The public sector New India Assurance Company Ltd is awaiting the approval from IRDA to launch its new ‘high net-worth individual health insurance’ scheme, a top company official said today.

Approval is expected in a month on the new product with advanced features, company chairman cum managing director G Srinivasan told reporters here. “The sum insured on this new product could go up to Rs 1 crore and will include many advanced features, besides offering complete protection to policy holders and family, in any eventuality,” Srinivasan said.

Apart from this, the New India Assurance Company also sought to give a new look to its Mediclaim 2012 product by removing some of the deficiencies based on customer feedback. “This is expected to be rolled out in three to four months; the improved product also awaits IRDA approval,” he said.

Srinivasan, here to participate in the Silver Jubilee celebrations of Coimbatore Regional office, said that the company has set a target of Rs 21,000 crore as premium collection for the coming year, as against Rs 18,431 crore in 2015-16.

As on the end of October, the company has already made a premium of Rs 13,000 crore, an increase of 25 per cent compared to the corresponding period last year, he said. With a market share of 17 per cent in India, the net worth of the company for the current financial year was Rs 32,000 crore and the asset base was Rs 65,000 crore. It issued 2.5 crore policies, covering 35 crore people, with a claim settlement rate of 96 per cent, he said.

On the impact of premium payment in the last 20 days due to demonetisation, Srinivasan said that initially there was a drop from cash payers, “but now it is made good and business is normal”.