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In what is first for a health insurance policy, <keyword id="6369255" type="PERSON" weightage="100" keywordseo="Apollo-Munich">Apollo Munich</keyword>’s new policy would also be covering the costs of illnesses that are treated abroad. 
Apollo Munich is all set to launch Critical Advantage, a new health policy which covers eight critical illnesses that are treated abroad. Under the new policy, the insured people will be paid for travel and accommodation expenses for themselves and one person accompanying them, along with the cost of the treatment. 
 
The new policy comes as a rider with Optima Restore or Easy Health policy of above 10 lakh and is available for a sum assured either of Rs 1.5 or Rs 3 crore. 
 "While people have this fear of how to choose the best healthcare facility, they also wonder how to fund their travel cost," Antony Jacob, CEO, <keyword id="498413" type="COMPANY" weightage="100" keywordseo="Apollo-Munich-Health-Insurance">Apollo Munich Health Insurance</keyword>, told ET. 
 
"There are instances when Indians choose to travel for treatment, but accommodation for the accompanying family members becomes a big concern," he said. 
 
The illnesses covered under the new policy are cancer, heart replacement or repair, bone marrow transplant, neurosurgery, coronary artery bypass surgery, pulmonary artery graft surgery and aorta graft surgery under the cashless scheme. 
 
The insurer will also be providing assistance in determining treatment, travel and accommodation of the insured person. There is a second opinion option also included in the plan. 
 
<a href="https://yt3.ggpht.com/-zTgJo3wkBDo/AAAAAAAAAAI/AAAAAAAAAAA/dHQ0qwW5J0U/s900-c-k-no/photo.jpg">Image source</a>

Apollo Munich announces new insurance policy to cover overseas treatment

New Delhi, Jan 9 () Mortgage lender HDFC on Thursday said it has completed the acquisition of majority stake in Apollo Munich Health Insurance for Rs 1,495.81 crore.
 HDFC bought 50.80 per cent stake of Apollo Hospitals Group in Apollo Munich for Rs 1,485.14 crore and 0.36 per cent shareholding of employees for Rs 10.67 crore.
 On January 2, HDFC had informed that the company and its subsidiary HDFC ERGO has got approvals for acquiring a majority shareholding in Apollo Munich.
 "Subsequent to this approval (regulatory), Apollo Munich Health Insurance Co Ltd has been renamed as HDFC ERGO Health Insurance Ltd (HDFC ERGO Health) and will operate as a subsidiary of HDFC Ltd," HDFC said in a regulatory filing on Thursday.
 The acquisition comes after approvals from the Competition Commission of India, the RBI and the Insurance Regulatory and Development Authority of India.
 Anuj Tyagi, Executive Director &amp; Chief Business Officer at HDFC ERGO General Insurance Company (HDFC ERGO General) has been appointed as the Managing Director and CEO of HDFC ERGO Health, subject to approval from Irdai.
 HDFC ERGO Health and HDFC ERGO General will shortly apply to the National Company Law Tribunal (NCLT) for their merger, HDFC said.
 Post merger, the resultant entity will be the second largest private insurer in accident and health segment in the country, it said.
 "We are committed to create value for all our stakeholders with the combined strength of the brand HDFC and expertise of Apollo Munich in health insurance," said HDFC Chairman Deepak Parekh.
 Shobana Kamineni, Chairperson of Apollo Munich and Vice Chairperson, Apollo Hospitals Enterprise exuded confidence that the company will become stronger under HDFC.
 Apollo Munich Managing Director Antony Jacob will move to Apollo Hospitals Group.
 "The acquisition provides HDFC ERGO with the opportunity to grow by increasing its footprint and distribution network, in line with its strategic objective to be amongst the top private insurers in the industry.
 "Policy holders and channel partners will benefit from enhanced product suites, touch points and technology innovations," said Markus Rieb, Chairman, ERGO Group AG and board member of Munich Re.
 HDFC stock settled at Rs 1,270.80 on the BSE, up 1.09 per cent from the previous close. KPM KPM ANU
ANU

