Page 14 - Insurance Times July 2022

point of launching the products or citizen is able to access quality medi- the massive expenses foreseen, and it
modification or revision of the prod- cal treatment, Union Health Minister can potentially diminish the life savings
ucts. The Product Management Com- Mansukh Mandaviya said. of an individual.
mittee of the insurer should ensure
"Prime Minister Narendra Modi's gov- Our Global Health Care product ad-
compliance to the policy of the board
ernment is working relentlessly to dresses these reservations providing
while signing of the new products or
strengthen the health services across relief in opting for best-in-class treat-
modification of products," IRDAI said.
the country to ensure that every citi- ment globally without worrying about
Tapan Singhel, MD and CEO, Bajaj zen has access to quality health today," the financial burden."
Allianz General Insurance, said, "the he said.
Charu Kaushal, Chief Executive Officer,
proactive initiative by IRDAI will pro-
Allianz Partners India, said, "We are
vide some necessary mechanisms to Bajaj Allianz launches
delighted to partner with Bajaj Allianz
insurance companies who wish to
product to provide global for the launch of the industry-first
bring out more innovative products in health insurance plan - Global Health
health insurance coverage
the market at a faster frequency."
Care which uniquely combines the in-
Customers have the opportunity to Bajaj Allianz General Insurance an-
ternational healthcare footprint of
choose from a plethora of insurance nounced the launch of a new health
Allianz Partners, enhanced product
products that best suits their needs and insurance product 'Global Health Care'.
features and a hassle-free claim settle-
thus secure their lives against any exi-
It is a comprehensive health indemnity ment process.
gencies, Singhel said.
insurance product that provides seam-
The plan enables our customers to
Insurers should file the proposed name less cover to the policyholder for
avail of planned or emergency treat-
of the product, date of approval by planned as well as emergency treat-
ment anytime around the world, sup-
Product Management Committee and ment availed for domestic and interna-
ported by our vast medical network.
they should obtain the UIN. "Thereaf- tional usage.
We are excited to embark on this jour-
ter, insurers should file the product
The USP of the product is that it allows ney with Bajaj Allianz to jointly deliver
along with all other with the authority
insured members to plan any treat- best in class and customer-centric
within 7 days of launch of the prod-
ment abroad or in India availing the healthcare solutions."
uct," the circular said.
best medical facilities anywhere across
Insurers should ensure that the prod- the globe. ManipalCigna launches
uct pricing is viable, self-sustainable
Bajaj Allianz General Insurance has health policy covering OPD
and affordable to the targeted market.
collaborated with Allianz Partners to
The revision in the price, if any, should expenses up to Rs. 50,000
provide a seamless claims experience
be effected only based on the underly- ManipalCigna Health Insurance Com-
through the company's extensive glo-
ing claims experience (Incurred Claims
bal network and quality claim settling pany Ltd. has forayed into cashless
Ratio) and to make the product viable
capabilities. OPD with the launch of ManipalCigna
and self-sustainable. Insurers should ProHealth Prime offering day-to-day
The product offers one of the widest
disclose the rationale for revision in healthcare expenses such as consulta-
sum insured starting Rs. 37.50 lakh to
price along with the underlying claim tion fees, prescribed diagnostic tests
Rs. 3.75 crore ($100,000 to $
experience (ICR) of the product that and pharmacy expenses.
1,000,000). It is available with two
lead to the revision in the price in their
plans namely 'Imperial Plan' and 'Im- As per the company, In India, approxi-
website.
perial Plus Plan' offering international mately 65% of healthcare expenditures
and domestic Covers. are out-of-pocket expenses, which are
Government working 're-
Commenting on the product launch, not covered by most health insurance
lentlessly' to strengthen
Tapan Singhel, MD & CEO, Bajaj Allianz policies in the market. To help reduce
health services across General Insurance said, "We firmly such spending, ManipalCigna
believe that best in class medical care ProHealth Prime will give policy hold-
country: Union Health
can increase life expectancy and im- ers Rs. 20,000, Rs. 30,000 or Rs.
Minister prove quality of life. Many of us want 50,000 per policy year, to cover outpa-
The central government is working 're- to look at international treatment op- tient expenses, including dental, vision,
lentlessly' to strengthen the health tions for our loved ones and ourselves physical doctor consultation fees, pre-
services in the country so that every but we seldom opt for it considering scribed medicines, etc.
14 The Insurance Times, July 2022