Page 16 - Insurance Times November 2020

of 30 days. This option can be availed HDFC ERGO General Insur- We expect significant synergy poten-
at Rs 699 for a 1-year tenure. It will ance Completes Merger of tial based on our mature business prac-
be useful in case of hospitalization at tices such as high degree of automa-
any government or private hospital HDFC ERGO Health Insur- tion and scale, leading to cost efficien-
across the country. Freepaycard mem- ance with itself cies and better operating ratios."
bers who already have health insur- Mr.Ritesh Kumar, MD & CEO, HDFC
HDFC ERGO General Insurance (HDFC
ance policies or employer health insur- ERGO General Insurance Company Ltd.
ERGO), India's third-largest general
ance can also opt for this cover. said, "We welcome the policyholders
insurance company in the private sec-
The second cover, Death Benefit or the tor, announces the completion of the and channel partners of HDFC ERGO
Health Insurance into our family and
Personal Accident Cover for 1-year at merger of HDFC ERGO Health Insur- assure them of a seamless transition
Rs 699 for a sum insured of Rs 10 lakhs ance (formerly known as Apollo Munich and enhanced customer experience
in case of accidental death of the in- Health Insurance) with HDFC ERGO. with the combined expertise of both the
sured or permanent total disablement, Pursuant to approval of the merger by entities. We also welcome the employ-
and Rs 90,000 for parental care in case National Company Law Tribunal (NCLT) ees of HDFC ERGO Health Insurance
and the receipt of final approval from
of the insured's accidental death or into our family. Further, our existing
IRDAI, the merger was given effect to
permanent total disablement. policyholders and channel partners will
on November 13, 2020. The merged
The Special Vector-borne Disease-re- entity is HDFC ERGO General Insur- now be able to access the wider prod-
lated Hospitalization cover comes at ance Company Limited. uct suite of the merged entity and the
health insurance expertise and products
Rs 379 for a year for a sum insured of Speaking on the occasion, Mr. Deepak of HDFC ERGO Health Insurance."
Rs 75,000, which is paid on hospitaliza- Parekh, Chairman, HDFC ERGO General
tion due to any of the covered vector- Insurance Company Ltd. said, "The Mr.Anuj Tyagi, MD & CEO, HDFC ERGO
borne disease or malaria. These in- merger of HDFC ERGO Health Insur- Health Insurance Ltd. said, "The merger
clude dengue, chikungunya, kala-azar, ance with HDFC ERGO General Insur- of HDFC ERGO Health Insurance with
HDFC ERGO culminates about 10
Japanese encephalitis, and filariasis. ance is a moment of pride for us. This
months of efforts to integrate both the
However, a minimum of 48 hours of marks the second successful merger in entities. We would like to assure our
hospitalization is required for the in- India's general insurance sector, follow- policyholders of continuity of benefits,
sured to be eligible for the claim. ing the merger of L&T General Insur-
ance and HDFC ERGO in 2017. It makes access to wider product suite and access
Sanjeev Mantri, executive director, to digital capabilities of HDFC ERGO. Our
HDFC ERGO the one-stop-shop for all
ICICI Lombard General Insurance said, our general and health insurance offer- channel partners will now have access to
"We are delighted to partner with ings. Health insurance is expected to be the combined health insurance product
Freepaycard to offer several relevant one of the growth drivers for the gen- suite of the merged entity."
covers to their customers to provide eral insurance industry, and with this The merger makes HDFC ERGO the
them financial relief and thereby peace merger, we are now a dominant player second largest private insurer in the
of mind in their hour of need." within the health insurance industry." Accident & Health Insurance business,
"We believe affordable health and Speaking on the occasion, Mr. Oliver expanding its product suite to 50+
medical insurance is the need of the Willmes, COO ERGO International & products in this segment. In FY2019-
hour and that every member of ours Director, HDFC ERGO General Insur- 20, the merged entity had an overall
should have access to this facility," said ance Company Ltd. said, "The merger market share of 6.2% and an about 8%
provides us with the opportunity to market share in the Accident & Health
Richard Andrew, MD & CEO,
grow by increasing our footprint and Insurance segment. The policyholders
Freepaycard Retail Pvt. Ltd.
distribution network, in line with our will continue to have access to the
All Freepaycard members in the 18-65 strategic objective to be amongst the cashless network of 10,000+ hospitals.
age group are eligible for the product. top private insurers in our core mar- They will also benefit from the en-
Additionally, customers can choose ei- kets. We fully believe in the HDFC hanced reach of HDFC ERGO, which is
ther of the three or all three covers as ERGO management, which has done a now present in 203 physical offices
per their requirements and get them- great job putting tremendous effort across 170 cities and another 250+ digi-
selves insured. into the merger of the two companies. tal offices across the country.

16 The Insurance Times, November 2020