Life Insurance Corporation of India would submit its proposed 
health insurance product to the insurance regulator IRDA this month said Mr D.D. Singh, Executive Director (Health), LIC, at a health seminar organised by CII.
Speaking more, he said the health insurance product will be a long-term policy and along with the hospitalization benefits will also factor in savings as one of the element.
The main features of the product be would be hospital cash, family-floater and unit-linked components. The premium for the product will increase progressively on an annual basis as the customer’s age increases.
Mr Singh said that the objective has been to keep the costs low.
A key difference in the health insurance policy from the existing tradional policies is that the premium rates would increase with age. The premium in the tradional policies remain constant throughout the term.
The other difference is expencted that the utilisation of the claim benefits will be decided bythe insured. LIC will release the funds to the policyholder through its banking partners.
The Health Insurance division of LIC is based in Hyderabad. The outfit will contain a team of 30 people managing the division. The division will have a centralised data repository. LIC has empanelled eight third party administrators (TPA's) for servicing the claims from Health Insurance. The payment of claims will, however, be made by banks, selected by LIC. “We haveselected Syndicate Bank, Axis Bank and Bank of America for the payment of claims,” said Mr Singh
The Health Insurance product will be marketed and distributed by LIC through its 10 lakh plus strong agency network.
The Health Insurance segment is mainly catered by Non-Life insurance companies with products like Mediclaim, Medicare and etc. Beginning a year ago, Life insurance companies have been allowed to market standalone health insurance products to increase the increase the penetration of health insurance in the country.
Among life insurance companies after Bajaj Allianz Life and ICICI Pru, LIC would be the third to launch a health insurance product.
Star Health and Allied Insurance is another company which focuses exclusively in Health Insurance segment with plans like Medi Classic, Medi Premier, Family Optima among its product range. Few more health insurance products are expected from other companies.
health insurance product to the insurance regulator IRDA this month said Mr D.D. Singh, Executive Director (Health), LIC, at a health seminar organised by CII.Speaking more, he said the health insurance product will be a long-term policy and along with the hospitalization benefits will also factor in savings as one of the element.
The main features of the product be would be hospital cash, family-floater and unit-linked components. The premium for the product will increase progressively on an annual basis as the customer’s age increases.
Mr Singh said that the objective has been to keep the costs low.
A key difference in the health insurance policy from the existing tradional policies is that the premium rates would increase with age. The premium in the tradional policies remain constant throughout the term.
The other difference is expencted that the utilisation of the claim benefits will be decided bythe insured. LIC will release the funds to the policyholder through its banking partners.
The Health Insurance division of LIC is based in Hyderabad. The outfit will contain a team of 30 people managing the division. The division will have a centralised data repository. LIC has empanelled eight third party administrators (TPA's) for servicing the claims from Health Insurance. The payment of claims will, however, be made by banks, selected by LIC. “We haveselected Syndicate Bank, Axis Bank and Bank of America for the payment of claims,” said Mr Singh
The Health Insurance product will be marketed and distributed by LIC through its 10 lakh plus strong agency network.
The Health Insurance segment is mainly catered by Non-Life insurance companies with products like Mediclaim, Medicare and etc. Beginning a year ago, Life insurance companies have been allowed to market standalone health insurance products to increase the increase the penetration of health insurance in the country.
Among life insurance companies after Bajaj Allianz Life and ICICI Pru, LIC would be the third to launch a health insurance product.
Star Health and Allied Insurance is another company which focuses exclusively in Health Insurance segment with plans like Medi Classic, Medi Premier, Family Optima among its product range. Few more health insurance products are expected from other companies.
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