Bharti AXA General Insurance, a joint venture between Bharti Enterprises and AXA, is proposing to launch a new health insurance product exclusively for the post-retirement phase of an individual. The approval is expected from the Insurance Regulatory Development Authority (IRDA) in the next six months.
Addressing a press conference here on Tuesday, CEO Amarnath Ananthanarayanan said that in all six products were filed with IRDA for approval, including those pertaining to health, motor and travel sectors.
Pointing out that 70 per cent of household expenditure for health care was from out-of-pocket, he said Bharti AXA was offering different products in the health insurance segment, including medical re-imbursement and lifestyle protection products. Besides the smart health insurance policy, offering basic health cover, the critical illness policy was a specialised product which insured against the risk of 20 critical illnesses.
He said the company was trying to be a differentiator in the market and was keen to provide value to the customer. The southern region contributed 27 per cent of the overall India business and Andhra Pradesh alone contributed eight per cent.
About 60 per cent of portfolio came from motor insurance while 20 per cent from health.
The company was expecting a huge growth this year and the revenues were expected to touch Rs.550 crore against Rs.360 crore last year.
