India - Mumbai, Apollo Munich launched two new health plans on the 7th.
Optima Vital is a critical illness plan which covers 37 critical illnesses and against normal standards provides cover for 7 - 20 of these conditions.
Optima Super caters to those who need a low cost cover while they are working - which can later be changed to a full-fledged plan when the person retires with no rejections due to age or pre-existing ailments.
"Given the increased stress levels and changing lifestyles, Indians are encountering critical illnesses more than ever before. Not only the incidence rate of such diseases is increasing, the number of critical illnesses is also on a rise. Hence, there is a need for a one stop shop plan that covers all the major critical illnesses to help reduce the financial trauma related to critical illnesses," Apollo Munich Health Insurance CEO Antony Jacob said.
The customers under the Optima Vital plan will have the option of taking e-opinion from a panel of doctors appointed by Apollo Munich.
"This is an inbuilt benefit and comes with all sums insured variants. Optima Vital offers the consumer lifelong renewal and shall terminate on first occurrence of any one of the defined critical illnesses. The entry age for the cover is 18 years, with maximum age of entry being 65 years. The policy also offers an income tax benefit," he added.
Optima Super comes with a high deductible plan where the customer can enhance their sum insured at a low cost when they need it and customers don't have to cross the deductible for every claim and can instead aggregate all the claims over a period for multiple hospitalizations to cross the deductible limit.
Apollo Munich is joint-venture between Apollo Hospitals Group and Germany-based reinsurance firm Munich Re.
Shruti Saxena, August 2014
Hannah Punitha (IRDA Licence Number: 2710062)