Future Generali India likely to increase health insurance biz

Non-life insurer Future Generali India Insurance Company Ltd. is planning to expand its retail health insurance business with new product, according to a senior official. “Out of the total premium, around 14% is from health insurance that includes personal accident and travel insurance. And retail business accounts for 22% of that. We expect our retail business to grow by 50% with the launch of new health policy,” said Jamuna Bhaskar, zonal manager Tamil Nadu. She further added that the company is targeting a premium income of around Rs.2,000 crore this year. Bhaskar said last year, the company had earned a premium of Rs.1,485 crore. While speaking about the health insurance policy called Health Total, she said it comes with multiple benefits. The policy offers hospitalisation cover, restoration benefit, 50% cumulative bonus for every claim free year and others. The cover is available for a minimum of one year to a maximum of three years. The policyholders can pay the premium up-front for long-term policy for which a discounted rate will be charged. Alternatively, the premium can also be paid in instalments.