Anil Ambani Group Company Reliance Life Insurance today announced foray into health insurance market with the launch of a product for individuals and family members.
"Reliance Life Insurance Company (RLIC)...forays into the health insurance market with the launch of its first pure reimbursement health insurance plan - ‘Reliance Life Care for You Plan’- for individuals and family members," Reliance Life said in a release.
The policy term under this plan is three years with the premium fixed for the entire period, irrespective of the claims. The plan offers sum insured of up to Rs 10 lakh. The company along with its third party administrators has created a preferred network of over 6,000 hospitals, among the largest hospital network offered by any insurer, across the country to provide cashless hospitalization benefit to the customers.
“Our venture into the health insurance sector is a natural extension of our life insurance business. ‘Reliance Life Care For You’ is our first step in the pure health Insurance space, aimed to help people meet their health care exigencies and expenses at every stage of life effectively,’’ Reliance Life President and Executive Director Malay Ghosh said.
Showing posts with label Reliance Life Insurance. Show all posts
Showing posts with label Reliance Life Insurance. Show all posts
Thursday, October 7, 2010
Wednesday, July 14, 2010
Reliance Life Insurance bets large on health cover up
Anil Ambani-promoted Reliance Life Insurance is cheerful on the growing health insurance market and expects to sell over a million policies this financial.
“There is a huge growth prospective in the health insurance section in India. We plan to valve the highly under-penetrated market to be among the top 3 insurers by 2012 and sell over one million policies this year,” president and executive director Malay Ghosh told The Telegraph.
At present, Reliance Life has a smallest presence in the section, which is subject by general insurance firms such as Bajaj Allianz, ICICI Lombard and Tata AIG, among private players.
According to a report by global research firm RNCOS, the health insurance market premium is projected to produce at a compounded annual rate of over 25(%) per cent between 2009-10 and 2013-14. Premium collections touched $1.31 billion in 2008-09, the Insurance Regulatory and Development Authority (IRDA) said in its yearly report of 2008-09.
Reliance Life, which crossed the 60-lakh blot in total policy sales last month, plans to support its portfolio with innovative products that comprise total reimbursable health expenses, individual and family floater on equally group and individual product platforms, and long-term care.
On the recent withdrawal of cashless flair by many insurers, the company said it would seek positive clarifications from the IRDA before taking any action.
Industry experts said although the health insurance market extended quickly in the past couple of years, it remained largely under-penetrated. “Some of the critical shortcomings include low awareness, non-coverage of out-patient care and obtainable diseases, inefficient cost management, product reach in rural areas and weak retail sharing model,” stated the RNCOS report.
“Apart from a strong product line, quality customer service, contact and training are what create a highly differentiated product,” Ghosh said.
The company aims to break even by the end of this financial.
“There is a huge growth prospective in the health insurance section in India. We plan to valve the highly under-penetrated market to be among the top 3 insurers by 2012 and sell over one million policies this year,” president and executive director Malay Ghosh told The Telegraph.
At present, Reliance Life has a smallest presence in the section, which is subject by general insurance firms such as Bajaj Allianz, ICICI Lombard and Tata AIG, among private players.
According to a report by global research firm RNCOS, the health insurance market premium is projected to produce at a compounded annual rate of over 25(%) per cent between 2009-10 and 2013-14. Premium collections touched $1.31 billion in 2008-09, the Insurance Regulatory and Development Authority (IRDA) said in its yearly report of 2008-09.
Reliance Life, which crossed the 60-lakh blot in total policy sales last month, plans to support its portfolio with innovative products that comprise total reimbursable health expenses, individual and family floater on equally group and individual product platforms, and long-term care.
On the recent withdrawal of cashless flair by many insurers, the company said it would seek positive clarifications from the IRDA before taking any action.
Industry experts said although the health insurance market extended quickly in the past couple of years, it remained largely under-penetrated. “Some of the critical shortcomings include low awareness, non-coverage of out-patient care and obtainable diseases, inefficient cost management, product reach in rural areas and weak retail sharing model,” stated the RNCOS report.
“Apart from a strong product line, quality customer service, contact and training are what create a highly differentiated product,” Ghosh said.
The company aims to break even by the end of this financial.
Wednesday, October 14, 2009
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.
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.
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