Home > News > Insurance News

L and T Insurance launches new policy

Posted on Oct 31, 11:12AM | IBNS

Larsen and Toubro General Insurance Company on Tuesday launched its new health insurance policy, 'My Health Medisure Classic Insurance'.

"My Health Medisure Classic Insurance policy offers flexibility at the entry age enabling customers to buy the policy at any age during their life stage," informed CEO and Whole time Director, L and T insurance, Joydeep Roy.

"Besides providing financial assistance during times of need, if during the term of the policy the entire sum insured gets used up and there is a subsequent hospitalization due to an accident, the sum insured of the policy will be reinstated," he added.

"We have cashless hospitalization available in 4,147 hospitals across the country with a Service Guarantee of making cashless decision within 6 hours and reimbursement of claims within 6 working days," asserted Roy.

He added that the company has not limited itself to offer just the key benefits by providing Optional Cover that can be availed on payment of an additional premium.

"Also to empower the customer by allowing him choose as per his requirements such as Double Sum Insured for treatment of critical disease and Waiver of Room Rent Sublimits."

"Say an individual of up to 35 years can avail a base cover of Rs.5 lacs for a premium of Rs.4,481, now if he decides to opt for 'Double sum insured for critical illness' as well, he will have to pay an additional nominal premium of Rs.100 to double it to 10 lacs," he said.

"We also have option for Floater, that is a family of 2 adults and 2 children where the oldest member of the family can avail a base cover of Rs.5 lacs for a premium of Rs.11,927 along with an additional nominal premium of Rs.286, that would cover double sum insured plan and get Rs.10 lacs of claim amount at paying Rs.12,213 in total," he added.

According to official sources, a rider as well as a client can opt for a 2 year policy at a time getting a 5pc discount and the company also offered an amount of 5,000 when hospitalization exceeds for 10 days without any bill.

"For those who are bed ridden, L and T Insurance has provided option to avail Domiciliary hospitalization expenses but it has to be a minimum of 3 days affair."

The USD 12.8 billion technology, engineering and construction group is just a fiscal year old in the general insurance sector and has incurred a premium growth of Rs.143 crore with around 1 lac policies from 1,041 locations (operating from 10 branches) to its credit, informed official.

"We entered this sector as around Rs.3 lac crore is spent on health every year in this country while the insurance cover is quite low. This health product is thoughtfully built for people who are aware. It is like a friend in need is a friend indeed," said Roy.

L and T Insurance has contributed about 10pc to the group that already has about 38 products, while motor business shares a whopping 50pc of the group.

"We have a stable growth and we are about to open a new branch in Raipur to increase the retail side of the business in East," concluded Roy.