Exide Life Insurance is planning to partner with a health insurance company to launch a new product that covers both life and health insurance.
Scheduled to be launched in the next two to three months, the combo-product will be followed by three other products that are awaiting regulatory approval and are due to launch in current quarter.
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All the four products are part of the nine new products that the company has sent for approval to the Insurance Regulatory and Development Authority (IRDA).
Exide Life Insurance managing director and CEO Kshitij Jain was quoted by Hindu Business Line as saying that the company is holding discussions with many health insurance firms.
"We will finalise a tie-up in which we will be the lead insurer, given our distribution strength. The product will offer life cover with a health wrap-up," added Jain.
"One of the three products focuses on the middle class, carrying a premium of between Rs. 6,000 and Rs. 12,000, while most of the current premiums in the industry are over Rs. 20,000 annually."
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By GlobalDataThe company expects to post 10% growth during the fiscal 2014.
