ICICI Prudential launches insurance for diabetics for high mkt sha

New Delhi, Oct 30 (UNI) Aiming to strengthen its market share in the health insurance segment, ICICI Prudential Life Insurance today launched Diabetes Care, world's first critical illness insurance scheme meant for people with type 2 diabetes.

The insurance product has been launched in 12 cities across India -- Delhi, Mumbai, Kolkata, Chennai, Bangalore, Pune, Ahmedabad, Kochin, Jaipur, Lucknow, Chandigarh and Hyderabad -- and the company plans to cover 300 centres in the country where it has 400 outlets.

''With the new insurance product, we are expecting a rise in the share of the company from 30 per cent in the private sector life insurance market,'' company's Executive Director N S Kannan told reporters here.

He, however, did not give any projection on the market share that the company is looking to fetch with the new poilcy, saying ''these are still early days for us in the health insurance market.'' To a question, he said that the company has not concentrated on type 1 diabetes as only five per cent diabetes patients are suffering from it.

The company already has insurance products like Health Assure and Health Assure plus and Cancer Care in the health insurance segment.

ICICI Prudential has tied-up with pharmaceutical companies, diagnostic labs and gymnasiums across the centres to facilitate efficient testing and procuring of drugs by policy holders.

''We have partnered with Wockhardt and Biocon for drugs and insulins, Wellspring and Metropolis Health Services Ltd for treatment of the patients and Nicholas Piramal India Ltd and Johnson&Johnson for testing equipment,'' Mr Kannan said.

To provide fitness services, the company has also tied-up with 75 gyms across the 12 cities where the porduct has been launched, he added.

''The policy holders can procure drugs and get the treatment at a concessional rate from our partners. The policy provides the insured with three free treatments per year from our treatment partners,'' Mr Kannan elaborated.

The entry level for Diabetes Care is 25-60 years and it offers insurance for a total sum of three lakh rupees, five lakh rupees and 10 lakh rupees and covers the time period of five years.

The product specifically covers existing diabetics and provides financial support to meet the cost of health complications. A policy holder can avail of premium reduction of up to 30 per cent, depending on the extent to which they have been able to manage their diabetes.

One can also purchase a rider that makes a payment 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.

According to the World Health Organisation's statistics, there are 44 million cases of diabetes in the country. By 2030, the figure will reach 80 million.

UNI PKS CS RN1607