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L&T General Insurance, a wholly-owned subsidiary of L&T Limited, is eyeing the health cover business for which it plans to launch five to six products in the near future, a senior company official said today.
At present the health cover business contributes only 10 per cent of the total portfolio, L&T Insurance CEO and whole-time Director Joydeep Roy told reporters at the launch of ‘my:health Medisure Classic Insurance’ here.
“We want to make the health cover business a substantial one in the long run,” Roy added.
L&T Insurance which started general insurance business two-and-a-half years ago has a capital base of Rs 415 crore.
Roy said last year, the company earned a premium income of Rs 143 crore. “We expect a good growth this year. In the first half of the current fiscal, there was a 30 per cent growth in premium income,” he said.
Replying to a query, he said the company is expecting a break-even in six to seven years.
L&T Insurance has done away with the age entry barrier in the new scheme launched today and premium would be frozen after attaining the age of 80 years.
The company also plans to pay a penalty to the customer in case there is a delay in decision on cashless authorisation or reimbursement of claims.
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My:health Medisure Classic Insurance policy offers flexibility at the entry age enabling customers to buy the policy at any age during their life stage, the company said in a statement issued in Mumbai.
Roy said, besides providing financial assistance during times of need, if during the term of the policy, the entire sum insured gets used up and there is a subsequent hospitalisation due to an accident, the sum insured of the policy will be reinstated.
The policy provides cashless hospitalisation across the country with a Service Guarantee of making cashless decision within 6 business hours and reimbursement of claims within 6 working days, he said.
On failure to meet with the Claims Service Guarantee, the insurance company will pay a fixed compensation of Rs 1,000, he said.
“At L&T Insurance, we understand individual needs and propose affordable health insurance policies accordingly. We are committed to developing and providing an exhaustive range of health insurance products to suit different needs of customers,” he added.
The plan also covers on payment of additional premium as per requirements like, double sum insured for treatment of a critical illness and waiver of room rent sub-limits.
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