GIC plans savings linked insurance, managed healthcare

By Pratim Ranjan Bose

CALCUTTA, MAY 12. The General Insurance Corporation will launch its first savings linked insurance scheme and a revamped and modern medicare insurance replacing the mundane Mediclaim, ``positively'' by the end of this year.

Talking to The Hindu here, Mr. A. N. Poddar, chairman-cum- managing director of National Insurance Company (NIC), one of the four GIC subsidiaries, said the assured return scheme would be of three to five year tenure. The scheme will be linked to tax benefits. A premature exit will be after a minimum of one year lock-in, obviously at the cost a certain percentage. Incidentally, the country's only savings linked insurance plan is presently offered by Unit Trust of India.

A modern ``managed healthcare scheme'' is also to hit the market. The scheme is developed in technical tie-up with an European insurance company. It will be independently customised and marketed by the four GIC subsidiaries in collaboration with four different foreign insurance companies. The tie-ups of subsidiaries are not formalised in full as yet.

Unlike the present medicare `reimbursement scheme' where the subscriber is in liberty to carry out his treatment at hospitals and settle the claim later, the new scheme will be a direct one whereby the insurer will straightway foot the bills. To put a check on the misuse, as is noticed in the present Mediclaim, the subscriber will first have to go through a network of identified diagnostic centres. The centres, `a club of doctors' in nature, will advise the patient and the insuring agency about the next course of treatment to be followed.

Meanwhile, taking a cue from the increasing number of mob violence and lynching of drivers and cleaners of buses and taxis in Calcutta, National Insurance has designed a Road Safety scheme clubbing together components of personal accident and medical insurance plans. The scheme, launched today, offers a maximum of Rs. 1 lakh in case of life loss and permanent or partial disability and medical insurance upto an additional Rs. 1 lakh at an annual premium of Rs. 150.

Developed in consultation with various public transport operators associations and employees unions, the product has received encouraging response from transport owners and employees.

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Section  : Business
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