Apollo Munich Health Insurance

Apollo Munich Health Insurance

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Apollo Munich Health Insurance Company

With an aim to bring world class health care within the reach of every individual, Apollo Hospitals Group has joined hands with Munich Health, a world leader in the field of health insurance. The joint venture is poised to make good the conviction of both the partners that Indian health insurance market is on the brink of explosive growth.

Apollo Munich is now an ISO 9001:2008 certified health insurance group with registered office in Hyderabad and corporate office in Gurgaon and a strong distribution network in India with leading banks of India including Canara Bank, Citi Bank, Indian Bank and Axis Bank.

In our everyday life we are always surrounded by health related risks, any time we or our family members might need hospitalization. By sparing a small amount for premium money we can avail substantial cover to take care of expenses should we succumb to health related risks.

Another very important reason that we should avail health insurance is tax benefit applicable for health insurance products under section 80 D of the Income Tax Act. If we plan our health insurance properlywe can pay the premiums totally or a large part of it from our tax savings. If we do not avail health insurance we would be losing that amount through taxation, hence availing health insurance has dualbenefits.

The company has around 50 branch offices across the country. You can buy health insurance policies of Apollo Munich through agents as well as the company's official website. The health insurance policies offered by Apollo Munich is not only to safeguard you against medical expenses but also for preventive healthcare treatments. The insurer has settled Rs.2913 crore claims from inception till June 2017.

Apollo Munich Health Insurance won the 2015 Health Insurance Provider Award by Money Today and Financial Planning Corporation for demonstrating leadership in ensuring financial well-being of consumers. In 2014, Apollo Munich Health Insurance won the Product Innovation Award and Innovation of the Year Award for its product, Energy which is designed for individuals with diabetes.

2009 Outdoor Advertising Awards 2009 Best Media Plan of the year
2010 ISO - 9001:2008 certification Design, distribution and servicing of health insurance products
2011 Policy Administration 2011 Policy Administration System For (PAS) category.
2011 OOH 2011 for Outdoor Advertising & Digital Signage Best Outdoor Plan - Strategy
2011 OOH 2011 for Outdoor Advertising & Digital Signage Most Effective Outdoor Plan
2011 The Remmy Award For its print media advertisement for inviting applications for sales positions.
2011 The Remmy Award Nomination For best recruitment ad in Services
2011 Great Place To Work 2011 Best Company to work in its industry and Among the top 100 companies to work with having upto 1000 employees
2011 Indian Digital Media Awards Silver under Service Catego

Apollo Munich Health Insurance Plans

Health Wallet Individual

An effective health plan with a unique reserve benefit which can be used for OPD expenses, any non-payable items under health insurance claim or to pay upto 50% of your renewal premium. Your Reserve Benefit will keep on increasing every year and any unutilized balance under this benefit will be carried forward to next year with 6% bonus. Moreover you can also avail this plan for your family as well. It is available in the both form individual and family floater as well.

Key Features
  • Continuation cover - pay upto 50% of renewal premium from reserve Benefit sum insured post 5 continuous renewals.

  • Restore benefit to auto-reinstate your sum insured + Multiplier benefit offers a no claim benefit of 50% every year .

  • Pre& Post hospitalization coverage for 60 days & 90 days .

  • Cover for Domiciliary treatment + Expenses for Organ Donor + Worldwide Emergency Care +.

  • Recovery Benefit + Optional Deductible+ Lifelong renewal + No additional loadings at renewal due to claims .

  • No sub-limits + No co-payment + Critical Advantage Rider.

Sum Insured 3 to 50 Lakhs along with reserve benefit
No claim bonus Up to 50 percent every claim free year
Renewability Lifelong renewability
Co Pay NA
Day care procedures All day care procedures will get the cover
Optima Restore

Optima Restore plan offers a unique Restore benefit that automatically reinstates the basic suminsured in case you exhaust it in a policy year. It comes along with effective riders that will help you a lot in the long run.

