Cholamandalam launches new health insurance policy

CHENNAI: Eyeing three to four per cent market share in the health insurance sector, city-based Cholamandalam MS General Insurance has launched new policy ' Chola Swasth Parivar Health Insurance Policy'.

"Chola Swasth Parivar Health Insurace policy is a family floater policy offering a combination of health and personal accident covers. The premium for a family of four is Rs 5,005 for a sum assured of Rs three lakh," the comany said in a statement.

"Health insurance is in growth phase in India with over 70 per cent of healthcare expenses still borne by individuals. There is a need to offer comprehensive and innovative products that are affordable to middle classes", Cholamandalam MS Managing Director SS Gopalarathnam said.

Cholamandalam MS General Insurance Company is a joint venture between Murugappa Group and Japan-based Mitsui Sumitomo Insurance Group.

Health insurance is the fastest growing sector in insurance business and is poised to grow at 25 per cent over the next five years. By 2020, it is estimated to be around Rs 20,000 crore, it said.

"The company is eyeing for capturing four to five per cent share over the next three to four years", the statement said.

Cholamandalam MS achieved a GWP of Rs 1,346 crore in 2011-12. The company has 92 branches and over 6,000 agents across the country.