L&T Insurance bets big on health cover biz, plans 5-6 products

L&T General Insurance, a wholly-owned subsidiary of L&T Limited, is eyeing the health cover business for which it plans to launch five to six products in the near future, a senior company official said recently.

At present the health cover business contributes only 10 per cent of the total portfolio, L&T Insurance CEO and whole-time Director Joydeep Roy told reporters at the launch of ‘my:health Medisure Classic Insurance’ here.

“We want to make the health cover business a substantial one in the long run,” Roy added.

L&T Insurance which started general insurance business two-and-a-half years ago, has a capital base of Rs 415 crore.

Roy said last year, the company earned a premium income of Rs 143 crore. “We expect a good growth this year. In the first half of the current fiscal, there was a 30 per cent growth in premium income,” he said.

Replying to a query, he said the company is expecting a break-even in six to seven years.

L&T Insurance has done away with the age entry barrier in the new scheme launched today and premium would be frozen after attaining the age of 80 years.

The company also plans to pay a penalty to the customer in case there is a delay in decision on cashless authorisation or reimbursement of claims.