Moreover you can also avail this plan for your family as well. It is available in the both form individual and family floater as well.

Key Features
  • Restore benefit to auto-reinstate your sum insured.

  • Multiplier benefit offers a no claim benefit of 50% every year.

  • Pre& Post hospitalization coverage for 60 days & 180 days.

  • Discounts at renewal with the "Stay Active" Benefit.

  • Emergency Ambulance Health Checkup ( for sum insured greater than 15 lacs) to Health Checkup at renewals

Policy Term 1 to 2 years
Sum Insured 3 to 50 Lakhs
Restore benefit 100% Basic Sum insured
No claim bonus Up to 50 percent every claim free year
Day care procedure All day care procedures will get the cover
C pay NA
Easy Health Standard

Easy Health Individual Plan protects you not only from unforeseen emergency expenses but also offers a comprehensive cover for medical treatment of illnesses and accidents requiring in-patient hospitalisation. It is available in the both form individual and family floater as well.

Key Features
  • Cover Hospitalization + Pre-hospitalization + Post-hospitalization.

  • All Day-care procedures + Domiciliary treatment + Daily Cash.

  • Expenses for Organ Donor along with Emergency Ambulance + Health Check-up.

  • Critical Illness+ Critical Advantage Rider (for sum insured equal or greater than 10 lacs).

  • Discounts at renewal with the "Stay Active" benefit.

Sum Insured 1 to 15 lakhs
Day care procedures Cover all daycare procedures
Pre & post hospitalization Upto 60 and 90 days
Maternity Expenses Cover before and after child birth procedures
Recovery Benefit Lump sum benefit of Rs. 10000
Easy Health Exclusive

Easy Health Individual Plan protects you not only from unforeseen emergency expenses but also offers a comprehensive cover for medical treatment of illnesses and accidents requiring in-patient hospitalisation. The Plan offers coverage on individual sum insured basis & also offers an add-on optional cover for listed Critical Illnesses.

Key Features
  • Cover against pre-hospitalization & post-hospitalization.

  • All-care procedures + Domiciliary treatment.

  • Expenses for Organ Donor along with emergency ambulance cover.

  • Annual Health Check-up +Maternity expenses + Coverage for New Born Baby.

  • Daily cash for accompanying an insured child.

  • Critical Illness rider.

  • Critical Advantage Rider(for sum insured equal or greater than 10 lacs)+ Discounts at renewal with the "Stay Active" benefit.

Sum Insured 3 to 50 Lakhs
Day Care procedures All day care procedures
Health Check-up At the end of a block of three continuous policy years.
Additional Cover Optional
Pre & post hospitalization Upto 60 and 90 days
Easy Health Premium

Easy Health Individual Plan protects you not only from unforeseen emergency expenses but also offers a comprehensive cover for medical treatment of illnesses and accidents requiring in-patient hospitalisation. The Plan offers coverage on individual sum insured basis & also offers an add-on optional cover for listed Critical Illnesses.

Key Features
  • Pre-hospitalization & Post-hospitalization cover.

  • Cover for domiciliary treatment + Daily Cash + Expenses for Organ Donor + Emergency Ambulance.

  • Annual Health Check-up + Maternity expenses + Coverage for New Born Baby.

  • Discounts at renewal with the "Stay Active" benefit accompanying an insured child.

  • Critical Advantage Rider(for sum insured equal or greater than 10 lacs).

Sum Insured 4 to 50 lakhs
Renewability Lifelong renewal
Cumulative Bonus 10% for every claim-free year accumulating up to 100%
Outpatient Dental Treatment With a waiting period of 3 years
Day-Care Procedures All day-care procedures
iCan Cancer Insurance For Women

iCan covers your treatment costs for all kinds of cancer including breast cancer, so that you can focus on taking care of yourself.iCan not only covers your chemo, but also it covers you for advanced therapies like immunotherapy, personalized, targeted therapy, stem cell transplantation, proton beam therapy and more.

