HDFC ERGO General Insurance, a private sector insurer, has reported 83.2 per cent increase in net profit for the financial year ended March 31, 2017, at Rs.2,77.2 crore . Gross direct premium grew 72.8 % to Rs. 5,840 crore Commenting on the financial performance, Ritesh Kumar, MD & CEO, said the company has recorded growth across all its product segments. Growth has been strongest in crop insurance, followed by motor and health, he said.
The insurer has expanded its health insurance portfolio with the launch of ‘Group Critical Illness Insurance’ policy, which covers the entire family or employees under one umbrella of protection. Unlike a regular health insurance policy where the insured makes a claim based on the actual expenses incurred on hospitalisation, the Group Critical Illness plan pays a lumpsum to the insured on diagnosis of listed critical illness covered under the policy, a company release said, adding that this policy is an extension of the company’s existing critical illness insurance policy.
Anurag Rastogi, Head, Retail Underwriting & Claims, HDFC ERGO, said the new product “provides financial protection to the entire family or employees against potential financial liabilities arising out of critical illnesses, which requires specialised treatment for an extended period of time.”