Private medical insurance business at Norwich Union Healthcare has risen by 15.6 per cent in the last year.
The PMI specialist says new business rose to £2.04m last year from £1.77m in 1999. This is the first time the healthcare division of the life office has released results separately from the rest of the group.
NUHC, which provides corporate and individual PMI, says there was strong performance of its products across the board, which is a reflection of the wide range of products it offers and the high level of service to investors.
The company is now offering an employee-only cash plan product for group business which allows companies to reduce costs by providing a cash plan for individual employees only rather than also covering their families, which is the norm with other such plans.
The premiums range from £5 to £25 a month and are half the price of family cash plan cover. NUHC says the product will complement its PMI range.
Benefits offered by the cash plan include between £200 and
£1,000 a year towards alternative treatments such as physiotherapy and homeopathy up to £225 a year for allergy testing and four GP helpline consultations a year.
Head of business development Carolyn Derrington says: “Cash plans are a valuable addition to employee benefit packages. This new product, which complements our existing range, extends the options for companies wanting to offer cash plans at a lower cost.”