Health Financing/Insurance

Max New York Life Insurance enters health sector

Max New York Life Insurance has entered health insurance sector by launching ‘lifeline’ consisting of three distinct groups of solutions.

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The lifeline brings long term insurance coverage for hospitalisation surgeries and critical illness, Max New York Director Marketing Product Management and Corporate affairs Debashis Sarkar told the media. The medicash plans were hospital cash plans that provided the customer a fixed per day benefit for hospitalisation, ICU admission, recuperation benefit and a lumpsum benefit against an unlimited number of surgeries, he said. The wellness plans were critical illness covered against 38 critical conditions from Alzheimers to liver disease, deafness to permanent disability, cancer to heart ailments, a range offered by no other insurer in India under one plan, Sarkar claimed. The third one,safety net was a comprehensive term plus health protection plan offering the policy holder protection from any losses arising from critical illness, accident disability and death. The company, which has 21 lakh life insurance policies with Rs 62,000 crore sum assured, was targeting a business of at least five per cent of last year’s business of Rs 1,700 crore in the initial year, he said. The company would expand its activities and branch offices in Tamil Nadu in the coming months, he said.

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