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Cigna TTK Health insurance planning expatriate insurance policy
Summary Cigna TTK Health insurance, which is in the process of applying for health insurance licence to the Irda, is planning expatriate insurance policy.
Now, Indians going abroad for a longer period can buy mediclaim and personal accident and for different countries.
Cigna TTK Health insurance, which is in the process of applying for health insurance licence to the Insurance Regulatory and Development Authority or Irda, is planning expatriate insurance policy.
This is a joint venture between- Cigna International -US based Health Insurance Company and Chennai based TTK group.
As per the law, foreign partners can have 26% stake. Cigna will look to increase its stake to 49% as and when the laws are relaxed.
"We are talking to employers and see what the product can do to India. The idea around the product is to make it global, As part of R2 we need to be clear about our products," said Sandeep Patel managing director Cigna TTK.
The company will look to target employers like IT companies, who send their employees on an onsite visit for a couple of years.
The product will be customer centric based on their lifestyle. "Every individual is different so each ones need is going to be different. We have been talking to the regulator. Irda is emphasising on simple product," Patel added.
Cost of healthcare in US is higher, so people planning to stay in US will have to shell our higher premium than people travelling to other parts of the world. Cigna has got over 9,000 providers in the world.
Other companies like Tata AIG General Insurance has business travel accident cover, which insures people visiting to countries outside but for a limited time that is 180 days.
The size of this market is around Rs 100 crore.
The joint venture plans to start operation by the first quarter of 2013. It has a break-even target of 5 years.
To foray into the health insurance space, TTK has exited from its TPA business. "We will be selling health insurance products through 400 retail outlets and 1,00,000 pharmacies," said TT Jagannathan, chairman TTK group of companies.
The company is in the process of hiring people.
Cigna would be selling products through different channels like direct marketing and internet, said David Cordani CEO of Cigna Corporation.
https://economictimes.indiatimes.com/wealth/personal-finance-news/cigna-ttk-health-insurance-planning-expatriate-insurance-policy/articleshow/11537307.cms