The Hindu Business Line : ICICI Prudential unveils new health insurance plan

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ICICI Prudential unveils new health insurance plan

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Coimbatore, July 20 ICICI Prudential Life Insurance has claimed that it has captured 10 per cent of the total life insurance market in the country.

In the first two months of the current fiscal, the company earned new business premium of Rs 587 crore, helping it to retain leadership position among private life insurers.

The company has also enlarged the basket of products in the health insurance sector by launching a new product called ‘Hospital Care’ to cover more than 1,000 surgical procedures and hospitalisation.

In a release, the company said that in 2006-07, it garnered new business weighted retail and group premium of Rs 4,843 crore, which gave it market share of 28.7 per cent among private players.

It also became the first private company to sell four million policies. Total assets as on March 31, 2007 were more than Rs 17,500 crore.

Package details

Mr Anup Rau, Vice-President, said that the new policy has been designed to give the customers a pre-determined insurance amount for each procedure or hospitalisation, which could be higher than the expenses actually incurred.

The long tenure of the policy – 10-20 years – also enables policy holders to be reassured of the continuation of the policy even if a claim is made during its term.

The coverage would be available for people in the 1-60 year age group.

The policy would provide for all expenses linked to hospitalisation, from room charges, doctor and surgery fee to incidental expenses.

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