Wednesday, November 6, 2013

Chola MS rolls out Swasth Parivar - a new health insurance product

Private sector insurer Cholamandalam MS General Insurance Company has rolled out a new product - Chola Swasth Parivar Health Insurance Policy. This family floater policy provides a combination of health and personal accident insurance covers to its customers.

In India, the health insurance segment is growing rapidly, and is expected to grow at 25% over the next five years. According to an estimate, the health insurance sector would be around Rs. 20,000 crore by year 2020.

Mr. S.S. Gopalarathnam, MD, Cholamandalam MS General Insurance said, “Health insurance is in growth phase in India with over 70 per cent of healthcare expenses still borne by individuals. There is a need to offer comprehensive and innovative products that are affordable to middle classes."

As per the company's statement, the premium for a family of four persons and sum assured Rs. 300,000 will be around Rs 5,000.

Cholamandalam MS is looking to capture a 4 - 5% market share in the health insurance segment. It has achieved a GWP of Rs 1,346 crore in 2011-12. The company has 92 branches and over 6,000 agents across the country.

Cholamandalam MS General Insurance Company Ltd is a joint venture between the Murugappa Group, an Indian business conglomerate, and the Mitsui Sumitomo Insurance Company of Japan.

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