The FINANCIAL — People’s Insurance, the Georgian insurance company established in 2004 as a subsidiary company of People’s Bank, is planning to establish three new products: Health card, Travel on call, and Legal Expenses Insurance, on the Georgian insurance market.
The Travel on call service is already operating, while Health Card will be launched after 1 October, as well as Legal Expenses Insurance.
Health card is an insurance product envisaged for individuals, offering not only insurance service, but banking service also since Health Card is a co brand, a joint product of People’s Insurance and People’s Bank, entailing in itself, Visa Electron or Visa Classic together with Insurance Card.
Annual cost of the Health Card Electron will be GEL 15, initial cost of the Health Card Classic which has much better insurance coverage, will be GEL 40 together with a GEL 5 monthly payment.
“Since Health Card is a multifunctional product, it is extremely practical and accessible even for people with middle to low incomes. A person can use their Health Card to receive services from approximately 150 medical establishments. The amount of money one pays for the medical service will automatically be transferred to the same Health Card,” said Teona Goderidze, personal risk manager of People’s Insurance.
Legal Expenses Insurance is an insurance product both for individuals and organizations. According to Goderidze, legal expenses will be covered notwithstanding whether the insured person is presented as claimant or respondent, or whether the person wins or loses the case.
“In this case we are talking about court expenses, not about the money a person may lose as a result of an unfavourable court decision. The approach to the insurance premium is individually defined, and varies according to whether the person or organization is insured, and what the capital and turnover of the organization is.
Insurance premium may start from GEL 20, and reach GEL 2 000 depending on the capacity of the organization and its previous experience in regard to legal matters,” Goderidze added.
“Travel on call, which is already functioning, is an ideal way of insurance for busy people who leave their workplace when tourist agencies and insurance companies are closed, and are often unable to purchase insurance policy for their vacation or business trip. In this case, after the person has decided where they are going and for how long, they call the Peoples Insurance office and tell the operator the passport number, country of residence and time of trip. Following this a representative of Peoples Insurance will deliver the insurance policy within 24 hours.”
According to company representatives, by the end of September construction of the company web-page will be completed and purchase of travel insurance policy through the internet will become available. In this case the name of the product may be transferred to Travel On-line, since the purchase operation will be completed by filling out an on-line application form.
Price of the product varies according to the travel period. Insurance for the minimal travel period, which is one week, costs GEL 6.
Being a Member of the Georgia Insurance Association, Peoples Insurance is primarily oriented toward social projects. Start-up Capital of the company amounted to GEL 2 million in 2006.
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