Prudential plc of the UK and HCL Group have announced a joint venture (JV) to offer health insurance in India.

Banking & Finance

In March 2025, Prudential plc, a global financial services group based in London, UK, announced the creation of a standalone health insurance company in India. This will be in partnership with Vama Sundari Investments Private Limited (Vama Delhi), a firm based in New Delhi and owned by the promoter of HCL Group.


      - With regulatory approvals, Prudential Group Holdings, a subsidiary of Prudential plc, will hold a 70% stake in the joint venture (JV), while Vama Sundari Investments will own the remaining 30%.

      - This joint venture supports India's goal of providing "Insurance for All by 2047."

      - The health insurance JV will be led by Amar Joshi, who is the CEO of Prudential India.

Main Point :-   (i) The health insurance industry saw a 10.44% Year-on-Year (YoY) increase in gross direct premium income, reaching Rs 1 lakh crore in the first 10 months of Financial Year 2025 (FY25). Standalone health insurers made up about one-third of this total. Currently, India has seven standalone health insurance companies.

      (ii) Prudential plc already operates in India through its joint venture with ICICI Bank, known as ICICI Prudential Life Insurance Company Limited. This company is the third-largest private life insurer in India by premium, after SBI Life Insurance and HDFC Life Insurance.

(iii) As of February 2025, the Foreign Direct Investment (FDI) limit for the Indian insurance sector has increased from 74% to 100%.

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