THIRUVANANTHAPURAM: The state government’s newly launched NRI insurance scheme is a pioneering initiative that could serve as a model for other states, said Girija Subramanian, the CMD of New India Assurance, the official insurance provider for the scheme introduced by NORKA.
The company, which is the country’s largest nationalised general insurer, is fully equipped to handle the health insurance needs of the state’s Gulf diaspora as well as expatriates in other countries, she told TNIE.
“We have the largest health insurance portfolio in the country in terms of volume and have tie-ups with most hospitals in India. An insurance coverage like this for the NRI diaspora is not an impossible task,” Girija said.
Currently, the scheme provides medical coverage in India, that is NRIs must return home to avail treatment. However, families of NRIs residing in Kerala can also benefit from the plan.
Notably, the personal accident cover under the scheme has a worldwide reach.
“In the case of unfortunate events like death, it is covered globally. Looking ahead, we may also consider extending medical insurance cover abroad in the near future,” she explained.
She stressed that Kerala’s initiative is a first of its kind in the country and could pave the way for similar models across India.
On the broader industry front, she highlighted the impact of the removal of GST on life and health insurance. According to her, the reform could trigger at least a 20% growth in the insurance sector.
“For individual health policies, the removal of GST translates into an 18% reduction in premiums. That is a huge relief, especially for the middle class and lower-income groups. We expect this to boost policy uptake, with roughly 20% growth in the number of policies this financial year itself,” she noted.