new health insurance plans and products

New Health Plans
Spurred by the impressive growth recorded in the health insurance business during the last few years, primarily on the back of greater awareness and rising healthcare costs, a large number of life and non-life insurance companies are either entering this segment or are planning new health products.

The specialty of some of these plans being that they may even cover maternity expenses and dental treatment, which was rare till now.

Here we take a quick look on some of the new health plans:

LIC’s Health Protection Plus Plan
LIC has launched a new product- Health Protection Plus Plan. It offers health insurance cover for the entire family, hospital cash benefit (HCB) and major surgical benefit along with a ULIP component that is specifically designed to meet Domiciliary Treatment Benefit/Out Patient Department expenses for the insured members. The sum assured for major surgical benefits will be 200 times the HCB chosen by policyholder.

Tata AIG Life HospiCashBack
Tata AIG Life has launched a guaranteed issue and return of premium health product ‘Tata AIG Life HospiCashBack’. With this product, the customer can avail the benefit of multiple claims against unforeseen hospitalisation expenses while ensuring a guaranteed return of the premium. It pays the policyholder fixed benefits for expenses arising through hospital charges, care charges, ambulance charges and other expenses starting from the first day of hospitalization.

STAR Health plans Wedding Bell
STAR Health may launch a product, christened Wedding Bell which covers maternity expenses up to Rs 20,000 after three years of taking the policy, subject to a restriction of not more than two children. The product is likely to be launched by July.

Bharti AXA’s SmartHealth Insurance
Bharti AXA General has received regulatory approval for its individual health insurance policy ‘SmartHealth Insurance’. It is an over-the-counter product and can be sold to individuals who fulfill a set of pre-underwritten criteria. The company is also said to have filed three more health insurance products with the regulator.
Source - ET

HDFC Standard plans health savings plan
HDFC Standard Life is planning to launch a health savings plan. The plan would consist of the build-up of a health fund for the entire life time of the person insured, along with an illness cover up to a specific time period. If launched, this will be HDFCL’s third health insurance plan. The company is yet to submit the product to IRDA for approval.

HDFC ERGO’s specialised health product
HDFC ERGO General Insurance is planning to offer a specialised health insurance product that will cover maternity expenses, dental treatment, contact lenses, glasses, hearing aids, non-allopathic treatment and domiciliary treatment. It is hoping to cover high value customers with the new products. It is planning to offer these benefits as riders attaching to the product and has reportedly filed the details with the IRDA.

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