L and T announces unique features in new insurance policy
(UNI)L and T Insurance,the latest player in the country's private insurance sector,today launched a Health Insurance policy with hosts of new features, including provision of paying fixed compensation in case of delay in making reimbursement.
Christend 'My Health Medicure Classic Insurance', the new policy has the provision of making instant payment for undergoing Ayurvedic treatment of a limit of upto Rs 25,000 for each policy holder of minimum of Rs 100,000.
Moreover,unlike in any other health insurance policy in the country the new policy has no entry or exit limit and is open to all upto the age of 100 years.
Speaking to reporters here today in connection with the national launch of L and T Insurance's latest health product,Mr Joydeep Roy, CEO and the Wholetime Director said the new policy having the dual option of cashless payment and reimbursement of hospital expenses would also have a first of its kind rider option to double the amount of heath coverage with some additional charges.
In case the insurer wants to do away with the room rent sub limit during hospitalisation,he could also opt for a waiver system which would enable him/her to enjoy the unlimited room rent facility with some marginal additional annual charges,Mr Roy said.
Regarding the critical illness benefits and the entire family benefits covering all major illnesses and other additional facilities,the insurer would be offered a ten per cent discount, Mr Roy said adding that in case of payment of premium for two years at a time,the insurer would be extended an additonal five per cent discount.
He also claimed that L and T Insurance with a paid up capital base of Rs 415 crore,was the first general insurance company in the country offering to pay a fixed penalty of Rs 1,000 each to the insurer for failing to make the cashless payments within six hours of his discharge from the hospital or clearing the reiumbursement procedure within six days of the insurer's release from the hospital.
Turning his attention to the business aspect of the two year old company, a wholly owned subsidiary of well-known engineering firm Larsen and Toubro(L and T),Mr Roy said till last year they had developed a client base of nearly 100,000 and joined hands with over 4,000 hospitals and private health clinics across the country to offer multiple services.
'Of our total about 40 odd products now, at least six of them are health related,while the rest belongs to motor and fire insurances,' Mr Roy said and hoped to launch a few more products later this year.
In terms of overall growth,he said L and T Insurance was looking for aruond 14 per cent year on year growth during the current fiscal and the breakeven during 2015-16.