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.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.
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.
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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.
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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
