SBI Life to Launch new health scheme

BHUBANESWAR: Targeting a total premium collection of Rs 8,500 crore in the current fiscal, SBI Life insurance was all set to launch a more "lucrative" product under health category by July end.

This was revealed by SBI Life Insurance's Managing Director and CEO, Uday Sankar Roy here today. "We are planning a health product called Critical Illness (CI)", Roy told reporters.

Claiming that SBI Life had already applied to the regulator for requisite permission, Roy said the product was expected to have a large consumer base as its features are unique.

"Instead of paying the insurance claim to the hospitals, SBI Life will make payment to the policy holder", Roy said.

As the insurance body felt that the hospitals some times charged more from the policy holders, SBI Life decided to launch a product which could give certain money to the patient.

"Above all it is his/her choice to spend money. Therefore, the new product will be attractive", he said adding that the coming scheme will cover seven critical diseases like Blood Pressure, Diabetes, Cancer and others.

This apart, the new product also had a feature of good health declaration in good faith. The policy holder would declare diseases he/she was carrying.

Another factor which could add to the acceptability of the new product was less premium amount. However, there would be no refundable clause of premium money.

Source: The Economic Times