Page 15 - Insurance Times April 2020

Reliance General Insurance launches new According to the insurer, in case a policyholder tests positive
healthcare plan for COVID-19 at any of the Government authorized centers,
the company will pay out the entire sum insured, in a lump
A new health insurance plan has been introduced by Reliance sum in the event of a first diagnosis of COVID-19 during the
General Insurance with the aim of addressing consumer policy period, subject to an initial waiting period of 14 days.
concern over increasing hospitalization costs and medical The health cover of policy is priced at a premium of Rs 149
bills. The new health insurance plan is comprehensive in and provides a sum insured of Rs 25,000 including value
nature and completely customer centric. added benefits.
As the tag line - SochSeZyaada – says, the new policy has Kotak General Insurance to offer
something more than a customer can expect from a wearable fitness trackers soon
healthcare policy. Three innovative features are offered by
the plan, which are not offered by any other existing Kotak General Insurance has recently announced the launch
healthcare policy. According to the terms, a buyer gets extra of its unique Sandbox initiative based on the essentials of
cover with every sum-insured for free like, Rs one lakh on Rs preventive healthcare ecosystem.
3 lakhs, Rs 2 lakhs on Rs 5 lakhs and Rs 3 lakhs on 10 lakhs, In order to help the customers to monitor their mobility and
etc. fitness pattern, Kotak General Insurance will offer wearable
In addition to that, the buyer also gets covered for additional fitness trackers to all its customers, in collaboration with
period. Further, the policy is applicable for emergency healthcare start-up GOQii Technologies Private Limited
hospitalization all over the globe. The sum assured on the (GOQii).
Health Infinity plan ranges from Rs 3 lakhs to Rs one crore Mahesh Balasubramanian, MD & CEO, Kotak Mahindra
and buyers in the age group of 25 to 45 years are eligible for General Insurance Company Ltd., said, “By building enduring
this product re-instatement of 100% sum insured if exhausted relationships with our customers, we endeavour to improve
during the policy year is allowed to the policyholder. their health and wellness. While we at Kotak General
ICICI Lombard General rolls out COVID- Insurance put a lot of emphasis on speedy claims settlement,

19 Protection Cover we would like to now invest in our customers’ wellbeing so
that we can prevent them from having life style diseases. As
ICICI Lombard General Insurance has announced the roll- a part of this initiative, we are offering wearables to our
out of COVID-19 Protection Cover in the mode of group customers that will encourage a healthy lifestyle.”
insurance. The tracker will measure the customers’ step count, quality
This policy on diagnosis of COVID-19 positive will pay 100% of of sleep, etc. in a continuous manner and help them maintain/
the sum insured irrespective of hospitalization expenses. work towards a healthy lifestyle.

Life insurers see 32% decline in new premium income in March 2020

Life Insurers in India have reported a 32 % decline in new premium income in the month of March.

The overall premium income (new business) of 24 players in the segment fell to Rs 25,409 crore this March
from Rs 37,459 crore a year ago, as per data released by the Life Insurance Council.

Life Insurance Corporation (LIC), the largest player in the business, witnessed a 31.11 per cent fall in the
premium income to Rs 17,066 crore in March from Rs 24,776 crore in the same month last year. HDFC Life
Insurance’s premium income declined from Rs 2,551 crore to Rs 2,060 crore during the month, while that of
ICICI Prudential Life fell to Rs 983 crore from Rs 1,451 crore.

However, for the full fiscal 2019-20, total premium income (new business) of the industry rose to Rs 2,58,896
crore from Rs 2,14,672 crore last financial year. LIC’s premium income increased to Rs 1,77,977 crore in 2019-
20 from Rs 1,42,191 crore in FY19.

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