TATA AIG General Insurance has launched a new health insurance product, MediCare Select, as part of its expansion strategy in India’s retail health segment. The company aims to strengthen its presence in non-metropolitan regions and diversify its health portfolio. The launch of MediCare Select is a key step towards achieving this goal, and the company plans to increase its hospital network from 11,500 to over 14,000 by the end of fiscal year 2027.
MediCare Select is designed to respond to evolving consumer demands and offers a range of optional features, including unlimited reinstatement of the insured sum, coverage for high-cost claims, and outpatient treatment coverage. The product also includes additional options such as maternity-related benefits, daily hospital cash support, and premium discounts for salaried individuals and families with younger members.
According to Mr. Neel Chheda, Chief Underwriting and Data Science Officer at TATA AIG, the product is designed to provide meaningful protection that aligns with the changing healthcare needs of consumers. He noted that medical costs are rising and health conditions are evolving, and MediCare Select enables individuals and families to stay covered without compromise.
The launch of MediCare Select is also part of TATA AIG’s efforts to tap into untapped markets and population segments with lower insurance penetration. The company expects Tier 2 and Tier 3 cities to account for 35% of its health business by the end of fiscal year 2027, up from 26% currently. With the growing adoption of its retail health offerings over the past three years, TATA AIG is confident that MediCare Select will help extend its reach to more geographies and segments, ensuring broader access to quality healthcare.
Overall, the launch of MediCare Select is a significant milestone for TATA AIG General Insurance, and the company is well-positioned to capitalize on the growing demand for health insurance in India. With its comprehensive features and flexible options, MediCare Select is an attractive offering for individuals and families seeking quality health insurance coverage.