Insurance business seeks to grow in health with Magma HDI

Insurance business: Magma HDI General Insurance Company, which is mainly involved in the area of ​​automobile and commercial insurance, expects health insurance to represent 20 percent of its insurance business for the next three years.

According to Rajive Kumaraswami, MD and CEO, Magma HDI, health and accident sales currently a little more than 3 percent of their Insurance business are added to all customers.

As in March 2017, the Insurance Business the gross written premium of the insurer is close to Rs 42 million. Motor currently accounts for almost 80 percent of their business they add up to.

“Our basic strength has been the insurance business in the motor and then commercial, which represents more than 21 percent of our business, and in the future, we focus on health, automotive and commercial insurance,” Kumaraswami told a conference. of press on Monday.

The company announced the launch of OneHealth, a business design of medical insurance that covers the important conditions of diseases, as well as lifestyle diseases such as lasik, bariatric surgery and psychiatric treatments, among others.

Magma HDI grew 28% year-on-year in the first six months of this financial year FY18 to ₹ 240 crore for the Insurance business.

Motor participation fell to 60 percent in the Insurance Business, while commercial and health and accidents individually accounted for 20 percent of their business, until the next three years, he said.

“Magma has a strong distribution network in semi-urban and rural areas in the insurance business, we plan to take advantage of this red to reach these markets,” he said.

It is expected that almost two thirds of the company’s health insurance business will come from rural and semi-urban areas, the rest will come from urban markets.

In addition, the company also intends to promote health insurance products and employs more than 300 companies with whom it has agreements for commercial insurance policies for the Insurance Business.

Health insurance came from complementary or complementary coverage, said Vikas Mittal, Deputy Executive Director of Magma HDI.

The Extra Security Corporation of India (SCI) today reported the sending of a growth coverage as a strategy of medical coverage with guaranteed aggregate ranging from Rs 10 lakh to Rs 50 lakh.

The ‘Disease Coverage’ approach, which can be taken by those in the meeting aged 20 to 65 years, was an agreement not connected with annual and semi-annual higher payment alternatives, said a download from the organization.

The resolved benefits would be paid in case it was determined that Life Assured had an early predefined disease and also a real stage in the middle of the term of the strategy subject to terms and conditions.

Guaranteed aggregate is accessible from Rs 10 lakh to Rs 50 lakh. There were two options: total guaranteed and total guaranteed increase by 10 for every cent of the essential total guaranteed for the first five years, he said.

LIC South Zone Zonal Manager R Thamodharan disclosed the new agreement here.

With this, the Rotavac antibody will be accessible to most of the nation’s population. So far, it was presented in only four states.

ROTAVIRUS

Rotavirus is one of the leading causes of extreme bowel loss and disappearance among children under the age of five worldwide. India accounts for 22 percent of the children who go to rotavirus due to loose intestines on the planet. Consistently, almost 80,000 to one lakh children bite the dust in India due to the rupture of rotavirus from the intestines, and about 9 young lakh are admitted to the clinic because of extreme racing scenes, with 32.7 lakh OPD cases.

“It is assessed that every child in the world will end up visibly contaminated with rotavirus if we do not vaccinate it.” Among children who end up visibly contaminated, one in eight will require an outpatient visit to the clinic, one in 30 to 50 would be hospitalized for gastrointestinal disease and one in 1,000 would kick in the light of rotavirus, “says Dr. Gagandeep Kang, Executive Director of.