The Hindu Business Line : Health policy that pays the holder not hospitals

BHUBANESWAR: Targeting a total premium collection of Rs 8,500 crore in the current fiscal, SBI Life Insurance was all set to launch a more "lucrative" product under health category by July end.

Mr Uday Sankar Roy, Managing Director and CEO of SBI Life Insurance revealed this here on Saturday.

"We are planning a health product called Critical Illness (CI)", Mr Roy said. Claiming that SBI Life had already applied to the regulator for requisite permission, Mr Roy said the product was expected to have a large consumer base, as its features are u nique.

"Instead of paying the insurance claim to the hospitals, SBI Life will make payment to the policy holder", Mr Roy said. As the insurance body felt that the hospitals some times charged more from the policyholders, SBI Life decided to launch a product, w hich could give certain money to the patient.

"Above all it is his/her choice to spend money. Therefore, the new product will be attractive", he said adding that the coming scheme will cover seven critical diseases such as blood pressure, diabetes, cancer and others.

This apart, the new product also had a feature of good health declaration in good faith. The policyholder would declare diseases he/she was carrying. Another factor, which could add to the acceptability of the new product, was less premium amount.

However, there would be no refundable clause of premium money. - PTI

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