Mumbai: Aimed at cashing in on the vast, untapped market, ICICI Prudential Life Insurance has chalked out an ambitious plan to go big on health insurance.

“Lots of people have life insurance but only 4% have health cover. Health insurance has an immense potential and we plan to focus strongly on this segment,” ICICI Prudential Life Insurance’s Managing Director, Shikha Sharma, told PTI here.

Besides the huge growth potential, competition is also less as there are fewer players in health insurance as compared to life insurance, Sharma said.

“Competition here is less with fewer players than in life insurance. Health cover is a basic need of the people,” she said.

Describing health insurance as “perhaps more important than long-term savings plans”, Sharma said that the company’s recently-launched health plans had received a good response from the market.

“About 20% of our new customer acquisitions are in health insurance,“ Sharma said, adding that in the coming months, ICICI Prudential Life plans to launch more products.

“We have a strong distribution network and we plan to leverage this. Besides, we have tied-up with hospitals for ca are in health insurance,” Sharma said, adding that in the coming months, ICICI Prudential Life plans to launch more products.

“This constitutes a strong focus area for us. About 40-45% of our business comes through pension,” she said.