Apollo Munich launches new insurance plan Health WalletPosted by on 11/12/17
hennai, Dec 11: In an endeavour to offer a unique winning proposition to its customers, Apollo Munich Health Insurance (AMHI) on Monday launched a new category WinSure with its revolutionary Win-Win health insurance plan Health Wallet. This one-of- a-kind policy was 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 hospitalisation and OPD expenses that were 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, thereby creating a reserve kitty for the customers that could 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 practioner, physiotherapist, dietician, among others. It also allows the user with the flexibility of paying for non-payable items that were generally excluded from any health insurance. As a unique offering, it pays for other medical expenses that were not covered under any other medical insurance such as cosmetic treatment and Alzheimers and the customers could even use this reserve amount to fund for co-payment and deductible cost. Addressing a press conference here, AMHI Deputy CEO Krishnan Ramachandran said the most interesting part of the Reserve benefit was that it lets your money earn for you. Every year the unused reserve amount gets carried forward and earns a six per cent bonus.This accumulated reserve kitty can in turn be used to pay up to 50 per cent of the renewal premium, post five continuous renewals, he added. Krishnan Ramachandran 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, he added. First India ranks 183 out of 189 countries on account of out of pocket expenses, which means almost 70 per cent of health care expenses incurred was out of pocket. Second, the Indian customers were 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. Third, post retirement people were worried about funding health insurance premiums. These pertinent concern areas of customers prompted AMHI to re-invent the industry and Health Wallet addresses these concerns. The company also announced Bollywood celebrity Farhan Akhtar as its brand ambassador.