Key Features
  • Coverage for cancer treatment expenses.

  • No medical examination.

  • Conventional and Advanced therapies covered.

  • Second opinion + Pre & post-hospitalisation coverage for 30 & 60 days.

  • Follow-up care post treatment + Lifelong renewal.

Sum Insured Options (Rs.) 5 Lakh, 10 Lakh, 15 Lakh, 20 Lakh, 25 Lakh, 50 Lakh
Cancer Care Cover All Cancer stages covered
Initial Waiting Period 120 Days from buying date
Second Opinion(using Watson Oncology) Available
Indemnity Cover Instead of lump sum payout, we cover your actual cancer treatment costs
Day2day Care Silver

It is a unique plan that will help you to manage exactly the daily medical expenses seamlessly. This policy can be issued to an individual and/or family. The family includes spouse, dependent children and dependent parents/parents-in law.

Key Features
  • Unlimited Consultations.

  • Pharmacy and Diagnostic expenses.

  • No waiting period+ Same premium over all ages.

  • Cashless Service+ No Pre Policy Checkup + Portability.

  • Tax Benefits.

Eligibility From a child of 91 days to 65 years adult
Renewability Lifelong renewability
Waiting period NA
Cashless Service 100% cashless redemption
Outpatient Consultation Unlimited for network & maximum up to 5 consultation
Dengue Care Plan

Our first of a kind Dengue Care plan offers coverage for any medical expenses incurred oninpatient or outpatient treatment for dengue. You are not required to undergo any medicals atthe time of taking the cover. An individual and/or his family members namely spouse, dependent children and parents are eligible for buying this cover.

Key Features
  • Inpatient Treatment.

  • Pre-hospitalization + Post-hospitalization.

  • Shared Accommodation Benefit + Outpatient Benefits.

  • Same Premiums across all Age + No Pre Policy Check-up.

  • Tax Benefits.

Eligibility From a child of 91 days to 65 years adult
Renewal Terms Lifelong renewability
Pre & Post Hospitalization Cover 15 days before and after hospitalization
Grace Period 30days
Policy term 1 year
Optima Cash

Optima Cash is our top up plan that provides coverage for daily cash benefit in case of hospitalisation due to illness or accidents. In addition, it also offers vast covers such as Day care procedures, convalescence benefit, parent's hospitalization etc.

Key Features
  • Sickness Hospital Cash and ICU Cash.

  • Accident Hospital Cash + Accident ICU Cash.

  • Day-care Procedure Cash + Joint Hospitalization Cash (due to accident).

  • Convalescence Cash + Child Birth.

  • Parent Accommodation.

Eligibility From a child of 91 days to 65 years adult
Policy Term 1 or 2 years
Renewability Lifelong renewal
Grace period 30 days
Day care procedures All day care procedures
Optima Plus

Optima Plus plan offers to cover you for higher hospitalization expenditures at nominal premium. It is the only plan in India that offers an option to convert to a fully-fledged nil deductible health insurance plan on retirement.

Key Features
  • Inpatient Treatment.

  • Pre-hospitalization + Post-hospitalization.

  • Day-care Procedures + Domiciliary Treatment.

  • Expenses for Organ Donor.

  • Emergency Ambulance.

Eligibility From a child of 91 days to 65 years adult
Policy Term 1 or 2 years
Renewability Lifelong renewal
Grace period 30 days
Day care procedures 140 day care procedures
Maxima Health

Maxima plan offers unique out-patient benefits to take care of your regular illnesses and little niggles. This policy can be issued to an individual and/or family. The family coverage in on floater basis and the coverage will be available for two members & two adults + upto 2 children.

Key Features
  • Cover for doctor Consultations + Pharmacy Expenses.

  • Diagnostics + Dental treatment.

  • Spectacles, Contact lenses + Health Check-ups.

  • Inpatient Treatment.

  • Tax benefits.

