About Careers Internship MedBlog Contact us
Medindia LOGIN REGISTER
Advertisement

Public Sector Insurance Firm Hope to Cover Ten Million Indian Families

by Medindia Content Team on November 26, 2007 at 2:51 PM
Public Sector Insurance Firm Hope to Cover Ten Million Indian Families

The Life Insurance Corporation of India (LIC), the premiere public sector insurance agency is launching a health insurance product in a big way shortly.

Thus far largely confined to life insurance alone, the LIC is gearing up to take on competition with a multi-pronged approach. Its LIC Health Plus, will give the policyholder the option to take health insurance cover for his immediate family — spouse and children.

Advertisement

The Corporation plans to target as many as ten million families in the first year of the new policy. Although it looks very ambitious, LIC has the advantage of a million-plus agents, says a confident Singh.

It is, however, yet to cement plans to set up a standalone health insurance company, said officials. Details of health products are yet to be disclosed, but LIC has indicated it is looking at a 'floater' plan where a sum insured could be shared by the family.
Advertisement

It is also said to be looking at a health policy on the unit linked platform with a savings element.

Reports say the health insurance segment is growing in India and hence more and more operators are pitching in.

Both non-life and life companies are keen on cashing in on the growing opportunities in the health insurance segment. They are on course to offer a slew of products, other than Mediclaim, to give more choice to consumers. Right now less than 3% of the population has a health insurance cover.

Whatever the expansion plans,senior citizens are taking a hit as insurance firms are shying away from them saying they are sustaining losses with their coverage of elders.

The Insurance Regulatory Development Authority (IRDA) has stepped in and directed all health insurers to cap the premium charged on the renewals of existing Mediclaim policies to soften the blow on senior citizens, said IRDA Chairman CS Rao.

Insurance companies have been debarred from hiking the premium by 50% compared to the previous year. Simply put, if the company had charged a premium of Rs 100, the premium cannot exceed Rs 150 at the time of renewals. The regulator plans to initiate action against insurers who do not adhere to this norm.

Perhaps sensing it opportunity, the LIC says it is also planning to launch a special senior citizen's health insurance policy too before long.

Source: Medindia
GPL/P
Font : A-A+

Advertisement

Advertisement
Advertisement

Recommended Readings

Latest Health Insurance News

Health Insurance Gap: 25% of Low-Income Older Americans Uninsured
Discontinuities in health insurance coverage among older Americans, who experience a higher prevalence of health concerns compared to the broader population.
1 in 5 Medicare Recipients Travel Over 50 Miles for Neurologist Visits
The distance one must travel can pose a significant obstacle to healthcare access for people dealing with chronic neurological conditions.
The Visible Toll: Affordability Crisis in Health
Inability to afford better healthcare is apparent in the appearance of the malnourished poor, just as the obese reveal the "cost" of their health.
How Medicaid Expansion Improves Cardiac Care?
Medicaid expansion was linked to enhancement in insurance coverage for optimal heart health.
Medicaid Telemedicine Coverage Enhances Healthcare Access
The results highlight the positive impact of Medicaid telemedicine coverage and its implications for policymakers.
View All
This site uses cookies to deliver our services.By using our site, you acknowledge that you have read and understand our Cookie Policy, Privacy Policy, and our Terms of Use  Ok, Got it. Close
MediBotMediBot
Greetings! How can I assist you?MediBot
×

Public Sector Insurance Firm Hope to Cover Ten Million Indian Families Personalised Printable Document (PDF)

Please complete this form and we'll send you a personalised information that is requested

You may use this for your own reference or forward it to your friends.

Please use the information prudently. If you are not a medical doctor please remember to consult your healthcare provider as this information is not a substitute for professional advice.

Name *

Email Address *

Country *

Areas of Interests