Religare Health Insurance Advocates Comprehensive Health Coverage as COVID-19 Drives Greater Consumer Awareness

Covid 19 Coverage 

* Standalone Health Insurance sector in India registers 40% YoY hike

* Comprehensive health cover is imperative in India since retail health insurance penetration is only 3% and out-of-pocket healthcare spending stands at ~65%

With COVID-19 acting as a catalyst of change and increasingly nudging people to explore diverse health coverage options, Religare Health Insurance (RHI) is endorsing the need for comprehensive health insurance policies. Emphasizing the soaring significance of health insurance amid an unprecedented global health crisis, the Standalone Health Insurance sector registered a 40% YoY rise. This growth will ensure further impetus for health insurance penetration, where India records one of the world’s highest out-of-pocket spending rates in healthcare.      

Highlighting the rising numbers of other potentially-fatal lifestyle ailments such as hypertension, diabetes, cancer and cardiovascular diseases, among others, RHI endorses comprehensive health insurance coverage. Furthermore, the increasing cost of quality healthcare services even for infectious diseases underscores the need for comprehensive health insurance.

Accordingly, Religare Health Insurance offers a comprehensive bouquet of services ranging from basic hospitalization (Care); high sum insured options (Care Advantage); insurance for PED, including insulin-dependent diabetics (Care Freedom); post-cardiac event/intervention insurance (Care Heart) and many others, backed by all-encompassing wellness and insurance benefits.

Elaborating on the latest institutional developments, an RHI spokesperson said, “The coronavirus pandemic has come as a thought-provoking black swan event for people disdainful of health insurance. As morbidity and mortality rates rise directly due to COVID-19 and indirectly from the neglect of other equally life-threatening conditions, there is a pronounced and inescapable realization about the need for health insurance. Besides managing COVID-19-related treatments, health cover is indispensable in safeguarding individuals and their families from other chronic conditions that lead to unexpected and unaffordable medical expenses, driving millions of uninsured people into debt, devastating lives permanently. Fortunately, a broad bouquet of health insurance solutions happens to be available today, customized for almost every consumer segment. Therefore, we urge consumers to opt for a suitable coverage plan as per their specific healthcare requirements. This is vital in our country, where retail health insurance penetration is only 3% and out-of-pocket healthcare spending stands at around 65%.”

RHI’s endorsement of comprehensive insurance coverage comes in the wake of increased awareness about health insurance products after the COVID-19 outbreak. Given the importance of health insurance in promoting better healthcare outcomes across India, the Company believes it is important to leverage this trend by apprising people about the far-reaching benefits of comprehensive health policies. Moreover, against the backdrop of pandemic-induced income losses for a significant employed segment, the role of health insurance can be paramount in saving lives in the event of any healthcare crisis.

About Religare Health Insurance (RHI)

Religare Health Insurance (RHI) is a specialized health insurer offering health insurance services to employees of corporates, individual customers and for financial inclusion as well. With its operating philosophy being based on the principal tenet of ‘consumer-centricity’, the company has consistently invested in the effective application of technology to deliver excellence in customer servicing, product innovation and value-for-money services.

RHI currently offers products in the retail segment for Health Insurance, Critical Illness, Personal Accident, Top-up Coverage, International Travel Insurance and Maternity along with Group Health Insurance and Group Personal Accident Insurance for corporates.

Religare Health Insurance has been adjudged the ‘Best Health Insurance Company’ once at the ABP News-BFSI Awards 2015 and again at the Emerging Asia Insurance Awards, 2019 & ‘Best Claims Service Provider of the Year’ – Insurance India Summit & Awards 2018. RHI has also received the ‘Editor’s Choice Award for Best Product Innovation’ at Finnoviti in 2013 and was conferred the ‘Best Medical/Health Insurance Product Award’ at the FICCI Healthcare Excellence Awards in 2015, 2018 and 2019.

Aditya Birla Sun Life Insurance Launches ABSLI Assured FlexiSavings Plan in Indian Market

 Aditya Birla Sun Life Insurance (ABSLI), the life insurance subsidiary of Aditya Birla Capital Limited (ABCL), today announced the launch of its new plan ABSLI Assured FlexiSavings Plan. It offers fully guaranteed benefits and allows policyholders an instant access to their money by giving them the flexibility to make unlimited withdrawals from their policy. The flexibility to make unlimited withdrawals is hitherto unseen in the insurance market- making it a market differentiator for this product. Besides life cover, it aims to provide guaranteed benefits to provision for future goals while empowering customers with liquidity at hand, to fulfil short term goals or unplanned money needs.

