LIC to launch health insurance products in February
Life Insurance Corporation of India has got the approval of regulator IRDA for its health insurance product 'LIC Health Plus', which would be launched by February.
By PTI |
NEW DELHI: Life Insurance Corporation of India has got the approval of regulator IRDA for its health insurance product 'LIC Health Plus', which would be launched by February.
"We have got Insurance Regulatory Development Authority's (IRDA) nod to launch the health insurance products. The long term comprehensive health insurance products would be launched in the second week of February next year," LIC Executive Director (Health) D D Singh told reporters.
The product was originally supposed to be launched in last week of December, but has been postponed partly due to the delay in regulatory approval.
Unlike the cashless transaction model followed by competitors, LIC's product would be based on the lines of floater plan, which would give the policyholder the option to receive a lumpsum - which means claims could be made for even treatment undergone at home.
"The additional feature would be domiciliary claim, where a patient taking treatment at home will be reimbursed as and when he submits the complete bills," he said.
LIC is targeting to provide health cover to close to one crore families in the first year of the launch of the product and expects over Rs 5,000 crore of revenues.
The company has claimed that the present cashless model is not in favour of the customer as many hospitals were not accepting the facility. Moreover, in many cases hospitals are charging more if a patient comes with an insurance cover that offers cashless treatment.
LIC's product will also be a long-term product of over 10 years.
"We have got Insurance Regulatory Development Authority's (IRDA) nod to launch the health insurance products. The long term comprehensive health insurance products would be launched in the second week of February next year," LIC Executive Director (Health) D D Singh told reporters.
The product was originally supposed to be launched in last week of December, but has been postponed partly due to the delay in regulatory approval.
Unlike the cashless transaction model followed by competitors, LIC's product would be based on the lines of floater plan, which would give the policyholder the option to receive a lumpsum - which means claims could be made for even treatment undergone at home.
"The additional feature would be domiciliary claim, where a patient taking treatment at home will be reimbursed as and when he submits the complete bills," he said.
LIC is targeting to provide health cover to close to one crore families in the first year of the launch of the product and expects over Rs 5,000 crore of revenues.
The company has claimed that the present cashless model is not in favour of the customer as many hospitals were not accepting the facility. Moreover, in many cases hospitals are charging more if a patient comes with an insurance cover that offers cashless treatment.
LIC's product will also be a long-term product of over 10 years.
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