Chennai, June 2: City based non-life insurer Cholamandalam MS General Insurance Company Ltd. is targeting a gross premium income of around Rs.1,400 crore this fiscal, a senior company official said Thursday.
Managing Director S.S. Gopalarathnam said: ‘We are targeting a premium of around Rs.1,400 crore this fiscal up from Rs.968 crore earned last year.’
According to him the company plans to earn around 23 percent of its targeting topline from health insurance up from around 20 percent last fiscal.
‘The share of motor insurance premium in the top line is expected to go down by around two percent to 58 percent this fiscal. The balance premium will be from transit, engineering, fire and other insurance lines,’ said Gopalarathnam told reporters while launching home and health insurance policies.
He said the company hopes to earn Rs.100 crore selling health insurance policies.
According to Gopalarathnam, the company’s home insurance is much cheaper than what is offered by some its competitors and is less cumbersome in buying a policy.
‘We are not insisting on the serial numbers of the consumer durables while insuring them unlike competition,’ he said.
According to Shivakumar.S, senior vice president (marketing), the new health insurance policy ‘Chola Individual Healthline’ is more comprehensive in terms of coverage.
He said the policy covers not only hospitalization (including ayurvedic treatment) but also offers outpatient coverage for dental and eye care treatments, maternity related expenses with a waiting period.