HDFC completes majority acquisition in Apollo Munich

This year as many eagerly await the monsoons, if only to snuggle up to loved ones and munch hot pakoras, it’s not so rosy for most across the country. More than 50,000 cases of dengue were registered last year, with many ending in fatalities. The number of unregistered cases is as high as 6 million. 
 <keyword id="6369255" type="PERSON" weightage="100" keywordseo="Apollo-Munich">Apollo Munich</keyword> today launched the country’s first exclusive over the counter <keyword id="6362363" type="ORGANIZATION" weightage="100" keywordseo="health-insurance">health insurance</keyword> policy for an infectious disease like Dengue. The policy covers both hospitalization and outpatient expenses and is available at a premium of Rs. 444, and provides Rs. 50,000 inpatient and Rs. 10,000 OPD coverage. 
 
“Our estimate suggests that a Dengue patient incurs an expense of Rs. 30,000-45,000, and the diagnostics cost 5000-10,000 based on the city you live in”, Antony Jacob, CEO, Apollo Munich said. 
 
The insurance plan would require no medical test, just a 15 day waiting period to ensure infected people don’t sign up. The plan comes with cashless facility in 4,000 hospitals across India. For others, claims would be reimbursed in 7 days. While it’s an individual policy, one could apply for up to 6 people in the same proposal. 
 “For those already with a <keyword id="6465570" type="UNKNOWN" weightage="100" keywordseo="medical-insurance">medical insurance</keyword>, they could have this as an additional package so that they don’t lose their bonuses when they claim for a dengue case. It’s annually renewable, and is available life-long”, Jacob observed. 
 
Brand ambassador Sourav Ganguly shared his experience with Dengue, “Having seen my daughter go through dengue a few years ago, and the anguish it causes, I urge everyone to pledge their platelets for helping people suffering from dengue and who need to replenish the lost platelets.” 
 
When jokingly asked if he’d go shirtless again like he did at Lords as doctors advise wearing full sleeves to protect against dengue, he chortles, “That was 14 years ago, and we still remember that!”

Apollo Munich launches affordable insurance for Dengue

Many <keyword id="35450" type="COMPANY" weightage="40" keywordseo="insurance">insurance</keyword> companies are offering maternity covers as a part of their regular health policies these days. Earlier, maternity benefits were extended only as a part of employers’ corporate health insurance policies. 
 However, companies like ICICI Lombard, <keyword id="6395721" type="COMPANY" weightage="40" keywordseo="Max-Bupa">Max Bupa</keyword> and <keyword id="6369255" type="PERSON" weightage="80" keywordseo="Apollo-Munich">Apollo Munich</keyword> have started offering this cover, with sub-limits ranging from Rs 15,000-50,000. However, these products are costly and have a long waiting period of up to six years. 
 
Does it make sense to buy them? “Individuals can buy maternity cover if their employer’s insurance doesn’t cover it. Even selfemployed people should consider buying it. However, they should evaluate whether the cost and waiting period, after which such a cover is available, are reasonable,” says Arvind Laddha, CEO, Vantage Insurance Brokers. 
 
What Does it Cover? 
 
Maternity cover takes care of expenses related to delivery (normal and caesarean section) or the lawful medical termination of pregnancy during the policy period. However, there could be conditions limiting the number of deliveries or terminations, either during the lifetime of the insured person or the policy period, says Antony Jacob, CEO of health insurer Apollo Munich. Pre and post-natal expenses per delivery or termination are also covered. 
 
Depending on the insurer and the product variant, WHO-approved vaccinations and medical treatment for the new born till 90 days or the next renewal will also be paid for. If your policy entitles you to daily cash hand-outs, you can use it to take care of your sundry expenses too. “If the insured person chooses the room type wisely, an additional sum as daily hospital cash can be used for other related expenses like medicines,” says Jacob. 
 
According to Max Bupa, a rise in maternity claims points to the relevance of the policy. “We have noted an almost 50% increase in claims related to maternity in the last year. 
 
Coverage for maternity-related expenses is gaining importance with increase in medical costs as well as maternal age and greater incidence of lifestyle diseases that may lead to complications at the time of pregnancy,” says Manasije Mishra, CEO, Max Bupa. 
 
