LIC Health Product Likely To Hit Market In Dec

New Delhi: Life Insurance Corporation of India (LIC) is expected to roll out its health insurance product by the third week of December. The company has already submitted the proposal to the Insurance Regulatory and Development Authority (IRDA) and is awaiting clearance.

The product, likely to be called LIC Health Plus, would be on the lines of floater plan which would give the policyholder the option to take health insurance cover for his immediate family. LIC has tied up with Munich Re to structure the new product. The official also said that the product is not based on the cashless transaction model and the company is targeting to provide health cover to close to one crore families in the first year of the launch of the product.According to the official, the product will not be a direct competition to the existing products of non-life insurance companies. It has tied up with eight third-party administrators (TPAs) to manage claims under the policy and has tied up with Syndicate Bank, Axis Bank and Bank of America for the settlement.