Mumbai, Dec. 7: Religare Health Insurance Company is planning to launch unique products over the next one year as it seeks to grow in India's competitive, yet fledgling health insurance sector.

It includes an insurance product meant for pre-existing conditions. Apart from this, the standalone insurance provider is set to introduce, subject to regulatory approval, products that could cover consultation spends and diagnostic expenses. Through these launches, the company intends to target segments, which it feels have huge potential.

A pre-existing condition is any health problem the individual has before seeking insurance. Many insurers either mandate an exclusion or waiting period for such conditions. During this period, the expenses incurred for the ailment are not covered by the policy.

Anuj Gulati, managing director and CEO of Religare Health Insurance, told The Telegraph that certain customers who are diagnosed with pre-existing conditions either do not receive quality insurance coverage or their cases are rejected. Religare has now sought green signal from the Insurance Regulatory and Development Authority (IRDA) to introduce a product, which would allow it to cover declared pre-existing conditions.

Gulati said there was a dearth of products to cover expenditure at out patient departments and on doctor consultations and diagnostic check-ups.

'We are designing a product to capture this spend. This is a big area and sometime next year, post regulatory approval, we will cover these healthcare spend of customers,'' he added.

Religare Health Insurance commenced operations more than two years ago and its shareholders include Religare Enterprises, the Union Bank of India and Corporation Bank. Since its inception, the company has settled more than 125,000 claims, has tie-ups with more than 4,000 hospitals in the country and services customers through 11,000 agents.

It has seen the gross written premium rising from Rs 38 crore in the first year of operation to Rs 152 crore a year ago. During the first six months of this year, the company posted a written premium of around Rs 106 crore. Gulati said the growth came on account of its key strengths, which include quality of service offering, technology and value for money products.