IFFCO-TOKIO plans to enter domestic travel insurance

Written by Economy Bureau | Kolkata, Aug 26 | Updated: Aug 27 2008, 06:36am hrs
IFFCO-TOKIO General Insurance Co Ltd is planning to launch a domestic travel insurance product within the next three months. The company would apply for Insurance Regulatory & Development Authority's approval very soon, said Prantik Mitra, business head (east) of the company.

The company has travel policies for outbound tourists only.

"Out of our total turnover of Rs 1,254 crore, travel insurance constitutes only 0.4%," he said.

Total travel insurance premium collected last fiscal was Rs 3.44 crore. "We aim to increase the collection by 30% in 2008-09," Mitra said.

The company has gone in for a strategic tieup with Kaizen Leisure & Holidays Ltd, an associate company of Peerless Group, for providing travel protector policies to tourists going abroad.

The Peerless Group has been distributing the general insurance company's health, car, shop and home insurance products since one and a half years.

"Last fiscal, we did a business of Rs 2.5 crore through the Peerless Group and this fiscal we are targeting a 30% increase roughly," Mitra said. Sale of health and shop insurance products is mainly through the group, he added.