The general insurance sector of the Insurance industry grew more competitive as two new players have formally launched their operations. These new players are Religare Health, an initiative of Religare Enterprises Limited, Union Bank of India and Corporation bank, and Magma HDI General Insurance, a joint venture between non-banking financial company Magma Fincorp and HDI Gerling, a leading German Insurer.
Religare Health had launched their operations in July 2012. In the last 3 months, it has an impressive performance of collecting around 14 crore premium, operating in 134 centers and servicing more than 34,000 customers. Although currently they have only one insurance product named “Care”, they have ambitious plans on board to launch products for critical illness, overseas student travel medical insurance and also policies for HIV patients. Currently their health insurance product “Care” comes with certain salient features outlined below
- It offers a sum assured upto 60 lakhs to suit the customized requirements of every consumer.
- It has the option of availing specialized treatment anywhere in the world of sum assured over 50 lakhs
- It offers annual health check up facility, automatic recharge of sum insured in case the claims exhaust and no claim-based loading on premiums.
- It offers lifelong renewability and daily allowance to cover incidental expenses during hospitalization
- It has tie up with around 1800 hospitals across India.
Magma HDI General Insurance (MHDI) would target offering a comprehensive end to end solution to customers by financing vehicles and offering insurance to the assets purchased. Magma Fincorp (one of the partners in the JV) are mostly present in semi urban and rural areas which are relatively unpenetrated markets for insurance products. Thus they aim to explore these markets and chalk out a strategy to survive in the already competitive market of insurance. They plan to launch operations in 39 locations with work strength of around 500 people.
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