IndiaFirst Life Insurance has entered the health insurance segment with a new product, IndiaFirst Money Back Health Insurance Plan. The company, a joint venture between the Bank of Baroda and Andhra Bank, with UK-based investment firm Legal & General is confident of accumulating 10 per cent of its total premium within the next 3 years.
The firm will target selling at least 1 lakh health insurance policies in 3 years' time.
"Health offers the best potential in the insurance sector, as a business. We have launched out first plan - IndiaFirst Money Back Health Insurance Plan - and in the coming days, we will come out with more offers," said IndiaFirst Life Insurance Managing Director and Chief Executive Officer P Nandagopal.
The new Money Back Plan offers protection to customers for up to 10 years - a customer would have to pay a minimum premium of Rs 10,000. The health insurance cover for this plan is at a minimum of Rs 1.5 lakh and a maximum of Rs 10 lakh.
"Health insurance, along with pension and micro-insurance, would be our three focus areas and we expect 10 per cent of our total business to come from health insurance within 3 years," said Nandagopal.
Depending on the age and health of the customer, a part of the premium would be credited into his/her policy account and this would be invested in various funds to get maximum returns. "The plan offers a comprehensive health cover for the entire family along with investment flexibility to grow wealth by investing in different funds under a single plan," Nandagopal said.
"We aim to grow by 40 per cent every year, and be among the top 6 players within 3 years in the life insurance segment," he said. IndiaFirst Life Insurance started its operations in March 2010 and currently has a total premium of over Rs 1,000 crore.
Around 14 crore urban Indians are without health insurance, as the industry has reached only 4.22% of the population in the country.