Construction giant, L&T is planning to invest Rs 500 crore in L&T General Insurance over the three to four years.

L&T General Insurance has completed one year of operation and has earned a premium income of around Rs 80 crore. Joydeep Roy, CEO and wholetime director, L&T Insurance pointed out that the company already caters to
1,000 locations around the country and has issued 60,000 policies in its first year of operations.

Y M Deosthalee, chairman and managing director at L&T Finance Holdings Ltd, the financial services arm of L&T group said, "We plan to build a strong presence in the general insurance business and will be investing Rs 500 crore over the next three years."

The insurance arm of the $11.7-billion L&T Group has 33 product lines and motor insurance business accounts for around 55 per cent of the business. It already has a capital base of Rs 250 crore.

L&T General Insurance today launched its maiden health insurance product - my: health Medisure Prime Insurance for families and individuals. The buyers can choose covers from Rs 3 lakh to Rs 10 lakh and for the Rs 3 lakh cover for a person aged between 26 years and 35 years, the premium is between Rs 6,600 and Rs 7,700.