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Reliance General Insurance has announced a new health insurance policy focused on women and girl child.
Called Reliance Healthgain, the company plans to cover four lakh people within the first year of the policy’s launch on August 1.
Under the policy, a discount of 5 per cent would be offered on the entire policy premium for a female proposer who is a widow covering self or children, or an individual covering self, provided she is unmarried, widowed or divorced. The plan would also offer a 5 per cent discount on the entire policy premium which covers a girl child under a floater.
The aggregate of all discounts, however, cannot exceed 15 per cent.
The company has decided to keep the pricing of the policy under wraps for now and is expected to disclose the same in a week’s time, according to company CEO Rakesh Jain.
The new product launch is in line with the company’s new strategy of having a more balanced product mix by increasing the non-motor portfolio by 5 per cent.
At present, the company’s product portfolio is tilted heavily towards motor insurance with a share of 64 per cent, against the industry standard of 46 per cent.
Speaking at a press conference, Reliance General Insurance CEO Rakesh Jain said, “This is an honest attempt to test the market… The idea is to move from a product-centric approach to customer-centric one.”
The plan offers reimbursement of medical expenses incurred in a hospital, and comes with individual and floater options.
“A bonus of Rs 1 lakh would be offered to policyholders at the end of the third year with an option to include bonus into the sum assured along with privileges of the original sum assured,” added Jain.
Reliance General Insurance has a tie-up with 4,200 hospitals for claims. One may cover parents, siblings, grandparents, grandchildren, daughter-in-law and son-in-law under the family floater option.
In the first quarter of this fiscal, the company saw its health insurance premium grow 110 per cent to Rs 169 crore.
(The writer was on a trip to Athens at the invitation by Reliance General Insurance.)
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