Reliance Life to strengthen its health insurance portfolio

Anil Ambani group firm Reliance Life Insurance said on 30th September, it is growth its portfolio of health insurance products in the coming months. Eyeing a place among the top-three health insurers in the country within three years,

Reliance Life Insurance currently has one mixture health product providing wealth accumulation along with health insurance.
Reliance Capital CEO Sam Ghosh said. "The company will be increase the portfolio in the coming months with a basket full of health insurance products total reimbursable health expenses, individual and family floater on group and individual product platforms, long term care among others,"

Elaborating further, he said the company would offer 3-5 year policies in the coming months and in the next three years it plans to have a market share of about 10 per cent.
Health insurance market was at around Rs 7,000 crore in 2008-09 and is expected to grow to Rs 41,586 crore by 2016-17.

Reliance Life Insurance has added a new straight up that would focus developing the health segment. While, health insurance policies are mostly provided by general insurance companies, life insurers contribute about five per cent to the overall health insurance business.


Ghosh added. "This vertical will look at the entire value chain of providing and service the health insurance market and offer an all-inclusive product/service package to the customer,"

He said, RLIC will be taking advantage of the 'long term' proposition of health insurance products offered by life insurers, it allows customers to lock in at a lower rate while they are younger and get assured renewability of the product; premium rates are usually fixed for a block of 5 years.
Health insurance penetration in India is very low, as over 90 per cent of the total Indian people has no health insurance cover.