Apollo Munich Health Insurance Introduced a New Category ‘WINSURE’ with first-of-its-kind Health Wallet plan

by Shrutee K/DNS

Mumbai: In an endeavor to offer a unique winning proposition to its customers, Apollo Munich Health Insurance (AMHI) 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 hospitalisation 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 practioner, 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.

Reserve Benefit

- 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

The most 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 upto 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, Mr. Antony Jacob, Chief Executive Officer, 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 concerns”. “Health 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 nation.”

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 health confident.”

For customers 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 in case 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 upto 50% 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

Multiplier 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

In-patient 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 upto 60 days, prior to admission

Post-hospitalisation- The medical expenses incurred after discharge from the hospital is called post-hospitalisation. It will cover upto 90 days, after discharge from the hospital

Day care procedures - Covers in-patient treatment and daycare 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

Domiciliary 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

Worldwide 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

ABOUT APOLLO MUNICH HEALTH INSURANCE COMPANY

Apollo 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.