Product Launch Overview

Pramerica Life Insurance Limited announced the launch of Pramerica Life Invest Shield, a hybrid life‑insurance solution that combines a term‑level life‑cover layer with a unit‑linked investment component in a single policy. The life‑cover layer can provide protection of up to 100 times the annualised premium, with the exact multiple varying according to the policyholder’s entry age, chosen premium level and policy term. The investment side operates as a ULIP offering nine fund options across equity, debt and balanced allocations, and policyholders can select between two investment strategies.

Key Features

  • Return of Charges: Mortality and premium‑allocation charges are returned to the policyholder, enhancing fund value.
  • Loyalty Boosters: Persistency bonuses and maturity benefits reward long‑term investment.
  • Flexibility: Premium payment terms and policy duration are customizable to align with individual life stages and financial goals.
  • Target Audience: Designed for individuals in their early 30s to mid‑40s seeking integrated protection and wealth creation.
  • Distribution Channels: Available through Pramerica Life’s dedicated armed‑forces channels Prahri and Param, an agency network covering Tier‑2 and Tier‑3 markets, broker and corporate‑agent relationships, and a direct‑to‑consumer channel.

Executive Commentary

  • Pankaj Gupta, MD & CEO, stated that the product addresses the longstanding trade‑off between protection and wealth building, reflecting three consecutive years of strong, double‑digit growth across all business pillars.
  • Karthik Chakrapani, Chief Business Officer, highlighted the product’s relevance for customers needing an integrated financial‑planning approach and emphasized Pramerica Life’s commitment to expanding insurance access via a diversified distribution ecosystem.

Recent Business Performance

  • New Business Premium (NBP) grew 19% YoY to Rs 1,471 crore.
  • Annualised Premium Equivalent (APE) rose 29% YoY.
  • Assets Under Management (AUM) expanded 12% YoY.
  • Individual New Business Premium increased 30% YoY.
  • The Claims Paid Ratio stood at 99.29%, improving for three consecutive years.
  • The company’s average ticket size is approximately 42% lower than the industry median, underscoring its focus on affordability.
  • Defence‑forces penetration: Over 60% of individual lives covered belong to the defence forces community, with more than 8,500 veterans employed since inception.
  • Rural reach: Nearly 90% of lives covered are from rural India, reflecting deep penetration in under‑served regions.

Corporate Structure

Pramerica Life Insurance Limited is a joint venture between DIL, a wholly‑owned subsidiary of Piramal Finance Limited (formerly Piramal Capital and Housing Finance Limited), and Prudential International Insurance Holdings Ltd (PIIH), a wholly‑owned subsidiary of Prudential Financial, Inc. The company commenced Indian operations on 1 September 2008 and maintains a pan‑India presence through multiple customized distribution channels.

Parent Companies Overview

  • Piramal Finance Limited is a retail‑led upper‑layer NBFC serving over 5 million customers across 26 states, managing AUM of over Rs 1,00,000 crore, and operating a “phygital” model across 13,000+ pin codes with AI‑enabled platforms.
  • Prudential Financial, Inc. (NYSE: PRU) is a global financial‑services leader with approximately USD 1.4 trillion in assets under management as of 31 December 2022, operating across the United States, Asia, Europe and Latin America.

The launch of Invest Shield aligns with Pramerica Life’s strategy of delivering differentiated, customer‑centric solutions while reinforcing its commitment to financial inclusion and deep market penetration across India.