Date:13/05/2005 URL: http://www.thehindubusinessline.com/2005/05/13/stories/2005051301390600.htm

Back New India offers bank-specific floater mediclaim policy

Our Bureau

Mumbai , May 12

NEW India Assurance, as part of a bancassurance tie-up with United Western Bank (UWB), has launched a bank specific floater group mediclaim policy known as New Uniwest Mediclaim policy.

The product will be available to the family unit - a maximum of four members constituting self, spouse and two dependent children. The premium is chargeable on the basis of the age of the seniormost member of the family. Floater group policy implies that the insured need not specify separate sum insured for each of the family members. Mr Satish Marathe, Chairman and CEO, United Western Bank, said that 30 specified officers are marketing New India's products.

Mr R. Beri, Chairman and Managing Director, New India Assurance, said as on March 31 2005, they had received Rs 90 crore as premium income from bancassurance agreements. It has bancassurance agreements with seven other banks.

New India Assurance had reported a premium income of Rs 5,100 crore for the fiscal 2004-05, of which the gross domestic premium accounted for Rs 4,423 crore. Premium from mediclaim insurance touched Rs 473 crore.