Apollo Munich Health Insurance strengthens its health insurance offerings for Canara Bank customers
– Upgraded plan will offer double sum insured coverage for cancer –
– Will also offer benefits like restore, high no claim bonus, daily hospital cash and an enhanced critical illness rider –
Leading standalone health insurer, Apollo Munich Health Insurance has revamped and upgraded its health insurance offerings for Canara Bank customers. Known for its commitment to innovation in the health insurance industry, the plan has been designed to include benefits to address the growing concerns of healthcare incidents, rising healthcare costs and to encourage people to stay healthy.
The comprehensive cover, especially designed for Canara Bank customers, will offer double sum insured for cancer treatment to cover the related treatment expenses. Other benefits offered include: 100% restoration of sum insured if used within the policy term, no-claim bonus for leading a healthy life, daily hospital cash up to Rs. 1,000 upon hospitalization to cover expenses not offered under the regular health insurance plan and annual health check-ups to uncomplicate wellness offerings for health insurance customers. The number of daycare procedures have also been increased from 140 to 182.
Speaking about the inclusions to the Canara Bank policy, Mr. Antony Jacob, Chief Executive Officer, Apollo Munich Health Insurance said, “In order to offer a comprehensive health cover to Canara Bank’s customers, we have enhanced the existing plan to support them in both illness and wellness. India is likely to have over 17 lakh new cases of cancer by 2020. Due to improved technology and newer drugs, the cost of cancer treatment is increasing exponentially and hence becoming unaffordable for many. Offering a double sum insured upon the diagnosis of cancer is a way to reduce the agony of the family in an unfortunate event. We have also observed that most customers are worried about utilizing the entire sum insured in the middle of their policy period. As a result, we have added the benefit of sum insured restoration – which has become a norm in most retail health insurance policies today. The daily hospital cash limit that has been added helps to offset any unforeseen emergencies that may not be covered under one’s regular health insurance policy. Regular health check-ups help policyholders to not take any chances with their health. For those customers who remain healthy and do not claim at all during the policy period, we are immensely pleased to offer a no claim benefit that can double their sum insured and help them enjoy higher coverage in the future.”
Following its tie up with one of the leading public sector banks – Canara Bank in 2013, Apollo Munich has witnessed a steady rise in bank customers seeking health insurance solutions over the last three years. With its deep understanding of the dynamic needs of customers, the insurer has been able to strengthen its partnership with the bank and its customers by offering specialized, comprehensive health insurance plans. At present, it offers health insurance coverage to over 7 lakh Canara Bank customers.
Added Mr. Jacob, “We began our bancassurance journey with Canara Bank four years ago and it is very encouraging to see them migrate from a mass offering to a more refined comprehensive product that has been developed for their customers’ changing needs. We eagerly look forward to a continued partnership where we uncomplicate health insurance for all their customers and offer access to quality healthcare facilities without having to worry about the medical costs.”
Owing to the rise in incidence of critical ailments across the country, Apollo Munich has also increased the number of critical illnesses covered under its Critical Illness Rider from 8 to 12 ailments. Apart from coverage for cancer, open chest CABG, heart attack, kidney failure, major organ/bone marrow transplant, multiple sclerosis, permanent paralysis of limbs and stroke, the additional illnesses covered are open heart replacement/repair of heart valves, coma, motor neuron disease and major head trauma.
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, Asia’s largest healthcare group, and Munich Re, which offers global health insurance and reinsurance excellence