ICICI Lombard, Star Health & NIA bid for insurance scheme for poor
Three general insurance companies - ICICI Lombard, Star Health Insurance and New India Assurance - have bid for a lucrative Maharashtra government health insurance scheme for poor, a scheme the general insurance council (GIC) said companies should 'desist' from because of a 'refund' clause.
The GIC is a statutory body under the Indian Insurance Act 1938 and represents all non-life insurers in the country.
There are 22 general insurance companies in India. Most of them abided by the GIC directive but others went ahead and submitted bids for the Rajiv Gandhi Jeevandayi Arogya Yojana (RGJAY) scheme of the Maharashtra government.
RGJAY's CEO, K Venkatesham has confirmed to Economic Times that ICICI Lombard, Star Health Insurance, and public sector New India Assurance, are the three final contenders.
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