ABSLI Assured FlexiSavings Plan is a fully guaranteed, non-linked non-participating life insurance plan. This plan provides annual Income to the policyholder which is accumulated for 10 years or 12 years till the end of the policy term. These annual incomes grow with a 5% Income Booster added every year to augment savings, provided it is not withdrawn. Additionally, the specialty of this plan is that it provides flexibility to withdraw the accrued amount as and when needed, with no restrictions or charges on withdrawals. Moreover, the plan returns 110% of total premiums paid, back to the policyholder during policy maturity. It also offers a one-time loyalty addition on the accumulated amount under the policy.

Commenting on the launch, Kamlesh Rao, MD & CEO, Aditya Birla Sun Life Insurance said, “During unprecedented times, most people become risk averse, while enhancing their liquidity provisioning. This results in customers taking a conservative approach, which leaves them with limited options of saving and growing their hard-earned money. ABSLI’s Assured FlexiSavings Plan aims at locking in the benefit of long-term guaranteed returns while unlocking the flexibility of withdrawals or liquidity, as and when required. Guaranteed tax-free returns with liquidity along with life cover, will enable customers to continue achieving their financial milestones in a break-free and stress-free manner”.

ABSLI Assured FlexiSaving Plan provides four benefits-

1. Upto 105% of annual premium added every year (depending upon the premium payment term chosen by the policyholder)

2. 5% Income booster annually which enhances the accrued amount further

3. Upto 25% (depending on the premium payment term and policy term chosen by the policyholder) loyalty addition on the total accrued amount is added to the policy at the end of the policy term

4. 110% of total premiums paid is additionally paid as maturity benefit in addition to the accrued amount under the policy

ABSLI Assured FlexiSaving Plan is designed for customers who are looking for guaranteed wealth and ease of liquidity, while protecting their loved ones during the time of uncertainties. Besides offering guaranteed returns and an instant access to money, it also provides protection with a comprehensive life cover across the policy term, additional riders and a variety of Premium Payment Terms.

SBI General Insurance Launches "Shagun – Gift an Insurance" Policy

 Highlights

* Covers personal accident insurance 

* Can be gifted to anyone 

* Premiums valued at 501, 1001, 2001 

SBI General Insurance, one of the leading general insurance companies in India announced the launch of first-of-its-kind offering, ‘Shagun – Gift an Insurance”, a unique gift of Personal Accident policy. This product was filed by SBI General under Insurance Regulatory and Development Authority’s (IRDAI) Sandbox regulations. The key differentiating feature of the policy is that it can be gifted to anyone you want, which means it is not necessary for the policy buyer to be related to the insured.   

Shagun covers personal accident insurance which provides complete financial protection to the insured person against uncertainties such as accidental death and partial or total disabilities, and permanent as well as temporary disabilities resulting from an accident. 

On the launch of the product, Mr. P.C. Kandpal, MD and CEO, SBI General Insurance said, “Shagun is a unique offering by SBI General. In our Indian culture, we often celebrate our milestones or auspicious occasions by gifting either something or an envelope of money. This gesture is synonymous with well wishes and good luck. At SBIG, we ideated “Shagun” as a valued gift of security to be positioned for such kind of gestures. The premium of the product has also been designed at Rs. 501, 1001, 2001. Thus, not just the name “Shagun” but also the premium amount has a touch of our Indian tradition.” 

He further added, “Shagun can be gifted to anyone viz your family, friends, extended family and even domestic helpers, drivers, cooks etc., and on any occasion like passing an exam, buying a new car, new home, birthdays, marriage, anniversary, buying a new bike, college admission, etc.” 

Shagun-Gift an Insurance, a unique gift of Personal Accident can be purchased on SBI General’s website www.sbigeneral.in, with a very smooth buying journey in just 3 steps.   

About SBI General Insurance Company Limited:  With the strong parentage of SBI, we, at SBI General Insurance, are committed to carry forward the legacy of trust and security; and to become the first choice for every Indian’s general insurance needs.  

