LIC will start policy with Health risk coverage

LIC is expected to introduce its haelth insurance product during Nov. 2007 . It will be a product where part of the premium will go towards savings and part will go towards risk coverage for health coverage.

Claims settlement will be through 8 TPA's on all India basis.However payment will be made through 3 banks;
Axis Bank
Bank of America
Syndicate Bank

While we are awaiting for the details of the product,yet to be announced-we are of the opinion that
+points of the same are;
1.Product will be available through large network of agents of LIC
2.Product with term of 10 years will result in issue of renewal noticeon yeraly basis.We are assuming 1 month grace period for payment of premium will be available.
3.Product may permit quarterly /half yearly/yearly payment

- points are;
1.If a customer can buy policy from a non life co for Rs 1400(say sum assured of Rs 1 lakh)then premium to be paid to LIC will be some thing like Rs 1400+saving element,which means something like Rs 3000 or so .May be Rs 5000.

Details are awaited from LIC and we will cover this in the coming days/weeks.