Increasing its focus on the health segment, which posted a 110% premium growth last fiscal, Reliance General Insurance on Sunday unveiled the blueprint of a product exclusively targeting the single woman and the girl child, to be rolled out from August 1.
“Census and Reliance General data show that there is no significant difference in the cause of death amongst male and females. Besides, the gender ratio is adverse especially in the 0-6 years band. So, our thinking is that women and girl child need special care,” CEO Rakesh Jain (pictured) said.
The segment has a huge potential too, considering women account for 20% of the workforce but only 2% end up having healthcare protection on their own, he said.
True to the promise, the product, HealthGain, offers some innovative features, beginning with a 5% discount on the entire policy premium for female proposers and families with a girl child.
One can choose from two plans. Under Plan A, one can avail a sum insured of Rs 3/6/9 lakh with no cap on the age at entry, while under Plan B, the cover can be for a higher sum (Rs 12/15/18 lakh), but the maximum age at entry capped at 65.
There would be an additional 5% discount for existing customers and a family discount of 5-10% depending on the number of members covered.
There would be a 33.33% cumulative bonus for every no-claim renewal up to a maximum of 100%. The base sum insured will double every four years and after every fourth no-claim year, the insured will get the choice of doubling the base sum insured, albeit with a higher premium.
Other features include lifelong renewal guarantee, no loading after a claim year, claim service guarantee of 1% of claim amount in case a claim is not serviced within six hours and 1% for every six hours thereafter, free sum insured of Rs 10,000 in case of delay in issuance of policy within 10 days and Rs 20,000 for over 10 days.
Also, renewal premium is waived on contracting any of the named critical illnesses.
The company aims to cover 4 lakh lives in the first year of launch of the policy.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}