Bajaj Allianz bets on health

By Our Correspondent

Chennai

Aug. 22: Bajaj Allianz General Insurance has come out with a health insurance pro-duct, which it claims will ease the process of buying an insurance policy, and help the general insurance industry's penetration.

"The penetration of health insurance is still very low. Our research suggested that a low-cost, fixed premium product would help us tap the entry-level segment better," said Mr Swaraj Krishnan, CEO, Bajaj Allianz. The average penetration of the entire non-life insurance segment in India still hovers around 0.55 - 0.6 per cent of the GDP.

The policy, named Insta Insure, which has a sum assured of Rs 1 lakh and which can be claimed by people in the age group of 18 to 45, will be made available in the form of a kit.

"It will be made available just like any retail product. The customer will be able to activate the policy with a SMS comprising of the policy code number," Mr Krishnan added.