On Tuesday, private insurer Bajaj Allianz General Insurance launched a Global Health Care product that opens up offshore treatment facilities for Indian customers. It provides cover to the policyholder for planned and emergency treatment outside India.
Tapan Singhel, the CEO and managing director, of Bajaj Allianz General Insurance, said there had been a growing demand from customers for this kind of cover so that they could have access to the best hospitals and best doctors for meeting their healthcare needs. They were buying the best of cars, homes, and other products and wanted to do the same for their healthcare needs and access newer healthcare technologies and advanced medical treatments.
This product was aimed at HNIs, top executives, students, parents visiting children abroad, and leisure travelers who had purchasing power and the desire to get the best possible advances in treatments, he said.
Tobias Meckert, regional head of sales and distribution, international health, Allianz Partners Asia Pacific, said there was a huge demand from the Indian subcontinent for accessing healthcare abroad. There was a growing trend of Indians going to the US, Canada, Singapore, Australia, and Dubai for treatment, he said.
Bajaj Allianz General Insurance has collaborated with Allianz Partners to design the product, using the Allianz global network, technology platform, and claim settling capabilities. Allianz has one million service providers in its network in 195 countries.
This product was different from travel insurance, which gave cover only for limited days and did not cover all aspects of medical care. The product allowed for seamless treatment in India and overseas.
The product is available as Imperial Plan and Imperial Plus Plan, and both offer international and domestic covers with benefits like in-patient hospitalization, day care procedures, palliative care, medical repatriation, air ambulance, living donor medical costs, and modern treatment methods, technological advancement, and mental illness.
The premium starts from `39,432 excluding GST and the sum insured ranges from `37,50,000 to `3.75 crores for domestic coverage and corresponding international coverage from $100,000 to $1 million. Policyholders have the option to choose between worldwide cover, including the US, and worldwide cover excluding the US.