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Private sector insurer PNB MetLife Insurance Company Ltd, expects its recently launched health insurance product - MetLife Major Illness Premium Back Cover to drive sales and contribute significantly to its revenue.
"PNB MetLife has always strived to grow higher than the industry average. We expect our health insurance product to be a significant contributor to our topline," said Subhasish Acharya, chief distribution officer, PNB MetLife. PNB MetLife Insurance Company Ltd is a joint venture between MetLife International Holdings Ltd, Punjab National Bank (PNB), Jammu & Kashmir Bank, M Pallonji and Company Pvt Ltd and other private investors.
MetLife Major Illness Premium Back Cover, a health insurance policy that covers 35 critical illnesses, was launched in the city on Wednesday.
"Health and accident insurance segment in the country has grown at the rate of 25.5 per cent between 2006-07 and 2013-14. We have come up with a unique health insurance solution that offers protection against financial exigencies in cases of major illnesses and also returns the premium to the customer if there is no claim from the policy holder during the policy term," said Acharya.
He said, PNB MetLife has forayed into the health insurance segment and hopes to roll out more products subject to approval by Insurance Regulatory Development Authority (IRDA), the sector regulator.
In the life insurance segment, Acharya said, PNB MetLife hopes to grow higher than the industry average in 2015-16. Presently PNB MetLife ranks eighth among 22 players in the life insurance sector.
MetLife Major Illness Premium Back Cover is a non-linked health insurance plan with a term of 10 years and a minimum sum assured of Rs 5 lakh. The entry age for the policy is 18 years and it is available for people up to 55 years.
