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LIC Health Insurance Policy To Earn Big Money

November 21, 2007 at 5:06 PM Health Insurance News

If IRDA (Insurance Regulatory and Development Authority) gives the nod to LIC’s proposed unit-linked health insurance policy, LIC hopes to earn Rs.50 billion ($1.3 billion) in three months. The Life Insurance Corp of India (LIC) hopes to earn Rs.50 billion ($1.3 billion) in three months from its proposed unit-linked health insurance policy. The target is much higher than the Rs.32 billion earned by all non-life insurers last fiscal (2006-07).

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The corporation is waiting for clearance for the product from the Insurance Regulatory and Development Authority (IRDA). LIC is hoping to launch the policy by Jan 2008 and achieve its ambitious target.

According to D.D. Singh, executive director, LIC, the target of Rs.50 billion is achievable and LIC has achieved similar targets earlier. He is betting on LIC's army of one million agents, bank assurance partners, and its existing client base. The policy covers a mix of hospital expenses and lump-sum payment towards major surgeries. On the death of the policyholder, the balance in the investment fund goes to the nominee.

For claims processing, LIC has tied up with third party administrators (TPA) and banks. Once the TPAs process the claim, they would advice LIC on the claim's permissibility.

The life insurer in turn would advise banks to issue the claim cheque within 24 hours. Industry experts say health insurance is basically a game of distribution and life insurers are better placed vis-à-vis non-life players. They say there are around two million agents chasing individuals to sell life covers, whereas the number of non-life agents is far lower.

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More News on: Health Insurance - Basics, Cholamandalam Health Insurance Policies, Health Insurance Plan, Third Party Administrators for Health Insurance, Awareness about Healthcare Insurance in India, Fraudulent Health Insurance Claims, Cholamandalam MS General Insurance Co. Ltd, United India Insurance Company Limited, An Introduction - Indian General [Non-Life] Insurance Companies, Healthcare Insurance-Common Terms and Definitions

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payyappillydavis

03/25/2009

Intested to take medical policy,for two kids two adults (as family pakage)Need more details.Thank you

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guest

07/14/2008

Intrested in Mecial policy for my parent aged 64.Pls advise for the appropriate policy

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guest

05/01/2008

SO I M INTERSTED IN THIS. SO I WANNA HEALTH PLUS OF LIC. SO PLEASE CAN U PROVIDE ME THE INFORMATION OF THIS.& PLZ SEND THIS IN VERY EASY WAY.

I SHALL BE THANKFUL TO U

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guest

03/06/2008

interested to take medical insurance policy

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guest

11/22/2007

It is a boon to the middle class people who can invest as well as receive the maturity apart form the claims we can make in case of hospitilaisation.

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LIC Health Insurance Policy To Earn Big Money

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