ICICI Lombard General Insurance Co Ltd is planning to bring out off-the-shelf health insurance products.
The company has already tied up with Reliance Retail to offer group personal accident insurance policy and plans to tap other retail chains for similar arrangements.
Karan Chopra, ICICI Lombard’s national manager, health insurance, said: “We are working on simple, OTC (over- the-counter) types of health insurance products.”
The company is also working on simple products for two-wheeler insurance. “80% of two-wheelers are not insured. We are working on a solution that will be rolled out soon. It is like a product sold across the table,” said Chopra.
According to him, claim rates for health insurance products are more than 100%. “We have not penetrated the market very well. Only the people who are likely to use it are buying. The claim ratio will come down only if we are able to penetrate the mass market,” he said.
ICICI Lombard has launched Health Advantage Plus, the first health insurance product for the outpatient department (OPD). It also covers dental expenses, apart from hospitalisation and related expenses.
The high-ticket product was launched two-and-a-half months back. The premium is Rs 15,000 and the coverage Rs 2 lakh. The customer can choose the plan for two persons.
A person can continue till the age of 75, but the entry limit is 65 years.