Sanjay Datta, chief, underwriting and claims, ICICI Lombard General Insurance, also believes that the policy is worth its premium because “it not just takes care of the hospitalisation costs, but also the insured’s pre and post-natal expenses.” 
 
The company’s claim figures indicate a sharp increase in maternity claims in 2013. 
 
While delivery-related claims went up by 36.52% from 2012, claims paid out for treatment of complications in new born babies shot up by nearly 46%. 
 
Read the Fine Print 
 
“Generally, maternity covers are restricted to maximum 10% of the overall sum insured and the cover is available only in the third year of continuous coverage. Waiting periods extend to over two years. The insured should evaluate whether the premium is worth the benefit of taking this cover,” says Laddha. 
 
Prospective buyers should examine sub-limits, or ceiling, for maternity cover closely. Most insurers impose caps of Rs 15,000-25,000 for normal deliveries and Rs 30,000-Rs 50,000 for Caesarean section deliveries. 
 
Similarly, admissible preand post-natal expenses, too, could be limited to Rs 1,500-5,000. Waiting period — when maternity benefits are not paid — usually ranges from two to six years. “If the waiting period is low, there is a higher cost associated with the plan,” says Jacob. 
 
Policies that offer maternity covers are still costlier than regular ones. For example, under Max Bupa’s family floater product, the annual premium for a 30-year-old woman seeking a cover of Rs 5 lakh with maternity benefits will be Rs 14,816 (in a family of two adults). Without this component, it will be cheaper by around Rs 2,000-3,000. Similarly, in case of ICICI Lombard, the floater cover without maternity benefits will be cheaper by around Rs 7,000, while the difference is Rs 1,000 under Apollo Munich’s individual policy.

With Rising Costs, It May Pay To Buy A Separate Maternity Cover

<keyword id="35450" type="COMPANY" weightage="40" keywordseo="insurance">Insurance</keyword> companies are gradually warming up to the idea of offering specially-designed health insurance policies to individuals with health conditions such as <keyword id="6359018" type="UNKNOWN" weightage="40" keywordseo="diabetes">diabetes</keyword> and hypertension, among others. 
 Recently, standalone health insurer <keyword id="6369255" type="PERSON" weightage="60" keywordseo="Apollo-Munich">Apollo Munich</keyword> launched a health insurance plan specifically targeted at individuals suffering from diabetes and hypertension, among other conditions. 
 In August, New India Assurance had announced that it would not charge additional premium for those suffering from diabetes and hypertension at the time of buying its regular <keyword id="28351" type="ORGANIZATION" weightage="60" keywordseo="policy">policy</keyword>. Star Health had introduced products aimed at HIVpositive individuals and those suffering from diabetes much earlier. 
 
However, the big question is whether one should sign up for these special plans or settle for regular insurance plans with extra premium and/or restrictions on pre-existing diseases. “Illness-specific plans are not meant to cover those who can obtain regular covers. Only those insurance-seekers who are not eligible for regular health policies will evince interest in them,” Antony Jacob, CEO, Apollo Munich Insurance. 
 
Regular health insurance policies do extend coverage to pre-existing ailments, but only after a waiting period ranging of up to four years. The focussed covers, on the other hand, eliminate the waiting period. 
 
However, they impose other restrictions like co-pay — where the policyholder has to share the claim burden, and sub-limits on room rent. They may also specify the treatment expenses covered. Apollo Munich’s product requires policyholders to either accept the co-pay clause or pay a higher premium. 
 Such plans also specify the degree of ailment’s progression or type. For instance, these plans do not cover Type I diabetes. Similarly, the plan meant for HIV-positive individuals will not be extended if their CD 4 count at the time of entry is lower than 350. “Even regular policies sell covers to individuals with pre-existing ailments, provided they are perceived as low risk. Only those individuals whose illness has reached a degree where they fall in the highrisk category will be denied a regular cover. Such illness-specific plans may be more suited to the latter category,” says Sanjay Datta, chief, underwriting and claims, <keyword id="144335" type="POSITION" weightage="40" keywordseo="ICICI-Lombard-General">ICICI Lombard General</keyword> Insurance. 
 
Article Courtesy: www.economictimes.com

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