After launching its first insurance products, Personal Accident Insurance and Household Fire Insurance policy in May 2002, pharma retail chain Medicine Shoppe has launched Critical Care Insurance for the people of age group of 5 to 25 years of age in association with Bajaj Allianz General Insurance Co Ltd.

According to the scheme, customers of MS will get free Critical Care Insurance for their wards against purchase of medicines and OTC products from any MS outlet in the country. "For every purchase worth Re 1, free insurance worth Rs 2 for the age group of 20-25 years will be made available," said Viraj Gandhi, managing director, Medicine Shoppe India.

Under the scheme, a customer can make purchases worth Rs. 5,000 at any time within a period of six months in order to get cover of Rs. 10,000 for their beneficiary. Subsequently for all additional purchases collectively valued at Rs. 5,000, within six months free insurance of Rs. 10,000 is offered, subject to ceiling of insurance valued at Rs. 2,00,000 at any given point of time per beneficiary. The cover is available for a period of one year from the date of commencement.

The policy is particularly attractive since it covers 10 critical illnesses like cancer, first heart attack, bypass surgery, multiple sclerosis, renal failure, organ transplant and more for insured between ages 5 and 25. "The benefit amount is payable as advance and upon the diagnosis of the disease. All the insured has to do is to submit the claim form along with the certificate from the specialist confirming the illness," said Sam Ghosh, CEO, Bajaj Allianz.

Medicine Shoppe currently has 38 retail outlets in the country, of which 35 is in Maharashtra. Pune has been the ideal market city for the company with about seven outlets. "We will expanding our outlets to 11 by April," said Gandhi. The company is expecting a turnover of Rs 7 crore for the year ending March 2003. "We hope to make it Rs. 18 crores by March 2004," he said.