Eligibility From a child of 91 days to 65 years adult
Doctor Consultation 4/6/8 consultations as per plan
Renewability Lifelong renewal
Grace period 30 days
Day care procedures 140 day care procedures
Optima Super

Optima Super is an aggregate plan that offers you varied sum insured & deductible combinations to choose so you can opt for the optimum coverage as per your needs. This Top up Plan Optima Super is an aggregate plan that offers you varied sum insured & deductible combinations to choose so you can opt for the optimum coverage as per your needs. In addition, it is the only plan that gives you an option to convert to a Fully Nil Deductible plan near your retirement. You can buy this plan as a family floater also.

Key Features
  • Inpatient Treatment.

  • Pre-hospitalization + Post-hospitalization.

  • Day-care Procedures.

  • Expenses for Organ Donor.

  • Emergency Ambulance.

Pre & Post hospitalization 60 days before hospitalization and 90 days after hospitalization
Ambulance Service Upto Rs2000
Eligibility From a child of 91 days to 65 years adult
Grace period 30 days
Renewability Lifelong renewal
Optima Vital

Optima Vital is a unique critical illness insurance policy that protects you financially in the event of any of the listed critical illnesses occurring. Optima Vital Insurance will pay you a lump sum amount for the identified critical illness, medical events or surgical procedures. This amount is payable on confirmed diagnosis with defined severity of the illness or the date of undergoing specified surgery in respect of that Critical Illness and the insured surviving the defined survival period.

Key Features
  • Lumpsum payment for 37 defined critical illness.

  • E-opinion for diagnosed critical illness.

  • Lifelong renewal.

  • Wider cover.

Sum Insured 1 to 50 lakhs
Policy Term 1 or 2 years
Renewability Lifelong renewal
Grace period 30 days
Eligibility 18 years to 65 years
Energy Health Insurance Plan

The plan is a combined package providing coverage for Inpatient hospitalisation expenses along with an ecosystem of wellness program & health rewards that help you monitor your health. The plan has 2 variants - Gold (cost of wellness test included) & Silver (cost of wellness test excluded), both available with/ without the copayment option of 20%.

Key Features
  • Pre-hospitalisation& Post hospitalization.

  • Expenses for Organ Donor + Emergency Ambulance.

  • No sublimit + lifelong renewal.

  • No additional loadings at renewal due to claims.

  • Personalized disease management portal.

  • Wellness discount & Incentives + Doctors consultation.

  • Discounted health offerings.

Eligibility 18 to 65 years
Policy Term 1 years
Renewability Lifelong renewal
Sum Insured 2 to 10 lacs
Day care procedures Cover 144 day care procedures
Optima Restore

Optima Senior is our plan exclusively for Senior citizens. The plan offers comprehensive cover for medical treatment of illnesses and accidents requiring in-patient hospitalisation.

Key Features
  • E-Opinion in Case of Critical Illness(optional).

  • Copayment applicable on room rent type & specific illness & surgeries.

  • Cumulative Bonus.

  • Cashless Service.

  • Sum Insured can be enhanced only at the time of renewal subject to no claim have been lodged/ paid under the policy.

  • Portability.

Eligibility 61 years and above
Policy Term 1 or 2 years
Renewability Lifelong renewal
Grace period 30 days
Cumulative Bonus 5% for every claim free year

Why Apollo Munich Health Insurance?

Customers find the company a reliable health insurance provider and they are assured of being provided timely assistance during emergency situations. To put it in a nutshell Apollo Munich is a preferred health insurer because:

  • Apollo Munich is IRDA authorized and ISO 9001:2008 certified firm.

  • It has a proven performance records in health insurance sphere.

  • It has a country wide distribution network.

  • It has a network of more than 4500 hospitals throughout the country.

  • It cashless settlements in networked hospitals.

  • It has swift and transparent and online processes.

  • It has swift and hassle free claim settlement process.

  • A high claim settlement ratio.

  • It provides 24 by 7 emergency assistance through toll free numbers.

  • Apollo Munich Health Insurance Kit.

