ICICI Prudential focuses on health insurance products

Kolkata, Oct 30 (UNI) Leading private life insurer ICICI Prudential Life Insurance is focusing on living benefit health insurance products for growth.

Living benefit health plans have become a critical part of life insurance and it is a focus area for ICICI Prudential, Mr Binayak Dutta, Chief of Sales and Distribution, ICICI Prudential Life Insurance, said.

Till now around 65 per cent of healthcare expenses are spent out of pocket. With healthcare spends estimated to touch around Rs 2,85,000 crore by 2009-10, we expect the heathcare segment to contribute significantly in the portfolio, Mr Dutta said.

The company entered the living benefit health plans recently with the launch of critical illness plans like cancer care.

"We have sold significant number of policies under the cancer care segment," Mr Dutta said while announcing the launch of its critical illness insurance especially meant for people with type 2 diabetes.

Diabetes care is available for a term of 5 years for people of 25 to 60 years age. Available under 3 sum assured variants of Rs 3 lakhs, Rs 5 lakhs and Rs 10 lakhs, the product provides payment of sum assured on diagnosis of any of 6 critical illness.

One can purchase a rider that makes a payout of 10 per cent of sum assured for diabetes related eye and limb complications. Another version, diabetes care plus provides life cover in addition to critical illness cover.

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