Page 15 - Insurance Times November 2022

recognise reality or ability to meet the under the ambit of this definition. Com-
Bajaj Allianz's new glo-
ordinary demands of life, mental condi- plications relating to disorders of intoxi-
tions associated with the abuse of alco- cation, dependence, abuse, and with- bal health insurance
hol and drugs." drawal caused by alcohol and other sub-
policy
stances will also not be considered un-
Medical insurance will therefore cover
Bajaj Allianz has recently launched
der the mental health insurance.
treatment of mental diseases that fall
its 'Global Health Care' product,
which pays for medical expenses
ICICI Lombard launches 14 new products incurred within India as well as
ICICI Lombard, launched its latest line-up of 14 new or enhanced insurance overseas. Global health insurance
solutions, including riders/add-ons and upgrades across Health, Motor, Travel policies not only cover medical
and Corporate segments. The slew of offerings, announced at a press emergencies when you are travel-
conference in Mumbai on Friday, offers a comprehensive array of products ling overseas but also if you are trav-
across categories for a wide spectrum of customers. The product suite shall elling specifically to seek treatment.
transform the way consumers experience insurance, providing them a
Bajaj Allianz's Global Health Care
seamless journey and tech-enabled solutions.
product pays for in-patient
The insurance industry is now seeing new types of risks emerging, be it hospitalisation bills, pre- and post-
pandemic, climate change or data privacy and this calls for comprehensive hospitalisation charges, road and
coverage steered by the changing customer behaviour and driven by the air ambulance, out-patient treat-
advent of new technological solutions and opportunities. This was the core ment, day-care procedures, living
thought behind the new offerings and propelled by the recent revolutionary donor expenses and mental illness
announcement of ‘Use and File’ framework from the IRDAI. treatment, among other things.
You can choose between its Impe-
Insurance Penetration and Density in India rial plan and the more feature-rich
Imperial Plus variant.
Year Penetration (%) Density (USD)
Expenses incurred in India as well as
Life Non-Life Total Life Non-Life Total
abroad are covered under the Glo-
2001-02 2.15 0.56 2.71 9.10 2.40 11.50
bal Health Care product, but the
2002-03 2.59 0.67 3.26 11.70 3.00 14.70
sum insured limits are separate. In
2003-04 2.26 0.62 2.88 12.90 3.50 16.40
the case of the domestic compo-
2004-05 2.53 0.64 3.17 15.70 4.00 19.70
nent, you can choose from sums
2005-06 2.53 0.61 3.14 18.30 4.40 22.70
insured in the range of Rs 37.5 lakh
2006-07 4.10 0.60 4.80 33.20 5.20 38.40
to Rs 3.75 crore, while coverage
2007-08 4.00 0.60 4.70 40.40 6.20 46.60
under the international element
2008-09 4.00 0.60 4.60 41.20 6.20 47.40
ranges from $100,000 to $1 million.
2009-10 4.60 0.60 5.20 47.70 6.70 54.30
2010-11 4.40 0.71 5.10 55.70 8.70 64.40 "Policyholders can decide to seek
2011-12 3.40 0.70 4.10 49.00 10.00 59.00 treatment in India or overseas. It's
2012-13 3.17 0.78 3.96 42.70 10.50 53.20 up to them. With this product, poli-
2013-14 3.10 0.80 3.90 41.00 11.00 52.00 cyholders have the option to
2014-15 2.60 0.70 3.30 44.00 11.00 55.00 choose between worldwide cover
2015-16 2.72 0.72 3.44 43.20 11.50 54.70 (you also have the option to in-
2016-17 2.72 0.77 3.49 46.50 13.20 59.70 clude or exclude treatment in the
2017-18 2.76 0.93 3.69 55.00 18.00 73.00 US). In addition, there are some
2018-19 2.74 0.97 3.70 55.00 19.00 74.00 unique covers such as rehabilita-
2019-20 2.82 0.94 3.76 58.00 19.00 78.00* tion, palliative care, cost of accom-
2020-21 3.20 1.00 4.20 59.00 19.00 78.00 modation of parent for a minor
*Rounding off difference child's hospitalisation, and so on,"
Note: 1. Insurance penetration is measured as ratio of premium to GDP. says Bhaskar Nerurkar, Head,
2. Insurance density is measured as ratio of premium to total population. Health Administration Team, Bajaj
Source: Swiss Re, Sigma, Various Issues Allianz General Insurance.

The Insurance Times November 2022 13