A new category in health insurance by launching first-of-its-kind Health Wallet plan
December 16, 2017: In an endeavor to offer a unique
winning proposition to its customers, Apollo Munich Health Insurance (AMHI) today introduced a new category ‘WINSURE’ with its
revolutionary WIN-WIN health insurance plan called ‘HEALTH WALLET’. This
one-of-a-kind policy is set to redefine the health insurance category by
addressing pertinent questions such as value for money, ease and great service.
Health Wallet not only addresses the current needs of the customers by paying
for their hospitalization and OPD expenses that are usually not covered by
health insurance policies, but also ensures affordability of continuing their
policy in later years.
The disruptive and innovative Health
Wallet plan comes with a path-breaking ’RESERVE’
benefit. True to its name, this feature creates a reserve kitty for the
customers that can be used for a variety of out-of-pocket expenses such as speech
therapy, purchase of medicines, vaccinations, dental expenses, diagnostic tests,
spectacles, contact lenses, medical devices like blood pressure and sugar
monitors, oxymeters, prosthetics, consultations with medical practitioner,
physiotherapist, dietician etc. That’s not all, it also allows the user with
the flexibility of paying for ‘non-payable items’ that are generally excluded
from any health insurance. As a unique offering, it pays for other medical
expenses that are not covered under any other medical insurance such as cosmetic
treatment, Alzheimer’s etc. Last but not the least, customers can even use this
reserve amount to fund for co-payment and deductible cost.
– One-of-its-kind product which offers ‘Reserve Benefit’ that pays for a variety of healthcare expenses
-Let’s your money earn for you by offering a 6% bonus on the reserve balance at the time of the renewal
interesting part of the RESERVE
benefit is that it lets your money earn for you. Every year the unused reserve
amount gets carried forward and earns a 6% bonus. This accumulated reserve kitty
can in turn be used to pay up to 50% of the renewal premium, post 5 continuous
renewals. It is unarguably a new milestone in health insurance industry that
addresses the Indian savings and returns mindset and allows the customers to
fund for their health insurance premium in the later years.
Speaking on this announcement, Suraj Mishra: CEO –
South & Central Zone, Apollo Munich Health Insurance said, “With changing lifestyles, healthcare needs of Indians are changing at
a rapid pace and with this, we believe it is imperative for the health
insurance sector to redefine itself to cater to the evolving needs of
customers. With respect to healthcare financing there are three major insights
at hand and perhaps also the reason for low health insurance penetration. One –
India ranks 183 out of 189 countries on account of out of pocket expenses,
which means almost 70% of healthcare expenses incurred is out of pocket. Two –
Indian customers are probably most judicious as they always look for great
value for money and it has been imbibed in their minds to save money and plan
for their future. Three – Post retirement people are worried about funding
health insurance premiums. These pertinent concern areas of customers lead us
to re-invent the industry. Today we are proud to be the pioneers in leading
this change for our sector and introducing a new category WINSURE, along with a
revolutionary product – “Health Wallet” which addresses all of the above
Wallet, a next-gen product has been designed to address various dilemmas people
have while buying health insurance and caters to their complete healthcare
financing needs. Health Wallet is set to create a new vocabulary under the
premise of ‘WIN-WIN’ deal. It’s an absolute WIN when all your healthcare needs
from OPD to hospitalisation to emergency are addressed by a single plan and
also a WIN your money earns for your tomorrow. With this, we strongly believe
that we will bring change in the communities at large through our distinctive
offering and will continue our endeavour in making India a health confident
Additionally, at the
event, Mr. Jacob introduced Bollywood celebrity, Farhan Akhtar as the brand
ambassador of the Company. He is an eminent multi-facet personality,
who has succeeded in various aspects of life from being an actor, writer,
director, songwriter to a doting father and fitness enthusiast. Sharing his
views on the association, Farhan Akhtar
opined, “I have
always believed that healthcare is not a privilege but a right. In a country
where on one hand healthcare is becoming so sophisticated that people around
the world come to India for treatment; on the other hand most Indians can’t
afford these services. It saddens me to know that over 7 crore families in India
get pushed below poverty line every year while trying to tend to the healthcare
needs of their loved one. Seeing what an unforeseen health episode can do to a
family, I believe health insurance is a necessity for all as it not only
enables access to quality healthcare but also protects the dreams of a family.
I feel a sense of pride to be associated with the concept of health insurance
and more so with Apollo Munich for their passion and purpose of making India
who can take care of the first few lakhs of healthcare expenses either with
their personal funds or corporate insurance policies, Health Wallet also comes
with a deductible option. By opting for deductible, the customer chooses how
much expense he/she will be able to take care of in case of a health emergency.
KEY FEATURES OF THE PRODUCT INCLUDE
§ Reserve Benefit –
A unique benefit that continues to grow and
earn for you, helps you secure your retirement. Reserve benefit has been
designed to ensure that your money does not get wasted, that’s not all the
amount is carried forward incise not used during policy period. The amount that
is carried forward also earns a 6% bonus at the time of renewal. And the good
news is, that you can pay upto50% of your renewal premium from the accrued
Reserve benefit post 5 continuous renewals.
§ Restore Benefit- This feature automatically restores the sum insured if a
claim is made.
Benefit– If you’ve had a claim free year, your basic
sum insured will be increased by 50% as no claim bonus. If you don’t claim even
in the second year, your basic sum insured will be doubled as no claim bonus i.e.
100% of the basic sum insured.
treatment– If the insured is admitted in the hospitals
for more than 24 hours for treatment, this policy will pay for medical expenses.
§ Pre-hospitalisation – The medical expenses incurred before admitting to the
hospital is called pre-hospitalisation. It will cover up to 60 days, prior to
§ Post-hospitalisation– The medical expenses incurred after discharge from the
hospital is called post-hospitalisation. It will cover up to 90 days, after
discharge from the hospital.
§ Day care
procedures – Covers in-patient treatment and day-care
medical expenses incurred for emergency treatments for an illness or injury
sustained or contracted outside of India which cannot be postponed until one
returns to India, provided such treatment was medically necessary and certified
as an emergency by a medical practitioner.
§ Organ Donor– For
donor, the surgical/harvesting charges for the organ are paid through this benefit.
Organ cost is not paid.
§ Ayush Treatment – Medical
Expenses incurred for in-patient treatment taken under Ayurveda, Unani, Sidha
or Homeopathy upto 100% of in-patient sum insured.
Treatment– Treatment in home is covered, provided if
there is no bed available in the hospital or the person cannot be transferred
to the hospital. It is not outpatient.
§ Recovery Benefit– Under this, a
lump sum payment of Rs. 10,000 is given where hospitalization exceeds 10
continuous days. This benefit is payable only once per illness/accident per
policy year. This benefit is not applicable if optional deductible is chosen.
§ Ambulance cover benefit- Expenses incurred on transportation of
insured person to a hospital for treatment in case of an emergency, subject to
Rs. 2000 per hospitalization.
Emergency care – Covers expense on treatment of illness or
conditions first manifested during the Policy Period while travelling overseas
upto a maximum of 20 L, provided Hospitalisation or Day Care Procedure was
necessary and was done
APOLLO MUNICH HEALTH INSURANCE COMPANY
Munich offers innovative and award-winning health, personal accident and travel
insurance plans, with state-of-the art infrastructure and uncomplicated
services, delivered by engaged employees. It is a joint venture between the
Apollo Hospitals Group, one of Asia’s largest healthcare group, and Munich
Health, Munich Re’s health business segment, which offers global health
insurance and reinsurance excellence.
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