Future Generali India Insurance has launched a new health insurance product called Health Unlimited, which seeks to give greater financial security over rising hospitalisation and medical costs by offering unlimited restoration of the sum insured starting from the second claim.
Future General said that Health Unlimited would also offer the customer the once in a lifetime benefit of unlimited cover, irrespective of the sum insured, among the other benefits.
The plan also covers in-patient hospitalisation, day-care treatments, AYUSH treatments, referring to the coverage for traditional Indian systems of medicine, including Ayurveda, Yoga, Unani, Siddha, and Homeopathy, under health insurance policies, pre- and post-hospitalisation expenses, organ donor costs, and modern treatment methods.
Key benefits of Health Unlimited include:
- Unlimited coverage: This benefit shall cover the full cost of claim, regardless of sum insured, once in the lifetime of the policy and for any one claim.
- Inflation guard: Annual enhancement of sum insured to safeguard against rising medical expenses
- Premium payback: Discount of renewal premium in the fifth year, equivalent to the first year base premium, if there is no claim in the preceding four policy years
- Unlimited refills (restoration benefit): Base sum insured gets refilled unlimited times, from second claim onwards
Health Unlimited also comes with benefits like wellness discounts, cumulative bonus for every claim free year, additional sum insured for accidental hospitalisation, no sub limits for services like cataract surgery, road ambulance, and LASIK procedure and complementary health check-ups.
Anup Rau, managing director and CEO of Future Generali India Insurance, said: “Rising cost of medical treatment is a cause of concern for a vast majority of people in India, despite having a health cover.
“As lifetime partners to our customers, it is our endeavour to address these challenges by offering tailored solutions and adequately covering the Indian consumer.
“Our comprehensive health insurance offering, Health Unlimited, will ensure that our customers do not run out of cover even during the times of higher bills, irrespective of their sum insured getting exhausted.”
According to a survey by Future Generali India Insurance, more than eight out of every 10 people insured in India feel unsure about the efficacy of their health cover amid soaring medical costs.
The survey was conducted on 800 insured individuals above the age of 25 and showed rising concerns about the adequacy of current health insurance coverage.
Future Generali said that India has one of the highest medical inflation rates among other Asian countries in 2021 – approximately 14% – surpassing China 12%, Indonesia 10%, Vietnam 10% and Philippines 9%.
Future Generali said that three out of four insured individuals in India worry about the sufficiency of their health insurance coverage amid rising healthcare costs.
It added that when faced with a claim, two out of every three individuals feel insecure and inadequately covered as they encounter unexpected bills.
And nine out of 10 health insurance policy holders felt that recharge of sum insured is a key benefit.