Page 14 - Insurance Times Octoberr 2022

posed to be administered to teenage amended in 2015, and health insur- requirements, from wellness & value-
girls before they are sexually active. ance is recognised as a separate entity. added services, which are the USPs of
To date, we have six standalone health the product, to enhanced mother &
IRDAI: Health sector, in- insurance companies, and to facilitate childcare as well as overseas treatments
seamless reimbursements, there are 19 for specific illnesses.
surance require parallel in- third-party administrations. However,
vestments having said that, it is not enough for Future Generali India In-
the size and diversity of the popula-
Insurers need to work together with
tion," he said. surance launches compre-
hospitals, and investors in health insur-
ance should also put money in hensive health insurance
healthcare when value-added services Future health policy to
product
are allowed, IRDAI has said. This was cover LGBTQIA+ ties Future Generali India launched a com-
needed to address the 'chicken and
Future Generali India Insurance Com- prehensive health insurance product -
egg' problem of lack of adequate
pany has said that its new health cover FG Health Absolute. This latest health
health insurance and healthcare in
has expanded the definition of family insurance offering is designed towards
smaller cities as each depended on the
to include members of the LGBTQIA+ empowering customers to actively
other.
community and members in a live-in manage their health and leading a
Speaking at a health insurance summit relationship. healthy lifestyle.
organised by the CII in New Delhi,
In the new cover FG Health Absolute FG Health Absolute comes with a host
IRDAI chairman Debasish Panda said
launched by Future Generalithe policy
of wellness benefits provided as a part
that if the healthcare infra comes up,
covers basic hospitalisation, access to
of the product - the policy helps cus-
insurance companies can start selling,
value-added services like tele counsel-
tomers to access value added services
so that there is a revenue stream for
ling, webinars on mental & physical
like tele counselling, webinars on men-
hospitals and their concerns can be
health, vouchers for wellness centres,
tal and physical health, vouchers for
addressed.
fitness, sports & diagnostic centres and
wellness centres, fitness, sports and di-
Panda said that during his term as fi- regular health check-ups to ensure a agnostic centres and regular health
nance secretary, the government had healthy & fit lifestyle. check-ups to ensure a healthy and fit
come out with a Rs 50,000-crore line "In keeping with our focus on being an lifestyle.
of credit for healthcare in the country 'inclusive' insurer, with this product, we
This product comes with a loyalty
for new as well as upgrading existing are also taking an important step by
programme that enables customers to
hospitals. "It was available at an inter- expanding the scope of 'family' defini-
encash their reward points for pre-
est of 7.5% as there was a guarantee tion for our health indemnity products
mium discounts, availing a variety of
from the government for 75% of to offer protection to members of the
goods, memberships etc in the re-
brownfield and 50% for greenfield. LGBTQIA+ community & members in a
newal policy. Under its wellness
"Unfortunately, the uptake was very live-in relationship," MD & CEO Anup
programme, customers are encour-
small and I think it was only Rs 7,000 Rau said.
aged to undertake stress and happiness
crore," said Panda.
The move to include all partners began checks, and health risk assessments,
Panda said that as against the 19% with some multinationals going in for twice a year, in addition to annual ex-
compounded annual growth rate in group policies that cater to all relation- pert wellness assessments and lifestyle
health insurance in the last five years, ships as part of their global inclusion disorder monitoring. Monthly tracking
the sector has the potential to grow at policy. Companies have now started has been included towards monitoring
30-35% with three As - awareness, incorporating this in standalone poli- fitness and healthy lifestyle of the cus-
accessibility and affordability. cies as well. tomers, ensuring a comprehensive ap-
"The pandemic taught us that health LGBTQIA+ is a term that includes proach towards physical and mental
insurance is a risk-mitigation tool. Dur- people of all genders and sexualities - wellbeing. The policy offers a girl child
ing Covid, health insurance played a lesbian, gay, bisexual, transgender, benefit where the maternity sum in-
very important role by catering to 27 questioning, queer, intersex, and sured is increased by an additional
lakh with claims worth Rs 24,000 asexual. According to Rau, the policy amount of Rs 10,000 on the birth of a
crore. Insurance Act of 1938 was caters to almost all possible healthcare girl child.
14 The Insurance Times, October 2022