So the way i had to check the registry value was to remove the name "CRRuntime32Version" from RegKey and add it to the "Value" section in the properties of Registry Search as shown in below image.
Similarly i created two Registry Search for Microsoft Access Runtime 2013.
Note: I created two different Registry Search based on bitness of a machine.
And modified the "Launch Condition" as shown below.
Here is the complete "Condition" value set for Microsoft Access Runtime 2013. If there is a better way of checking then please let me know.
After doing these changes i built the setup package. Uninstalled the prerequisites and the setup package from my target machine. And while trying to install the set up package got the prompt as shown below.
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