Reliance Life Insurance seeks IRDA nod for two health insurance plans

Leading private insurer Reliance Life has sought approval of the sectoral regulator IRDA for two new health plans and is aiming to  launch them in current quarter.

“We have filed two health plans with the regulator. One is a reimbursement health plan and another one is a simple fixed benefit plan.  We are awaiting approval from the regulator,” Reliance Life Insurance President and Executive Director Malay Ghosh told PTI.

“Once it is approved by IRDA, we will take two to three weeks to introduce the health plans in the market,” he added.

Currently, Reliance Life Insurance has a lone pure reimbursement health insurance plan – ‘Reliance Life Care for You Plan’- for individuals and family members.

Ghosh said these two health plans will strengthen the company’s existing health insurance basket. “Besides, this will help us consolidate our position in the health insurance space among life insurance players.”

Reliance Life Insurance had forayed into the pure health insurance space in 2010.

“Our venture and journey into the health insurance sector is a natural extension of our life insurance business. We aim to help people meet their health care exigencies and expenses at every stage of life effectively on the back of a slew of health products,” he said.

Last week, Finance Minister P Chidambaram had announced various measures for benefit of the life insurance sector with a view to benefit the insurance companies as well as the policyholders.

He also urged Insurance Regulatory and Development Authority (IRDA) to consider 30-day norm for clearance of products. Such a move would help insurance companies launch their product faster.

Reliance Life is also seeking IRDA approval for a pension accumulation plan, which it is looking to launch in the next couple of months.

Several private insurance companies are mulling offering new pension schemes after IRDA revised pension product guidelines and removed the 4.5 per cent return guarantee requirement.

Reliance Life Insurance would be among the first few to launch a fresh pension plan. With this new annuity product, Reliance Life is also planning to give capital guarantee and an option to take debt, equity or bond whatever is chosen by the insured.

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