Standalone health insurer Cigna TTK Health Insurance today announced the launch of a health savings type of a product - ProHealth Accumulate that creates a Health Reserve wallet for future medical needs.
This for the first time that a non-life insurer will be selling a savings product.
The plan called ProHealth Accumulate offers customers the unique benefit of combining health protection, wellness and health reserve. “We are trying to address the belied of consumers who believe that insurance claims are for hospitalisation expenses only,” said Sandeep Patel, CEO and Managing Director, CIGNA TTK.
The plan provides the distinctive feature of creating a Reserve that works as your Personal Health Wallet. It provides guaranteed cumulative bonus of 5 per cent year on year. Customers can choose from Rs. 5,000, Rs.10,000, Rs.15,000 or Rs.20,000 to cover out-patient expenses such as doctor’s consultation , pharmacy expenses, diagnostic tests and alternative forms of medicines (AYUSH).
The product will also cover dental treatment, cost of spectacles, lenses and hearing aids. The product offers much more, this amount can be utilized towards payment of any deductible/co-pay/non payable component of a claim wherever applicable including any cashless facility in case of a Hospitalization or Day Care Claim.
Non-life insurers have typically shied away from a comprehensive health insurance product which also covers out patient department (OPD) claims apart from pure hospitalisation expenses due to the low ticket high frequency claims which is perceived to be vulnerable to fraud. Patel said that, since the payout for OPD will be from their own wallet reserve, we expect customers to be prudent.
Under ProHealth Accumulate, the sum assured ranges from Rs 5.5 Lacs to Rs 25 Lacs , with a choice of Individual and Family Floater cover.