National Insurance to launch three products this year

National Insurance Company plans to launch three new health insurance products this fiscal to strengthen its position in the growing health insurance sector.

Speaking to the media on Monday on the sidelines of the launch of Dhanvanthari Mediclaim, a health insurance cover in association with the State Bank of Mysore, V Ramasaamy, CMD, National Insurance Company, said, "We plan to launch a senior citizen's policy on October 1, World Elders' Day for people above 60 years."

He said that the Insurance Regulatory and Development Authority (Irda) had sought some clarifications on the policy which had been provided.

Dhanvanthari Mediclaim is targeted exclusively at SBM's account holders. The policy which is available for a sum insured from Rs 50,000 to Rs 3 lakh, is available to a family of four members, with premiums ranging from Rs 878 to Rs 4,461.

The cover of the scheme will be available for hospitalisation due to any illness, including cancer (but not pre-illnesses), and accidents arisen during the policy period. The policy also provides additional benefits such as free medical check up and ambulance charges.

The policy will be available at all the 641 branches of SBM and National Insurance Company's 970 branches, said Y Vijayanand, MD, State Bank of Mysore.

The company also planned to launch Vidyarthi Mediclaim, a health insurance product for students below 25. Besides, National Insurance was also planing to launch 'Parivaar' towards the second week of July.

He said that though there was a potential of about Rs 50,000 of total premium in the health insurance sector, all the private and PSU insurance companies together collected only Rs 2,000 crore.

"There is a huge scope in the health insurance sector in the country," he asserted.

National Insurance, the second largest general insurer in the country, earned a total premium of Rs 3,550 crore in fiscal 2005-06. In the ongoing fiscal, the company was targeting a premium of about Rs 4000 crore, according to company sources.