New India Assurance, the largest domestic general insurer, is looking to garner a global premium of ₹16,3000 crore during the current fiscal.
During the previous fiscal (2013-14), the general insurer mobilised premium income of around ₹14,500 crore. The general insurance business in India, which is gauged in terms of the premium mobilised, currently stands at ₹77,000 crore per annum. However, during the last one year, the industry has witnessed sluggish growth of around 8 per cent. This was mainly due to the slowdown in industrial activity.
“We are focussing on launching more products in the retail segment and expect a growth of around 15 per cent in domestic business,” said G Srinivasan, Chairman and Managing Director of New India Assurance.
The company, which has the biggest health insurance portfolio in the market today, announced the launch of a new top-up medi-claim policy that covers hospitalisation expenses and 74 day-care procedures beyond a certain threshold limit. The policy tops up the existing base health insurance policy.
The company has launched two variants of the top-up policy. Those who opt for a ₹5 lakh sum insured, can insure claims for up to ₹22 lakh and those who go for ₹8 lakh sum insured, can claim for up to ₹30 lakh.
According to Srinivasan, medical expenses are rising, and the cost of , say, a liver transplant surgery can go up to ₹18 lakh. The top-up policy , he said, will provide higher coverage at an economical cost.