The Hindu Business Line : United India unveils new medical insurance package

United India Insurance Co. Ltd unveiled a new medical insurance package, Unimedicare, on Saturday. Its salient feature is that it is priced significantly lower than the company's existing medical insurance policy.

Company officials said that Unimedicare was 30 to 35 per cent cheaper than the regular Mediclaim policy because it limited payment for a single illness to a maximum value of 35 per cent of the sum insured. Mediclaim, in contrast, has no such ceiling.

They said that claims under Unimedicare were segmented according to the nature of expense such as room rent and surgeon's fees. Each segment has a separate maximum level of cover, and customers would be allowed to calibrate segmental cover to suit their needs.

The company also introduced an overseas Mediclaim policy. The policy's highlight is that it only covers hospitalisation arising out of accidents, and is aimed at a younger age group.

Mr V. Jagannathan, Chairman-cum-Managing Director, United India, said that the company had embarked on a project of establishing micro-offices to promote its policies. A micro-office is a one-person office that covers a population cluster of about 50,000 people.

Last year, the company opened 100 offices, and the target for the current year was 200. The premium income last year was Rs 2,970 crore. Among the business divisions, fire and marine insurance were lacklustre, he said. Marine insurance was brought out of the tariff regime in the recent past. Mr Jagannathan said that price-driven competition among the insurers was the reason for a lacklustre performance.

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