Tata AIA to re enter health insurance

Hyderabad: Tata AIA Life Insurance Company Limited is gearing up to re-enter health insurance space by launching a new health plan within next three months.

The insurance major, which is a joint venture between Tata Sons and Hong Kong-based AIA Group Limited, came out of the health insurance space a couple of years ago after the insurance regulator, IRDA, issued new regulations for the segment.

“We have already submitted our new health insurance product proposal to the regulator. We will roll it out once we receive the requisite approval. We are expecting approval during January-March, 2016 period,” Dr Soumyajit Patnaik, Chief Market Officer, Tata AIA Life, told The Hans India.

Asked whether the company would tie up with hospitals for the new plan, he said Tata AIA Life would use the existing collaborations with various hospitals. “We already have tie-ups with hospitals. They will continue,” he said.

The health insurance product is one among the seven new plans the company has submitted for approval to the Insurance Regulatory and Development Authority (IRDA). Most of the new ones are individual plans. “We will launch all these products during fourth quarter if we get approval,” he said.

Currently, the company is offering 22 individual plans, 3 group insurance plans and four riders. The company also has one micro insurance plan targeted at lower income groups, especially in rural areas.

Dr Patnaik further said the company would focus on protection and long-term savings solutions in the insurance space.