The Hindu Business Line : NIC bags mandates from GMR, SpiceJet

National Insurance Co (NIC) has bagged mandates from GMR, the infrastructure company that has taken up airport modernisation projects, and SpiceJet, the new-generation airline, as part of its efforts to step up its business.

The insurer, which has set a 10 per cent growth target (in premium income) for the current year, hopes to close the fiscal with higher business volumes, Mr V Ramasaami, the NIC Chairman and Managing Director, said.

NIC, which already caters to airline major Sahara, is aware that the aviation sector could provide it with considerable opportunities in the days ahead. A number of airlines, including SpiceJet, have come up in recent times, a trend that has already engaged the attention of insurance providers.

The company has, on another front, started working on plans to get more medical insurance policies. At least one product, aimed at younger generations, may well be in the offing, the NIC chief told newspersons, adding that the proposed policy would provide features that should attract relatively younger consumers.

Tie-up with UCO Bank

On Monday, NIC tied up with the Kolkata-based UCO Bank to launch a new product, aimed at the bank's customers. The insurance policy formulated by NIC is meant to cover the medical and personal accident needs of a family.

A customer may select a sum insured - between Rs 50,000 and Rs 5 lakhs - to cover a family of six, including children and dependent parents. The coverage would include hospitalisation expenses due to illness or injury and / or compensation for the death of any member. Education expenses for dependent children (up to Rs 10,000) would be payable on the death of the primary member.

It would be possible to avail oneself of cashless service at listed hospitals through TPAs, it is pointed out. The policy, incidentally, would be sold from all UCO Bank branches under the bancassurance tie-up.

Detariffing

NIC, Mr Ramasaami stated, was now preparing for a detariffed scenario and working on internal norms for the same. A few important corrections could be expected when the new regime set in, he added while referring to possible changes in tariffs.

The company posted a total premium income of Rs 3,810 crore in 2004-05, a 12 per cent increase over the previous period. Its post-tax profit for the year stood at Rs 131 crore.

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