Elmo Insurance, sole agent of Exeter Friendly Society, is offering a new private medical insurance product specifically designed for residents of Malta.

Interplan Malta was launched yesterday, with the company pointing out that it followed recent remarks by Health Minister Louis Deguara that the present health system was in need of radical changes since it was no longer sustainable.

One suggestion put forward by the Malta Insurance Association on this point was for the government to introduce a tax incentive to those who take a private medical insurance.

Speaking at a news conference at the Radisson SAS Baypoint Hotel, Chris Barkell, overseas business manager of the Exeter Friendly Society, said the new product had been specifically designed for people living in Malta.

"We worked hand-in-hand with Elmo who know the market well, researched the situation of medical treatment and saw what's on offer by our competitors before we came up with Interplan Malta," he said.

Exeter Friendly Society has members in over 120 countries.

Mr Barkell said the good thing about this plan was that "the age you join is the age you stay" which means that the younger the subscriber, the lower the premiums in later years of membership.

"We know that at a young age they are less likely to claim, so we are building investment for their claims when they grow older. The average age of our members is now 67 - they have remained loyal because we were loyal to them," he said.

Mr Barkell pointed out that the company had very high referral rates and that one in every three of its members had been recommended to join by happy clients.

The company will provide each policyholder with a membership card and the maximum age for new entrants is set at 79 years.

Elmo general manager Lino Ferris said that Interplan Malta was a unique policy provided by a company which does not have shareholders and is sold by an established agent in Malta at a premium which did not rise with age.

www.exeterfriendly.co.uk