New India Assurance, a non-life insurer, is planning to roll out a new policy designed to offer coverage for personal accident, household and health insurance.
The integrated 3-in-1 coverage will enable the company to further strengthen its presence in the personal accident and household insurance landscape, where health insurance sales are already growing steadily.
New India Assurance CMD G Srinivasan was quoted by the Times of India as saying, "We will file the combined policy with the regulator shortly.
"Retail business has grown faster than corporate. As a result, the share of retail has grown by two to three percentage points to 65%," Srinivasan added.
The new policy is likely to provide a floating sum insured for household items, which will enable the insured to claim for up to a particular value instead of including all household items.
The company is planning to recruit approximately 20,000 agents in the current 2013-2014 financial year.