Tata AIG upbeat on AP, Telangana for health insurance business growth  

General insurer Tata AIG is upbeat on Telangana and Andhra Pradesh market to grow its retail health insurance portfolio.

Over the last two years, the company increased its market share in the two States from 2.1% to 3.6% in the segment. The target is to increase it to 5% over the next 18-24 months, senior executives of Tata AIG General Insurance Company told media at the roll out of a new, MediCare Select health insurance plan here recently.

Rising medical inflation remains one of the factors behind the growing demand for health insurance, they said.

Head – Accident and Health Claims Rudraraju Rajagopal said at an industry level, 8% of Rs. 47,000 crore all India retail health insurance business originates in Andhra Pradesh and Telangana.

“To drive further growth, we plan to add 15,000 more distribution partners. Our focus remains on delivering innovative, customised solutions that meet evolving needs of our customers,” head of the agency Pratik Gupta said.

The new product has no entry age limits, supports customisation and offers propositions such as a lifelong young family discount and a 7.5% salary discount, making it accessible across income brackets and life stages, the company said.