Page 13 - Insurance Times Janaury 2021

the industry is set to be introduced in air ambulance, outpatient coverage customers on a path of protection
2021. that too, cashless, super no claim through holistic fitness and wellness.

The IRDAI has decided to mandate all bonus and others. Under Tata AIA's Vitality programme,
general and health insurers to offer a "The new plans introduced will enable the company tracks and rewards with
standard personal accident insurance customers to avail a host of value- lower premium those policyholders
product. This will be a standard added services such as free annual who undergo regular health checks,
personal accident product with health check-up, online chat with eat right and live healthy. "The idea is
common coverage and policy wordings doctors, e-opinion, dietician, and that the healthier you are, the more
across the industry, which every nutrition e-consultation, among benefits you get. AIA has had
insurance customer should know, others," the company said in a tremendous success with this. In India,
Neeraj Prakash, Managing Director, statement. the regulatory framework had to allow
Shriram General Insurance, told. such products, and this happened only
Care Health's launches recently," said Tata AIA Life Insurance
ICICI Lombard revamps its MD & CEO Naveen Tahilyani.
Care Shield
health offerings Care Health Insurance launched a new Tata AIA has already filed the product
with the regulator and is awaiting its
ICICI Lombard has revamped its health insurance product, Care Shield. The approval. The private insurer has tied
insurance offerings keeping in mind the product offer triple advantages of
evolving consumer needs, which have inflation shield (considering rising up with South African insurer
Discovery, which came up with the
taken the centre stage because of the inflation), claim shield (covering certain
ongoing Coronavirus (Covid-19) hitherto uncovered medical expenses) Vitality concept. In India, it has
pandemic. and no claim bonus shield partnered Practo and second-opinion
consultant Medix. "We are working out
The insurer has launched four new (safeguarding the no claim benefit propositions that we can take to our
plans, namely Health Shield, Health from lapsing in case of moderate customers, like telemedicine and
Shield Plus, Health Elite, and Health claims of up to 25 per cent of sum consultation," said Tahilyani.
Elite Plus that are a part of its insured). The product also included
"complete health insurance" offering. preventive health checkups, wellness,
These plans are powered with new doctor consultations, diagnostics and Bajaj Allianz General
features such as unlimited reset of sum home care. Insurance partners with
insured wherein a customer gets the
benefit of resetting up to 100 per cent Insurers may reduce J&K Govt for PMJAY SEHAT
of the base sum insured unlimited premium for healthy scheme
times in a policy year for an un-related Bajaj Allianz General Insurance has
ailment. Other features include customers announced its partnership with the
worldwide covers where inpatient With the IRDAI recently allowing life Government of Jammu and Kashmir
expenses outside India will covered, companies to incorporate wellness into (J&K) for Ayush Bharat Pradhan Mantri
but there is a co-pay of 10 per cent. their policies, life insurers are working Jan Arogya Yojana (AB-PMJAY) SEHAT.
on their plans to offer wellness
It has also come up with features such "The scheme will offer the universal
as claim protector benefit that will pay benefits. health insurance cover with a sum
for the list of non-payable items. And, Tata AIA Life Insurance plans to bring insured of Rs 5 lakh, and will be
the sum insured protector feature shall its foreign partner's 'Vitality' provided on family floater basis," the
increase the sum insured every year programme to India, while Max Life
press statement said.
according to the prevailing inflation has incorporated wellness into a
"The scheme will provide free of cost
rates thereby ensuring that customers critical illness rider that it launched
are adequately covered due to rising recently. The private insurer's 'critical insurance to residents and the
premium is borne by the government,"
prices. The new products will also have illness and disability rider' comes along
the statement added.
features such as domiciliary with a 'Max Fit', a comprehensive
hospitalisation, emergency assistance, wellness app designed to lead Speaking on the partnership, Tapan

The Insurance Times, January 2021 13