Insurance companies, both life and non-life, are bullish on their plans of making it big on the health insurance segment, which is one of the fastest growing businesses for them, and have set a target of more than trebling the business to Rs 65,000 crore by FY'20.
Health insurance is the fastest growing insurance product for insurers. Last year, the industry did around Rs 18,000 crore and hopes to do Rs 20,000 crore business this fiscal, which should touch Rs 65,000 crore by FY20, General Insurance (PSU) Association chairman G Srinivasan told PTI.
State-run New India Assurance, the largest player in the health cover space, has already filed for a new product under health insurance segment with the sectoral regulator Irda.
"We have already filed for a new product under health insurance segment with the Irda and we are waiting for the approval for launch. It's a top-up policy which provides cover beyond a level upto which the cover is being already being provided," Srinivasan, who is also the chairman and managing director of New India Assurance, said.
He was speaking on the sidelines of an event organised by the National Insurance Academy.
"The customers will be free to pay premium up to Rs 30 lakh a year under the proposed plan. One can have this top-up plan not only in case if one is our customer but those from outside can also buy this product," Srinivasan said.
New India did a Rs 3,200-crore business in the health segment last year and this year it is eyeing Rs 3,600 crore. In the first half the company has already achieved Rs 1,800 crore of business, he added.
