Liberty Videocon General Insurance to infuse additional Rs 300-cr capital

Private general insurance company Liberty Videocon General Insurance will have an additional capital of Rs 300 crore by January 2015.

The company which has a capital of Rs 359 crore will have more funds infused from both partners, namely Videocon Industries Limited and Liberty Citystate holdings PTE Ltd, a group Company of US based Liberty Mutual group.

The company has also entered retail health insurance by launching 'Liberty Health Connect Policy'.

Roopam Asthana, Director & Chief Executive Officer, Liberty Videocon General Insurance said, "We will have the additional capital by December-end or early next year. We are no short of funds but will infuse more capital to remain financial strong for a longer period of India. The additional funds would be used as and when growth opportunities."

The company aims to have premium collection of Rs 230 crore by the end of this fiscal, though Asthana said that they would have premiums of Rs 250-260 crore. For next fiscal as well, the company is planning a 80-90% growth in premiums over this fiscal.

In its health insurance offering, Liberty Videocon offers policy term of one or two years, restoration of sum insured, assured renewal for life. Further, there is no co-pay or sub-limit on hospital room rent. The plan is available in basic, elite and supreme versions.