L&T Insurance is set to infuse Rs 500 crore as capital during the next three years of operation. The general insurance arm of $11.7-billion L&T Group is completed one year of operation and mopped up a premium income of around Rs 80 crore.
“We plan to build a strong presence in the general insurance business and will be investing Rs 500 crore over the next three years,” said Y M Deosthalee, chairman and managing director at L&T Finance Holdings Ltd, the financial services arm of L&T group.
The company has a capital base of Rs 250 crore.
“We have already covered 1,000 locations around the country and has issued 60,000 policies in the first 12 months of operations,” said Joydeep Roy, CEO and wholetime director, L&T Insurance.
The company already has 33 product lines and motor insurance constitutes around 55 per cent of the business.
Meanwhile, the insurer today launched its maiden health insurance product — my:health Medisure Prime Insurance, targeted at both individuals as well as families.
The policy offers covers from Rs 3 lakh to Rs 10 lakh. For a Rs 3 lakh cover for a person aged between 26 years and 35 years, the annual premiums charged will be between Rs 6,600 and Rs 7,700.
“We have tied-up with around 4,000 hospitals across 592 cities around the country for cashless facilities and will also make the product available online in a few weeks time,” Roy added.
