New India Assurance offers Rs 1 crore health cover for super rich

MUMBAI: Government-owned New India Assurance has launched a premium Rs 1 crore mediclaim cover for the super rich, the first such plan by a public sector company. Besides being available for a high sum insured, the policy covers most treatments that are otherwise not covered under mediclaim and provides concierge services. “We have been conscious that there is a section which needs a high value policy with very few restrictions which is what prompted us to come out with this policy,“ said G Srinivasan, chairman, New India Assurance. Until now the maximum cover provided by the company was for a sum insured of Rs 8 lakh and top-up covers for up to Rs 22 lakh. Traditionally, high networth individuals were not seen as candidates for health insurance as they were in a position to do self insurance and most policies did not meet their requirements.

Although a couple of private companies have launched high value covers, most of the mainstream insurers do not offer such high value policies. The Premier Mediclaim policy issued by New India stretches the limits of health insurance and includes several elective medical procedures including infertility treatment or consultations with a dietician. After a three year cooling period, claimants can claim for treatment for obesity or maternity benefits. The policy also covers dental treatment and psychiatric treatment which are normally not covered.

NIA is the largest non-life insurer in the country and is also the largest health insurance provider.