IFFCO Tokio Gains IRDAI’s Group Medical Policy
Updated On Jan 22, 2020
In a recent development, IFFCO Tokio General Insurance Firm has acquired IRDAI’s Group Medishield Policy (GMP). The procedure came into force after the Group Personal Accident Policy (GPAP) and the existing GMP of the insurer, which was to be allotted to the employees got expired on 19th April. The procurement committee of the authority, which was held recently, decided to award the plan to IFFCO Tokio.
Under this process of selection, quotations were demanded by IRDAI based on proposed coverage and existing coverage, from all standalone health insurance firms as well as all the general insurance companies. As per the received quotations, 12 insurers filed the quotations for GPAP, and on the other hand, 11 insurers submitted the quotes for GMP before IRDAI’s group medical policy got acquired by IFFCO Tokio.