Reliance Capital Blog

Reliance Capital, India's Berkshire Hathaway

Thursday, November 16, 2006

PNB launches health insurance product

Punjab National Bank (PNB) on Wednesday launched PNB Arogya Shree to provide health insurance for its 35 million customers.

The new offering is a product of Reliance General that has been tailor-made for PNB customers.

"The product that we have launched today is unique. Our large customer base has helped us in getting the premium amount lowered. It will have additional features and would be marketed through our branches," Mr K. Raghuraman, Executive Director, told newspersons.

He expects the initiative to bring in new customers and aid in customer retention.

The scheme would initially be available on a pilot basis at 64 select core banking solution (CBS) branches in Delhi, Mumbai and Lucknow with effect from today.

This pilot would run until December 31. From January 2007, the product would be available at about 450 CBS branches across the country.

Mr K.A. Somasekharan, President and CEO of Reliance General Insurance, said that the tie-up with PNB would give a big boost to the company's business.

He said that Reliance General Insurance has not been active in the last five years, but has become active after April 1, 2006 and increased focus on the retail segment.

In the first six months of the current fiscal, the company recorded premium income of Rs 445 crore (Rs 88 crore), of which new premium income stood at Rs 350 crore.

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