"The objective of this initiative is to support healthcare needs of women and empower them," he added.
The beauty of the scheme is that a special discount of 5 per cent can
be availed by a female proposer on the entire policy premium which would
cover the family of the policy holder, he said, adding, this discount
could be availed in case a girl child is included in the floater plan.
Citing the other benefits of the product, he said, under the new health
insurance offering, delay in policy issuance as per defined turnaround
will guarantee additional sum insured to customers. Similarly, any delay
in claim settlement will attract additional financial compensation to
customers.
Reliance General Insurance, a part of Reliance Capital, targets to cover four lakh lives in the first year of the product launch.
"About 20 per cent of workforce in India is woman and out of which only
2 per cent end up having healthcare protection on their own. In order
to increase the penetration of health insurance in the segment, we have
taken this strategic step," he said.
Health insurance accounts for only 10 per cent of overall USD 30 billion (about Rs 1,80,000 crore) healthcare spends in India.
Increasing its focus on the health insurance, Reliance General
Insurance recorded 110 per cent growth in health insurance premium at Rs
169 crore in the first quarter ended June 30.
As part of change in its business strategy, the company intends to reduce the dependence on motor insurance and raise health insurance segment going forward.
"Our strategy to change business and product mix, optimise use of
technology, manage costs and expand our retail agent base has helped us
achieve a significant turnaround in performance," he said.
During
the first quarter, Jain said the company has registered 25 per cent
increase in its gross written premium at Rs 706 crore as against Rs 564
crore in the same period a year ago.
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