New India Assurance to reduce health premium for elderly

Kolkata, Oct 30: New India Assurance Co, which has increased the premium for the retail health segment, is going to take "corrective steps to adjust the prices little bit downward" for the elderly, a company official said on Monday.

"There has been an increase of around 25 per cent in the retail health insurance premium. For individuals, we have already reduced the prices and for elderly persons corrective steps will shortly be taken," General Manager and Financial Advisor C. Narambunathan said here.

Elaborating on what kind of "corrective steps" will be taken, he said: "We have increased the prices but it was more so far as the elderly persons are concerned. We would adjust (the prices) little bit downward."

He said the insurer would concentrate more on retail health segment as it constitutes about 35 per cent of the company's health portfolio. Narambunathan also said it was aiming to open around 200 micro offices a year to expand its network and improve businesses.

"The company is expected to offload around 15 percent of its stake in the upcoming initial public offering," he said on the sidelines of an interactive session organized by the Merchants' Chamber of Commerce & Industry.

"Another 10 percent dilution is expected in the next three years," he added.