Ever since our establishment in 2009, from 17 branches in 2011, we have expanded our presence to around 123 branches pan-India.  

We follow a robust multi-distribution model encompassing Bancassurance, Agency, Broking and Retail Direct Channels. Today, our distribution family includes over 22,900 IRDAI certified advisors including the State Bank Group employees, and over 12,000 Agents to make insurance easily available even in the remote areas of the country.  

On the distribution network front, we have strong distribution partners adding up our reach to every nook and corner of India, with SBI’s over 22000 branch network, other financial and digital partners. Our current geographical exposure covers 125+ cities pan-India with a presence of another 350+ locations through satellite resources.  

We currently serve three key customer segments viz. - Retail Segment (catering to Individual & Families), Corporate Segment (catering mid to large size companies) and SME Segment; and are future-ready to serve the growing needs of Indians with new age-processes and services at affordable prices.  

SBI General Insurance closed the financial year 2019-20 with a Gross Written Premium of Rs. 6840 cr at a YoY growth of 45%.  

SBI General Insurance Unveils New Brand Identity with Redesigned Logo and Tagline

New Logo & Tagline

* Cues the digitized and future- ready service approach

* Marks SBIG 2.0 Version, a new milestone post a decade long journey

* Appeals to masses and reinforces trust and security in SBIG

 

SBI General Insurance (SBIG) today announced the launch of its new corporate brand identity with redesigned logo and the tagline ‘Suraksha aur Bharosa dono’. Digitization has been always at core at SBIG, hence, at this stage the company has amalgamated focus and strategy in the new brand identity, with a swipe-able and fresh-looking logo.

The new purple colour logo conveys SBIG’s future readiness with services to its customers consisting traditionalists and modernists across India. The traditionalist customers are those who value trust, loyalty, value for money and integrity, whereas modernist look for flexibility and future readiness. Purple colour denotes youthfulness, wisdom and devotion.

Shri Dinesh Kumar Khara, Managing Director Global Banking & Subsidiaries, State Bank of India said, “SBI has always strived to ensure that our business is more than just banking as we touch the lives of people across India in many ways. Our commitment to nation building is complete and comprehensive.

With the new brand identity, we are delighted that SBI General is reinventing, and while contributing in insuring the nation, it is taking forward our legacy of trust. We are sure with enhanced digital capabilities, it is better positioned to serve its patrons and continue to provide positive and better customer experience.”

Pushan Mahapatra, MD & CEO, SBI General Insurance said, “We take pride in having the parentage of SBI, and indeed, it is our privilege to carry forward the strong legacy of trust and security.

The insurance category in India is riddled with fear and insecurity. To address this well and live up to our brand that resonates with “trust”, we have derived the tagline - Security and Trust, both which in Hindi reads as – Suraksha and Bharosa, Dono.”

He added, “We are honoured with the faith that our customers have shown in us. With our new logo, we reinstate and reassure them that we are ready to serve their growing needs of services with new-age processes and services.”

In a decade long journey, SBIG has crossed multiple milestones like fastest company to cross Gross Written Premium of Rs.1000 crores in its 4th year, top private insurer to enter the industry post de-tariffication in Jan 2007, broke even and reported profits consistently since FY18, and from 17 branches in 2011. Over a decade, SBI General has been increasing its reach with 120+ branches & 253 locations pan-India. Its strong distribution partners add up to its reach to every nook and corner of India, with SBI’s over 22000 branch network, other financial and digital partners.

While having the strong foundation of these milestones, with new identity, SBI General Insurance has taken next step in the journey to become the first choice for every Indian’s general insurance needs. 

Billionaire Buffett in India during March 2011

Multi-billionaire Warren Buffet will speak at a fund raising campaign in New Delhi next week. He will launch his firm's insurance selling portal and will meet policy holders at an event at the Taj Mahal Hotel in New Delhi, as per a report on the company's website.

Berkshire India, which will now sell its general insurance policies or products through its berkshireinsurance.com portal. It has invited all policy holders to register for the March 25 event at the Taj.

Buffet is ranked No 3 world's richest by Forbes in 2011 and is expected to attend a ground breaking ceremony in South Korea on March 21 before flying into India.