Page 38 - Insurance Times May 2023

NEW PRODUCTS

New Product Launches

SBI General launches a fully customi- The Health Edge insurance plan includes covers such as the
Global Treatment cover which takes care of the medical
zable, digital-only health product 'Health
expenses incurred towards inpatient care outside India, and
Edge Insurance' OPD cover which guarantees the medical expenses incurred
for allopathic OPD expenses including Diagnostics and
SBI General Insurance, launched a fully customizable digital-
Pharmacy, for both floater and individual policies.
only health product 'Health Edge Insurance'. The policy offers
a single comprehensive plan with 9 basic indemnity covers
ACKO launches battery insurance plan
and 18 optional covers, allowing customers to design a
tailor-made health insurance policy as per their for EVs
requirements. It offers customers a convenient and hassle-
ACKO General Insurance launched "Extended Battery
free experience.
Warranty" plan, targeting electric vehicle (EV) owners. The
The policy provides multiple sum insured options ranging policy is designed to boost EV affordability by enabling banks
between INR 3 Lacs to INR 25 Lacs, with long-term policy to lengthen loan terms and reduce monthly installments.
options available for up to 3 years. It offers customers value "This will indeed ease the lives of our customers and promote
with premiums starting from less than Rs.15/day*. The entry a nationwide rapid adoption of EVs," said Animesh Das, VP
age to purchase the Health Edge plan is 18 years to 65 years
- Motor Underwriting, ACKO.
for adults and 91 days to 30 years for children.
The first-of-its kind policy safeguards battery life for up to
Health Edge Insurance is a truly digital-only product from four or five years and provides performance coverage for
SBI General that makes buying health insurance a user- up to 60,000 km. Additionally, the comprehensive plan
friendly experience. The entire process right from purchase covers EV components alongside the battery and is
to claims will be completely digital and shall require minimal transferable to a new owner in the event of a sale, boosting
paperwork. Customers can avail services such as downloading resale value, said ACKO in a press release.
the policy document, premium payment, policy renewal,
Developed in collaboration with Ola Electric and Ather
making a claim and more, from the comfort of their homes.
Energy, the insurance plan is part of ACKO's broader strategy
The Heath Edge plan comprises of nine in-built covers: In- to establish an EV infrastructure by partnering original
Patient Hospitalization, Pre-Hospitalization Medical equipment manufacturers (OEMs) and providing
Expenses, Post-Hospitalization Medical Expenses, Day-Care comprehensive insurance plans to customers.
Treatment, Emergency Road Ambulance Cover, Bariatric With a massive 223% growth in EV sales in 2022, India's EV
Surgery Cover, Modern Treatment/ Advance Procedures, market is expected to expand at a 44.5% CAGR between
AYUSH Treatment and Stay Fit Health Checkup. Insured 2020 and 2025. As per an ACKO research report, 49% of EV
individuals can also avail of a health check-up for various car owners believe battery replacement costs are a
preventive tests under the Stay Fit Health Check-up. significant part of EV ownership. Also, 66% assume that
battery life only lasts between two to five years, and a
Additionally, customers are free to select from 18 optional
majority of EV users believe that charging behavior has a
covers including Domestic Help/ Staff Indemnity, Hospital
definite role to play in the vehicle's battery life.
Daily Cash, Accidental Death Cover, Unlimited Refill, Critical
Illness Cover and more. India's EV industry is thriving on robust demand, with EV
34 May 2023 The Insurance Times