  • The company provide its health insurance policy holder a complete health insurance kit which contains Policy document.

  • Health Card(s).

  • Wide list of networked hospitals.

Features and Benefits

Apollo Munich has a complete range of customized health care plans under each category, general features of our health insurance plans include:

Well categorized plans for different customer requirements

  • Individual, family floater and senior citizen health insurance plans.

  • Critical illnesses cover plans.

  • Hospital daily expenses cover plan provisions.

  • Additional cover options plan.

  • No claims benefit up to 50 % annually.

  • Free total health checkups after four claim free years.

  • Pre and post hospitalization cover.

  • Ambulance cost cover for emergencies up to Rs 2000.

  • Home treatment cover option.

  • Second opinion option.

  • AYUSH cover option.

  • Maternity benefit cover options.

  • New born baby cover options.

  • Organ donor cover options.

Apollo Munich Exclusions

Exclusions of the health insurance plans offered by Apollo Munich Health Insurance includes:

  • Initial waiting period of 30 days for all illnesses except an accidental injury. 3-year waiting period for pre-existing diseases.

  • Coverage for HIV/AIDS treatment is excluded.

  • Treatments for mental disorders, cosmetic surgery, congenital diseases, and weight control are not covered.

  • Non-allopathic treatments are not covered.

  • Treatments for substance abuse such as alcohol and drugs are not covered.

  • Hospitalization due to war or nuclear threat is not covered.

  • Dental treatment and pregnancy-related treatment are not covered.

  • There is a 2-year waiting period for specific illnesses such as hernia, cataract, joint replacement, etc.

  • Experimental treatments are not covered.

Apollo Munich Health Insurance Premium Calculation

The health insurance premiums can be calculated online by specifying relevant details such as plan variant, location, number of members, age group, sum assured, critical illness cover, additional covers.

Substantial covers can be availed at nominal premiums and discounts are applicable for family group insurance covers.

For example for a sum assured of Rs 5,00,000, individual premium works out to be around Rs 7400 annually, for two members Rs 11,800 annually and for four members Rs 22,000 annually, including taxes.

If you are seeking advice as to which type of plan best suits you then you can also avail assistance from the advisory team, in which case you may fill your relevant details online including your name, contact number and e mail address and you will get a call back from our team within few hours.

Apollo Munich Health Insurance Claim Settlement

The company settles cashless as well as reimbursement claims. Cashless settlements can be availed in networked hospitals for planned or sudden medical situations that are covered under the policy. For planned hospitalization policy holder needs to inform us at earliest, at least one week in advance and for emergency situations policy holder needs to inform us at the earliest.

Upon receiving cashless claim request the company swiftly verifys the details and settles payments directly with the networked hospital's authority within two hours of receiving claim request.

When the policy holder/policy holder representative calls us then we will ask for the policy number which is mentioned in the policy health card.

Several times medical treatments are not availed in networked hospitals. For such times the policy holder needs to save all bills and raise reimbursement claim on prescribed format and attach these bills. We have a seamless online claim procedure for the benefit of our customers. We settle reimbursement claims within 15 to 30 working days.

In order to help the insurer provide timely assistance, policy holders need to:

  • Maintain a separate file for our health policy.

  • Always carry health card.

  • Always carry networked hospitals detail.

  • Carry self identity documents and contact details.

  • Carry blood group details and other important medical details if any.

  • Carry list of toll free and other assistance numbers.

  • Carry contact person address and number for assistance during emergency.

  • Register an FIR at earliest for situations requiring police report.

  • Inform us at earliest in case of emergencies

Myths & Facts About Health Insurance

Young and healthy? No insurance needed!

Mostly people thinks that those who are young and healthy do not require health insurance but the fact is the ideal time to purchase health insurance is when one is younger and healthiest. A health insurance plan that you buy at an early age and keep renewing the same regularly leads you towards better claim experiences when the need arise. Buying health insurance early is therefore a good idea, as the policyholder stays insured at any life stage. Health insurance also acts as a financial shield against accidents that occurs suddenly.

