L&T Insurance has made its foray into health insurance with a product that allows customers to buy a policy till the age of 60.
The policy, termed Medisure Prime Insurance, can be renewed till the time the policyholder survives and there won't be an annual increase in the premium once he turns 80. The company has chalked out a strategy to focus exclusively on the retail segment.
YM Deosthalee, CMD, L&T Insurance, said the products would cater to individuals rather than corporate or group health segments where it was a bit tougher to make profits.
“Retail health insurance, if sold carefully, is a profitable proposition,'' said Deosthalee.
Over the next 2-3 years, L&T Insurance proposes to invest R500 crore towards expansion of its operations. The newly launched policy provides an additional cover equivalent to the sum assured for treatment of a critical illness,” said Joydeep Roy, CEO, L&T Insurance.