Insurance
Apollo Munich Health Insurance launches Optima Senior

Optima Senior provides lifelong health insurance coverage with a guarantee of no loading on change of health status


Mumbai: Apollo Munich Health Insurance has launched 'Optima Senior' for citizens above 61 years of age, reports PTI.
 
"With the onset of retirement, most people find themselves losing their corporate health insurance coverage, at a time when it is needed the most," Apollo Munich Health Insurance CEO Antony Jacob said in a release.
 
"Optima Senior caters to senior citizens who seek uncomplicated and easy to understand health insurance coverage, with minimal restrictions and maximum benefits," Jacob said.
 
Optima Senior provides lifelong health insurance coverage with a guarantee of no loading on change of health status, the release said, adding, it also offers hassle-free, uncomplicated coverage for those Indian citizens who are in their golden years and seek the best-in-class solution for their medical needs.
 
A person over 61 years can choose from three sum insured levels that is Rs2 lakh, Rs3 lakh or even Rs5 lakh.
 
Policy holders can also enjoy a 5% non-cumulative discount on the renewal premium payable under the policy after every claim free year, provided that the policy is renewed with the company without a break.
 
Apollo Munich Health Insurance is a joint venture between Apollo Hospitals Group and Munich Health, Munich Re's newest business segment.

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Bharti AXA mulling to launch unemployment insurance product

Bharti AXA General Insurance applied for getting approval from IRDA for an 'unemployment insurance' product which would cover general credit risk of a person

 
Mumbai: Private insurer, Bharti AXA General Insurance, is likely to come up with a 'unemployment insurance' product in the current fiscal as the domestic economy witnesses a downturn, reports PTI quoting a top company official.
 
"Presently, we have applied for getting approval for an 'unemployment insurance' product from the regulator. If we get the necessary approval, we will launch the product this fiscal," chief executive officer of Bharti AXA General Insurance, Amaranath Ananthanarayanan, told PTI in an interaction.
 
Earlier, another general insurance player, ICICI Lombard had come up with such a product in 2009.
 
Referring to product specifics, he said that the product would cover general credit risk of a person.
 
"It will be an umbrella product, which will cover general credit risk of a person during a loss of job. For example, payment of equated monthly instalments of the person insured for some months...," he said.
 
Unemployment insurance is a new product in the general insurance category in the country, though it is a very popular product in the western world.
 
According to experts, as the country becomes more economically integrated with rest of the world and faces cyclical downturn in its economy, the demand for these kind of products will be higher in the coming times.
 
Referring to overall product launch, Ananthanarayanan said there are 5-6 products which are pending for approval from the regulator and will be launched after geting its approval.
 
Bharti AXA General Insurance is the joint venture between Bharti Enterprises and AXA group in which 74 percent stake is being held by Bharti group.
 
French based AXA group is a global player in insurance and asset management, had a revenue of 91 billion euros in 2010.
 

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IndiaFirst Life adds two products for customers of AP bank

CGG Bank will offer the IndiaFirst Group Credit Life Plan and IndiaFirst Group Term Plan to its loan and savings bank account customers

 
Mumbai: Private insurer IndiaFirst Life Insurance on Friday added two insurance products for the customers of Chaitanya Godavari Grameena Bank (CGGB) in Andhra Pradesh, reports PTI.
 
IndiaFirst had tied up with CGGB last year for product distribution among the latter's customers. The latest offering is part of an initiative to take the benefit of insurance to the masses, the private insurer said in a release.
 
The bank will offer the IndiaFirst Group Credit Life Plan and IndiaFirst Group Term Plan to its loan and savings bank account customers, respectively. The bank itself will act as the master policyholder for the same, it said.
 
"We have further strengthened our bond with Chaitanya Godavari Grameena Bank by adding two critical products for its customers. Farmers and agriculture ancillary business units form a large chunk of CGGB's customers and we are happy that we can provide them a safety net," IndiaFirst Life Managing Director P Nandagopal said.
 
IndiaFirst aims to cover an additional 25,000 lives under the Group Term Plan with an average sum assured of Rs 50,000. It also plans to cover 2,500 loans by March 2013.
 
"Insurance, as we all know, is extremely critical for the growth and development of the country. While we have been witnessing growth in our per capita income and savings rate, the same growth has not been witnessed in the rural sector.
 
Through this tie-up, we aim to take the benefits of life insurance to the masses," CGGB Chairman M Gopalakrishna said.
 
IndiaFirst is a joint venture between public banks Bank of Baroda and Andhra Bank along with UK's leading risk, wealth and investment company Legal & General.
 

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