Private life insurer Birla Sun Life Insurance is looking to double its protection business from 4 percent in FY17 to 8 percent in FY18. Pankaj Razdan, MD & CEO, Birla Sun Life Insurance said that the protection business that includes term and health will be their key area of focus.
The life insurer launched their CritiShield Plan which will cover both cardiac as well as renal illness. The product offers coverage for both major and minor stages of cardiac conditions and renal conditions. There is an option to choose level or increasing cover.
A press statement by the company said that heart attack related expenses can vary between Rs 2.8lakh and Rs 10lakh, while that for a kidney transplant can vary between Rs 4.2lakh and Rs 6.9lakh.
Razdan said that the product mix was 70 percent traditional and 30 percent unit-linked insurance plans (Ulips). The insurer has three health insurance products with about 8-9 riders.
For the insurance company, agency channel is the largest source of business. Razdan explained that with their steps taken to improve agency productivity, the numbers have improved. He added that they had 60 percent of agent productivity in FY17, with a 10 percent growth in persistency for the agency-led business to 76 percent.