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Private health insurance company Cholamandalam MS General Insurance Company Ltd announced the launch of a new policy Chola Swasth Parivar Health Insurance Policy. This policy is a family floater policy and gives a combo offer of health and personal accident cover. The premium amount for a sum assured of Rs. 3 lakhs for a family of 2 comes to Rs. 5,005. In addition to this the company is also eyeing 3 – 4% market share in the health insurance sector.
Mr. SS Gopalarathnam, Managing Director of the company, at the time of launch of the product, said that health insurance segment is still in the growth stage and there is plenty of room for expansion. Nearly 70% of the healthcare expenses are borne by the individuals and hence there is a need for comprehensive and cheap dynamic products.
Adding to the above, he said that health sector, which is fastest growing sector in insurance business, is set to grow at 25% over next 5 years. Business from health care sector is estimated to touch Rs. 20,000 crores by the year 2020.
Cholamandalam MS General Insurance Company is a joint venture between Murugappa Group, holding 74% shares in the company and Japan based Mitsui Sumitomo Insurance Group, which holds balance 26% stake in the company. Its headquarter is situated in Chennai and has a over 92 branches and 6,000 agents across the country.
The Gross Written Premium amount of the company for the year ending March 2012 was Rs. 1,346 crores.