MUMBAI: Oriental Insurance will soon launch a medical insurance policy for senior citizens. The policy, which is targeted at the age group of 60 to 85, is expected to cover a wide range of specific ailments.
Speaking to the media on the sidelines of an insurance seminar organised by the Indian Merchants’ Chamber in Mumbai on Friday, Oriental Insurance chairman and managing director M Ramadoss said that the company has approached insurance regulator IRDA for approval.
Among other features, the product is said to cover a wider range of ailments. Once the product hits the market, it will be the second such scheme for senior citizens. State-owned National Insurance Company last year had launched a scheme for senior citizens called the `Varishta Bima scheme’.
Oriental Insurance proposes to include some pre-existing ailments after two to three years in its scheme, according to Mr Ramadoss. One could be insured up to Rs 2 lakh with a flat premium across all age groups, with no geographic restrictions. But the exact details on premium were not available.
Mr Ramadoss said that though the industry has made a smooth transition to the detariffing regime, revenue growth may be impacted as premiums for certain segments have been hit.
Premium income on medical insurance has been impacted because of elimination of cross subsidies while tariff on fire and motor insurance has also been impacted. Oriental has lost revenues to the tune of Rs 70 crore owing to the discontinuation of some group mediclaim insurance policies.
Detariffing is expected to slowdown the revenue growth of many insurance companies. Speaking on the issue, ICICI Lombard General Insurance MD & CEO Sandeep Bakshi said there has to be a trade-off between topline growth and profitability and between market share and the profit and loss account in a detariffed scenario.
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