2. Cheap policy = Best policy

Any people compare health insurance on the basis of premium which is completely wrong. You should go for wider coverage and benefits instead of the low premium amount. A plan with low premium would be sufficient in the hour of need.

3. Coverage under group health insurance is enough

It is important to check benefits and total policy coverage in a group health insurance policy, and assess if it is adequate for one family's needs. To stay protected at all times, it is best to buy additional health insurance in case one decides to change jobs or if the employer decides to restrict coverage or benefits.

Apollo Munich Renewal

All health plans provided by Apollo Munich offers the lifelong renewability option. When it comes to renewal, the maximum age is of 70 years. In the case of continuous renewal, the waiting period will reduce by one year. Sum insured can be improved only at the time of policy renewal as long as a claim hasn't been made.

For the renewal process of your health insurance policy, you have to log into the Apollo Munich Health Insurance website with your email or member ID and password. You can also login with the help of your policy number. The policy contains a policy number which changes every year on renewal.

Renewal payment can be made 60 days before the policy expiry date. Renewal premium on the basis of the insured's age at the time of renewal. You will have a 30-day grace period within which you have to renew your policy. If you miss to renew the same within the grace period then you have to apply fresh for the policy and this may lead you to lose all benefits that you accrued during the previous policy. At the time of renewal, you can also go for a different policy, can change the sum insured and you can add your dependants such as spouse and children, remove dependents, attach or remove rider policy, and change policy term.

In addition to online renewal option, you can also opt to renew your policy through an IVR and use the direct payment link. Contact 1800-102-0333 for more details.

Apollo Munich - Performance Metrics

The company's performance metrics are based on customer services. It has been its endeavor to surpass its customer services each year in terms of speed, reliability and response:

  • It takes seven working days to issue policies and 93 % policies have been issued in this time frame and even 83 % in 3 working days time.

  • More than 90 % cashless claims are settled within 2 hrs of claim being raised.

  • Since its commencement in 2007 till February 2017 it has made a claim settlement of INR 2656 crores.

  • 85% of its customers are happy with the services.

  • 80% of its existing policy holders have renewed their policies.

  • It settles claims on an average within 15 days and within 30 days we have settled 95% of claims.

Apollo Munich Health Insurance - FAQ

1
What do you mean by pre and post-hospitalization?

Pre-hospitalisation is refers to the time period where the policy covers all associated medical expenses of the treatment that takes place for a certain period of time prior to the actual hospitalisation. Most policies also cover post-hospitalisation expenses, wherein the individual's hospitalisation expenses are covered for a certain period of time post discharge from the hospital.

2
How can I add my family members to my existing policy?

For the same, you have to download the change request form from the website of Apollo Munich Health Insurance website.Fill it, and submit the same to the nearest branch office. Mid-term policy addition is applicable only in a case of new born baby or newly-wed spouse. Other additions can be done only at the time of renewal.

3
I want to increase my sum insured. How do I go about it?

To increase the sum insured, you have to first download the Change Request form from the website of the Apollo Munich Health Insurance website. Fill the same and submit to the nearest branch office. Don't forget that the sum insured can be increased or decreased only at the time of renewal. In the case of health insurance portability. You can't enhance the sum insured if you has made a claim has been made in the previous policy.

4
What you understand by Restore Benefit in the Apollo Munich Health Plan?

Apollo Munich Health Plan is offering a unique benefit that is popular by the name of restore benefit. Under the same, if an insured member has exhausted the sum insured in a policy year, then the insurance company will restore the basic sum insured at the time of renewal just to make sure that all the members are covered until the end of the policy term.

5
How many times can the Restore Benefit be triggered in policy year and policy lifetime?

In a single year policy, the restore benefit can be triggered only once. Restore benefit can be triggered once a year till the end of the policy term.

