August 02, 2007

ICICI Prudential may offer health cover with fixed Premium

ICICI Prudential Life Insurance, the country’s largest private life insurer, is looking at introducing a level premium structure for health insurance plans.

Non-life insurers use a risk-based pricing for health insurance, which makes coverage expensive as people age. However, there has been objections from policyholders who have been paying premium for years without a claim. ICICI Prudential is looking at introducing a policy where the premium will remain the same year after year as in life insurance.

The company is also building up a suite of health products with the latest being Crisis Cover, which provides for payment on detection of any of the 35 diseases covered. For distribution of health insurance, the company is using its existing agency network. However, the servicing has been outsourced to TTK Healthcare, a third-party administrator.

In the first quarter of the current financial year, ICICI Prudential notched up new business group premiums of Rs 987 crore, posting a quarter-on-quarter growth of 22%. Renewal premium showed a strong growth of 98%.

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