Press Esc to close
Thursday 24 July 2014
News updated at 12:53 AM IST
Weather
Max: 28°C
Min : 21.3°C
In Bangalore
Sunny day

Religare Health Insurance mulls expansion

S V Krishnamachari, Jan 27, 2013, Bangalore

The health insurance arm of Religare group, Religare Health Insurance, collected Rs 23 crore in premium in seven months of entering the business in July 2012 covering 94,000 lives and has lined up a slew of products and expansion in the coming two to three years.

The President and COO of the company, Nitin Jain, told Deccan Herald, “We have planned to introduce products in critical illness, maternity and lifestyle-related categories, and will be opening about 30 branches across India as part of our expansion.” The company’s presence in Karnataka comprises four branches including one in Bangalore.

Its insurance cover extends to treatment undertaken at about 1,900 hospitals spread over 254 cities. The health insurance market, according to estimates, is about Rs 15,000 crore and growing at a compounded annual growth rate of about 25 per cent annually.


“With healthcare costs going up by about 15 per cent in India every year, the overall market offers good growth opportunities,” he said.

The growth will also be fuelled by increase in awareness in the next few years, as there is a definitive trend towards younger people taking to health insurance. “The average age of insured these days is between 35-40 years, which augurs well for health insurance in India,” Nitin said.

The loss ratio, according to Nitin, is relatively high in group insurance schemes, at almost 98 per cent, while in the individual insurance segment, it is relatively lower at about 70 per cent.

Religare Health Insurance Company Ltd is jointly promoted by Religare Enterprises, and public sector lenders Union Bank of India and Corporation Bank.

Go to Top

Photo Gallery
A relative of a passenger on board the crashed TransAsia Airways plane cries in Kaohsiung...

A relative of a passenger on board the crashed TransAsia Airways plane cries in Kaohsiung...

Rescue workers survey the wreckage of TransAsia Airways flight GE222 which crashed...

Rescue workers survey the wreckage of TransAsia Airways flight GE222 which crashed...

Priyanka Chopra during the unveiling of trailer of the film ''Mary Kom'', in Mumbai...

Priyanka Chopra during the unveiling of trailer of the film ''Mary Kom'', in Mumbai...

Artists perform during the launch of Philips and Disney imaginative lighting range in New Delhi...

Artists perform during the launch of Philips and Disney imaginative lighting range in New Delhi...

People watch as pyres burn at a cremation ground on the banks of river Ganges in Varanasi...

People watch as pyres burn at a cremation ground on the banks of river Ganges in Varanasi...

Villagers cross the river Baitarani in a country boat after the same was flooded following...

Villagers cross the river Baitarani in a country boat after the same was flooded following...

Philipp von Sahr, President, BMW Group India with the newly launched BMW Active Hybrid 7...

Philipp von Sahr, President, BMW Group India with the newly launched BMW Active Hybrid 7...

Andhra Pradesh Chief Minister N Chandrababu Naidu distributing food grains to poors...

Andhra Pradesh Chief Minister N Chandrababu Naidu distributing food grains to poors...

Sand artist Sudarsan Pattnatik creates a sculpture on girl child abuse with a message...

Sand artist Sudarsan Pattnatik creates a sculpture on girl child abuse with a message...

Lightning on a thunderstorm  crackles over the mountains just south of Tollgate, Ore...

Lightning on a thunderstorm crackles over the mountains just south of Tollgate, Ore...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bangalore - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523