Galaxy Health Insurance Targets Rs 200 Cr Premium This Fiscal

Chennai, Apr 6 (PTI) Galaxy Health Insurance Company Ltd has targeted Rs 200 crore premium income during the current financial year as it aims to deepen penetration into the domestic market, a top official said.

The company which received the IRDAI approval last year has 60 offices in operation in Southern states and 6,000 agents under its fold, company Managing Director and CEO G Srinivasan said.


Galaxy Health Insurance is relatively a new entrant in the private sector insurance market backed by renowned industrialist Venu Srinivasan, the Chairman Emeritus of TVS Motor Company and Sundaram-Clayton and V Jagannathan who founded the Star Health and Allied Insurance Company Ltd.

In an interaction with PTI, Srinivasan who has been at the helm of various insurance organisations including United India, said his company has drawn up plans to 'penetrate deep into the market' and has targeted to take the overall number of office locations to 100 from the current 60.


"Last year the premium was Rs 17 crore. This year we are targeting Rs 200 crore. We still feel the insurance coverage ratio is less and we want to provide the last mile connectivity (as a standalone insurance provider). Maybe in two or three years, we plan to become an all-India organisation," he said.

He said the plan was to present in metros and smaller towns towards providing health insurance coverage. "We will come out with innovative products which make competitive health insurance solutions," Srinivasan said.

People still feel that service level is not great in the insurance industry and "we want to give a hassle-free service to them", he added.

The company had recently established its first regional office and digital sales facility in the city.

After the company received approval from the Insurance Regulatory and Development Authority of India (IRDAI) last year, it launched its first insurance product 'Galaxy Promise' targeting families seeking affordable health coverage.

Galaxy Promise offers options ranging from Rs 3 lakh to Rs 1 crore sum insured. The company has rolled out the Galaxy Top-up plan that has been designed to offer extra protection at a lower cost and ensure policyholders have access to quality health care, the company said.