Page 53 - Insurance Times July 2024

NEW PRODUCTS

New Product Launches

Narayana Health Insurance launches its efficient experience, so the coverage is primarily within the
trusted Narayana Health network, where experienced
first insurance product 'Aditi' doctors and advanced facilities wait. This minimises
Narayana Health Insurance (NHIL), a new venture by administrative hurdles. In other countries, what we offer is
Narayana Health, on Monday (July 1) announced the launch called managed care rather than insurance," he added.
of its first health insurance product, 'ADITI.'
In India, there is a need for 70 million surgeries, but only 20 Kotak Life Insurance launches Kotak
million are being performed as people do not have the means Gen2Gen Protect
to undergo even bellwether procedures (caesarean delivery,
Kotak Mahindra Life Insurance Company has introduced an
laparotomy and treatment of open fracture), said Dr Devi
Shetty, chairman of Narayana Health. innovative protection plan, Kotak Gen2Gen Protect,
designed to cover two generations within a single policy. This
To bridge the gap, Narayana Health has introduced its first new plan offers an industry-first feature, allowing
health insurance product, 'Aditi' on July 1. policyholders to pass on their coverage to their children, thus

Launching the product, Dr Shetty hoped that in near future, creating a legacy of protection.
India will usher in a strategic shift where quality health care Key features of Kotak Gen2Gen Protect
will not only mean strengthening infrastructure and access
to malaria, TB and HIV but also surgical procedures. Guaranteed Return of Premium: The plan guarantees
a 100% return of premium benefit upon survival.
Aditi, being introduced as a pilot project in Mysuru, Mandya
and Chamraj Nagar, is expected to be launched in Bengaluru Generational Coverage: The policy allows the complete
as well in a couple of weeks. risk cover to be transferred to the policyholder's child
when the primary insured parent reaches the age of
"We are going to see how this pans out, before taking it 60 or 65. This coverage then continues for the child until
across India. Aditi is the basic, entry level plan, the first of they turn 60.
the three plans we will introduce soon. Aditi's premium is
set at Rs 10,000 a year and will cover a family of four where Comprehensive Protection: Kotak Gen2Gen Protect
the eldest is 45 years old," said Viren Prasad Shetty, vice- includes built-in wellness benefits and optional riders
chairman of Narayana Hrudayalaya Ltd. such as Accidental Death Benefit, Permanent Disability
Benefit, and Critical Illness Plus.
According to Ravi Viswanath, director of Narayana Health
Insurance Ltd, the premium will vary if there are existing Additional Benefits for Women: Female policyholders
co-morbidities and if the patients are older. receive an extra 5% death benefit.
Mahesh Balasubramanian, Managing Director of Kotak
"The insured are covered to the extent of Rs 5 lakh in
treatment and Rs 1 crore in surgeries. Traditional insurance Mahindra Life Insurance Company Limited, highlighted the
companies charge anywhere between Rs 20,000 and Rs cultural significance of the new product. He stated, "As an
48,000 for the same," added Viswanath. organization, our unwavering dedication is to innovate and
curate products that exceed our customers' expectations.
The idea is to offer health insurance to everybody, added Kotak Gen2Gen Protect is a product through which our
Dr Shetty. "We are not going to say no to anyone who wants customers can secure two generations with a single term
insurance, irrespective of their medical conditions," he said.
plan. The essence of this product comes from the importance
Aditi will initially be restricted to only in Narayana Health when we Indians place on family, tradition, and legacy. Passing on
it comes to elective procedures, but the insured can avail it values, knowledge, and teachings to the next generation is
anywhere for emergency treatment, said Viren Prasad. deeply ingrained in our Indian culture. Here is a product that
"Unlike traditional plans, Aditi prioritises a smooth and understands the essence of these values."

The Insurance Times July 2024 47