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Sunday, October 28, 2012

Religare plans to launch travel insurance product

Religare Health Insurance, a standalone health insurer, plans to launch travel insurance product before the close of the current fiscal, Anuj Gulati, Managing Director & Chief Executive Officer, has said.

“We do have plans to launch a travel insurance product for outbound overseas travel. We will approach it in a phased manner and do it before the fiscal year ends,’’ Gulati said.

Religare Health Insurance is a recent entrant to the health insurance market and formally started its commercial operations last fortnight. Health insurance is the fastest growing segment in the insurance industry.

Gulati said that the company had already filed two products — personal accident and critical illness — for IRDA approval.

“Our plan is to try and launch all these three products this fiscal year.’’

The company has already launched its first product ‘Care’, which offers a host of industry first features including a wide range of sum insured — up to Rs 60 lakh. There is also the option of availing specialised treatment anywhere in the world.

This product also allows automatic recharge of sum insured in case the claims exhaust the coverage, Gulati said.

Religare Health Insurance has opted to build in-house cashless claims management capability. It has decided against appointment of third party administrators.

Since the date of its commercial launch, this health insurer has underwritten policies to the tune of Rs 14 crore.


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