LIC, SBI Life, Star Health: Insurance stocks slip after govt launches cashless treatment plan for motor vehicle accident victims
Shares of LIC, Star Health, General Insurance Company, New India Assurance, ICICI Lombard, and SBI Life Insurance traded lower in morning deals on Friday, in the first session after Centre launched a pilot programme to provide cashless treatment to the victims of road accidents caused by the use of motor vehicles.
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10:22 AM IST
Insurance stocks such as LIC, Star Health, General Insurance Company, New India Assurance, ICICI Lombard, and SBI Life Insurance traded lower a day after central government launched a pilot programme to provide cashless treatment to the victims of road accidents caused by the use of motor vehicles.
The government of India swung into action to take the decision after Zee Business highlighted the issue.
As per the official statement, the National Health Authority (NHA) shall be the implementing agency for the pilot programme, in coordination with police, hospitals, State Health Agency (SHA), etc.
After the launch of the programme, here's how insurance stocks are performing.
LIC
Life Insurance Corporation of India slid by 1.75 per cent to the day's low of Rs 942.00 on Friday after closing at Rs 958.80 a day before.
The stock of India's largest PSU was trading lower by 1.57 per cent, or Rs 15.05, at Rs 943.75.
Star Health and Allied Insurance Company
The Star Health stock that opened at 550.05 on Friday (March 15, 2024) was trading flat at Rs 550.00 at 9:40 am.
The New India Assurance Company
New India Assurance slipped by 1.26 per cent in morning deals.
The stock of the company was trading lower by 0.87 per cent, or Rs 2.05, at Rs 233.00 in the morning session.
ICICI Lombard
ICICI Lombard slipped 1.47 per cent to the day's low of Rs 1638.05 on Friday after closing at Rs 1662.60 in the previous session.
The stock of the company was down by 0.50 per cent, or Rs 8.35 per cent, at Rs 1654.25.
General Insurance Corporation of India
The insurance company slipped by 4.38 per cent to Rs 323.00 on Friday after closing at Rs 337.80 on Thursday.
The stock was trading lower by 4.11 per cent, or Rs 12.65, at Rs 325.15.
SBI Life Insurance Company
Having closed at Rs 1505.30 a day ago, SBI Life Insurance opened at Rs 1465.95, a 2.61 down, which was also its day's low.
The stock was trading lower by 0.71 per cent, or Rs 10.75, at Rs 1494.55.
More details of NHAI's pilot programme-
In a statement on Thursday, NHAI said-
• Victims will be entitled to cashless treatment up to a maximum of Rs 1.5 lakhs per accident per person for a maximum period of 7 days from the date of accident.
• AB PM-JAY packages for trauma and polytrauma cases being co-opted.
• Applicable to all road accidents caused by use of motor vehicle on any category of road.
• Claims raised by hospitals for providing treatment to be reimbursed from the Motor Vehicle Accident Fund.
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