Bahrain firm plans key insurance product
Manama, June 6, 2013
Having seen a good response for its senior citizens health insurance policy in Bahrain, New India Assurance is gearing up for the launch of its mediclaim product, a report said.
The company has been operating in the kingdom for more than 50 years and among foreign firms it has 27 per cent share of the general insurance market, New India Assurance's Bahrain operations chief operating officer Vineet Kumar told the Gulf Daily News (GDN), our sister publication.
It has already secured a licence which allows it to sell health insurance to all and is waiting for the completion of some modalities.
New India Assurance is expecting a good chunk of business when health insurance for all expatriates is made mandatory in the kingdom.
When implemented, it would open up a BD50 million ($132.6 million) market for Bahrain's insurance industry, it had reported earlier this year.
Central Bank of Bahrain officials have estimated that there would be a 50-60 per cent increase in premiums.
"We expect business growth of 10-15 per cent this year," Kumar said.
Talking about the senior citizens' policy, Kumar said it was launched last year.
"It not only enables policyholders to meet Labour Market Regulatory Authority (LMRA) norms, which require that expats over 60 are adequately covered for medical expenses which might arise in the future, but is also cost-effective," he said.
"The policy is being bought by senior residents of all nationalities, including Indians, Pakistanis, Bangladeshis, Filipinos as well as people from African and European countries."
Kumar said it is issued for a two-year period and provides cover for residents up to the age of 75 for hospitalisation expenses incurred in Bahrain.
"The policy works on reimbursement basis and has an annual limit of BD1,000. The two-year premium for persons up to 65 years of age is BD100. For those between the ages of 65 and 70 it is BD120 and BD140 for those aged 70 to 75," he said.
"The policy provides cover for treatment of all diseases excluding cancer, chronic and pre-existing ailments as well as dental and optical treatments.
"The treatment may be availed at most hospitals in Bahrain. In case the visa application is rejected by the LMRA for any reason, then the policy will be cancelled and premium refunded after retaining minimum premium of BD10," Kumar added. – TradeArabia News Service