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Budget 2018: Insurance shares soar as FM proposes National cover plan

SBI Life Insurance, ICICI Prudential Life Insurance Company and HDFC Standard Life Insurance Company have rallied by up to 9% on BSE in intra-day trade.

SI Reporter  |  Mumbai 

health insurance

Shares of companies engaged in insurance business such as SBI Life Insurance, Insurance Company (ICICI Pru) and HDFC Standard Life Insurance Company have rallied by up to 9% on BSE in intra-day trade after the government proposed a national health protection scheme to benefit 100 million poor families in the Union 2018-19.

To provide Rs 500,000 per family annually for medical reimbursement under National Health Protection Scheme, the finance minister says the plan will protect 500 million poor people and will be world's largest health protection scheme.

“We will launch a flagship National Health Protection Scheme to cover over 100 million poor and vulnerable families (approximately 500 million beneficiaries) providing coverage up to Rs 50 million per family per year for secondary and tertiary care hospitalization,” the finance minister Arun Jaitley, in his speech for FY 2019, said.

This will be the world’s largest government-funded health care programme. Adequate funds will be provided for smooth implementation of this programme, he added.

Among the individual stocks, has rallied 9% to Rs 721 on BSE in intra-day trade. HDFC Standard Life Insurance Company up 4% to Rs 445, while ICICI Pru up 3% at Rs 420 on BSE, as compared to 0.59% gain in the S&P BSE Sensex at 01:50 PM.

SBI LIFE INSURAN 706.55 659.55 7.1
HDFC STAND. LIFE 449.00 427.10 5.1
ICICI PRU LIFE 424.00 406.25 4.4
ICICI LOMBARD 819.50 787.00 4.1
NEW INDIA ASSURA 658.00 635.35 3.6
GENERAL INSURANC 761.00 756.75 0.6

First Published: Thu, February 01 2018. 13:52 IST