New India Assurance is planning to introduce a new health insurance policy designed specifically for high networth individuals (HNIs).

This product awaits the regulator’s nod, G Srinivasan, Chairman and Managing Director, New India Assurance, said.

Speaking to newspersons here, he said: “The sum insured on this new product could go up to ₹1 crore. It will include many advanced features.”

The product, it is learnt, would provide complete protection to policy-holders (the family) in case of any eventuality.

“IRDAI’s approval is expected in a month,” Srinivasan added.

Also, New India is in the process of giving a new look to its Mediclaim 2012 product by removing some of the deficiencies (based on customer feedback). “This is expected to be rolled out in three to four months’ time, after IRDA approval.”

The company’s target for insurance premium from its health portfolio is ₹6,000 crore in the current year

Demonetisation effect

On the impact of demonetisation in premium collection, he said: “There was a drop in premium collection in the first few days, as close to 17 per cent of the premium was in cash. It was more in rural pockets (30-40 per cent), but customers have quickly adapted to new ways of doing things.”

“However, following huge movement of cash — from RBI chests to banks, and again from the bank chests to branches and ATMs — transit cover has swelled in recent weeks,” he said, but refrained from quantifying the increase.