One-year-old L&T General Insurance Company has forayed into the health insurance business. On Wednesday, it unveiled its first health insurance product — my:health Medisure Prime Insurance. The policy has a maximum entry age of 65 years but can be renewed for a lifetime. The company would be settling claims in-house and not through a third-party administrator. The policy’s unique selling proposition would be its response time, where L&T General would decide if cashless hospitalisation can be given to a policyholder within six hours and would settle reimbursement claims within six working days. In case, the insurer fails to honour the commitments, it would pay a compensation of Rs 1,000 to the policyholder.
The policy provides free pre-policy check-up at the comfort of a customer’s home and comes with no sub-limits on room rent, medicines and surgery. In addition, the sum insured also automatically doubles on diagnosis of a critical illness. The policy gives Rs 10,000 as lumpsum recovery benefit if the hospitalisation exceeds 10 continuous days.
YM Deosthalee, L&T General Insurance’s chairman of the board, said the company would get a capital infusion of Rs 500 crore over the next three-four years.