OCARE, an independent insurance process as a service (IPAAS) platform, today launched the first ever group dental insurance product in the country.
The product, also known as OCARE, is a group insurance product offering a sum assured of Rs 25,000 with an annual premium of Rs 1,699.
It is the first, and only, IPAAS that provides countrys first group dental insurance, the company claimed.
The product is underwritten by OCAREs three insurance partners.
This is the first time that dental insurance is being offered as an exclusive product in the country. Usually, it is clubbed with health insurance, where dental ailments are not covered exclusively.
We got product approval through our three insurance partners, who have also underwritten for OCARE,OCARE Founder and CEO Neeraj Sheth told reporters here.
However, he did not disclose names of the insurance partners. Initially, the product will be launched in Maharashtra and by the end of this financial year it will be available across the country, he said.
Vihigaon, a village panchayat located in Buldhana district of Maharashtra, has become the first village to be covered by OCARE Dental Insurance, Sheth added.
He said the company has invested USD 3 million for the venture so far through internal accrual and will spend USD 7 million over next two years as and when required, for which we will look at private equity (PE) partners.
The company is targeting to launch two more dental products by the end of this financial year and 20 lakh policy holders.
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