IOB to sell NIC's health product

Indian Overseas Bank (IOB) has tied-up with National Insurance Company (NIC) to sell the latter's mediclaim insurance policies.

Addressing the launch of IOB's health product, T S Narayanasami, chairman and managing director, IOB said that India ranks 171th among 175 countries for public spending on health while the country ranked 18th in private spending on health.

B Chakrabarthi, chairman and managing director, NIC, said the average age of people taking insurance is 50 years in India which means that large number of young people are not insured at whom the insurance policies should be targeted at.

IOB's health care is available to the family as a whole (floater policy) ie, it is available to account holder, spouse and two dependent children.

The insurance cover available for the family is in the range of Rs 50,000 to Rs 3 lakh. The cover is available for medical expenses incurred 30 days before and 60 days after hospitalisation.