LIC's health insurance foray on cards

Life Insurance Corporation (LIC) is in the process of filing a health insurance product with the Insurance Regulatory and Development Authority (IRDA) within a fortnight. It hopes to get it cleared in a month's time. The health insurance product will be a long term product with a term of more than ten years.

The product will also have a unit linked insurance component built into it. LIC has selected eight third party administrator acorss the country for processing of claims. The claim payouts will be done through Syndicate Bank, Axis Bank and Bank of America. For the distribution of this new insurance product, the corporation will use its network of over one million agents across the country.

The product will be a family floater cover for a family of four.