6
What is multiplier benefit?

Under the multiplier benefit, the insured will get 100% no-claim bonus for every claim free year as a sum insured. For the first claim-free year, the sum insured will increase by 50% and the second claim-free year, the sum insured will be increased by 100%.

Is prescription mandatory for claiming under OPD benefit for routine medicines? If yes, then will the old

7
How will multiplier benefit work in case there is no claim in policy during all policy years?

For a 4-year policy term, if the policyholder hasn't made any claims in all 4 years, then under the multiplier benefit, the sum insured will increase by 50% in the second year, and 100% in the 3rd and 4th years.

Contact Address

Apollo Munich Health Insurance Co. Ltd
1st Floor, SCF-19, Sector-14, Gurgaon-122001, Haryana
Email: customerservice(at)apollomunichinsurance(dot)com

Apollo Munich Health Insurance News

Apollo Hospitals Group To Sell 23.3% Stake

The Board of Directors of Apollo Energy Company, an Apollo Hospitals Group Company, has accepted the divestment of 23.3% shareholding in Apollo Munich Health Insurance Company (Apollo Munich) to its joint venture partner, Munich Re of Germany for Rs 163.5 crore.

The planned transaction values Apollo Munich at Rs 703 crore. The finishing point of the proposed transaction is subject to appropriate regulatory approvals and implementation of usual agreements, which is expected to be finished at the end of the first section of 2016.

Post consummation of the transaction, Apollo Hospitals Group’s shareholding in Apollo Munich shall stand decrease from 74.4% to 51.1%. Likewise, Munich Re’s shareholding in Apollo Munich shall move to 48.7% and 0.2% will be held by workers. Apollo Hospitals shall continue to hold its stake in Apollo Munich.

 

 

Wednesday January 27, 2016

Axis Bank Ties-Up With Apollo Munich

Axis Bank, one of the largest  private banks of India, announced its partnership with Apollo Munich Health Insurance Company to provide its consumers modified health insurance products and services.

The planned partnership with the health insurance company, a JV between, ‘The Apollo Hospitals Group’, Asia’s biggest healthcare group and, ‘Munich Health’ will offer unique health insurance plans with value added benefits such as health services and access to wellness portal under their ‘Health Eco-System’.

Speaking on it, Rajiv Anand, Group Executive & Head Retail Banking, Axis Bank said, “Over the past couple of years, we have observed the exponential rise in the cost of health care and the need for customized and affordable health insurance solutions. With the objective of ensuring the health and well-being of our customers, we are delighted to announce our Bancassurance partnership for health insurance with Apollo Munich, which will help us further expand our existing bouquet of offerings and put forth a compelling proposition.”

 

Friday January 29, 2016

Linking Of Aadhaar With Insurance Policy Is Mandatory, Says IRDA

On Wednesday, 8th Nov 2017, the Insurance Regulatory And Development Authority Of India (IRDA) said that the linking of Aadhar number with insurance plans is compulsory and asked insurance companies to implement the statutory norms.

 “The Authority clarifies that, linkage of Aadhaar number to insurance policies is mandatory under the Prevention of Money Laundering (Maintenance of Records) Second Amendment Rules, 2017,” the IRDA said.

In the last June, the government of India had informed about the Prevention of Money Laundering (Maintenance of Records) Second Amendment Rules, 2017, making Aaadhar and PAN/Form 60 compulsory for getting financial services that include insurance also and asked policyholders and companies for linking the existing policies with the same.

In a discussion with all life and general insurance companies, IRDA said the rules have “statutory force” and they have to implement the rule without waiting for the further instructions.

Right now, there are 24 life insurers and 33 general insurance companies operating in the country.

Although, there are no deadlines that have been given by IRDA for the completion of the process, as per the circular, it has to be done as soon as possible. Some insurance companies also said that this can also result in the delay of payout in a few cases. Aadhaar is now also compulsory for financial transactions of Rs 50,000 and above. Likewise, one has to link one’s Aadhaar number with the mobile number latest by February 6, 2018.

Monday November 13, 2017

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