereign gold bonds, ETFs etc. It sells these products on its website as well through offline channels. I-Sec is India’s second largest non-bank MF distributor by revenue with a strong offline presence consisting of ~200 ICICIdirect branches in 75+ cities, a nationwide network of 7,100+ sub-brokers, authorized persons, IFAs & IAs, and presence in 3,750+ ICICI Bank branches

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