Wednesday, February 19, 2014

New India Assurance to offer combined product to cover accident, home, health insurance

New India Assurance Insurance Company, country's largest non-life insurer is planning to launch a 3-in-1 product that will offer combined insurance cover for personal accident, household and health insurance. The state-owned player is hoping this product would increase retail penetration of personal accident and household insurance on the back of growing sales of health insurance.

Although the personal accident policies have been present in the market for a long time and are much cheaper than term insurance, but its sales are miserably low since the insurance agents do not find it lucrative to sell these policies. Same is the case with householder's policy.

The insurer will soon file the policy with the Insurance Regulatory and Development Authority (IRDA) seeking its approval. “We will file the combined policy with the regulator shortly", said New India Assurance CMD Mr. G Srinivasan.

New India Assurance will add 20,000 agents during the current 2013-14 financial year, Mr. Srinivasan said. He also informed that the company has recorded a net profit of Rs 701 cr in the first nine months, up by 36% over the corresponding period last year.

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