Mumbai, Oct 5 (UNI) India's Insurance giant, Life Insurance Corporation (LIC) is planning to launch its first health Insurance product within the next two months.
This was revealed by LIC's Executive Director (Health Insurance) D D Singh on the sidelines of a health summit, organised by Confederation of Indian Industry (CII) here today.
According to Mr Singh, LIC is in the process of filing a health insurance product with the Insurance Regulatory and Development Authority (IRDA) by the end of this month, which is supposed to get approved by next month.
The health insurance product will be basically a long term product with a term of more than ten years under the scheme of hospital cash product and will have a unit linked insurance component built into it, said Mr Singh.
In this regard, LIC has tied up with eight third party administrators across the country for processing of claims and the claim payouts will be done through Syndicate Bank, Axis Bank and Bank of America, Mr Singh added.