HDFC Life, Apollo Munich team up for dual cover

HDFC Life Insurance and Apollo Munich Health have come together to launch ‘Click2Protect Health plan’, which provides both life and health cover under a single plan.

This plan combines the benefits of HDFC Life’s ‘Click2Protect 3D Plus (term) protection plan’ and Apollo Munich’s ‘Optima Restore health indemnity plan’.

“We have combined our flagship term insurance product with Apollo Munich’s flagship health insurance product. The regulatory encouragement to actually have a combination product, which offers a combination of life and health insurance benefits, gave us the idea that we should bring these two products together,” said Subrat Mohanty, Senior EVP, HDFC Life.

“Through a single proposal form, single medical, single premium, customers can get both the products together, making it convenient for them. It is also cheaper because there is an overall 5 per cent discount if the customer buys the two products together,” he said.

The features of the product, as per a joint statement issued by the two companies, include waiver of future premiums on account of accidental total permanent disability or on diagnosis of critical illness; and special premium rates for women and non-tobacco users.

Multiplier benefit

Further, hospitalisation benefit covers in-patient treatment, pre-and post-hospitalisation expenses along with restore benefit (cover amount is restored for another illness or family member) and multiplier benefit (upon a claim-free year, the basic sum insured increases by 50 per cent and, if the second year too is claim-free, then the basic sum insured is doubled).

According to the statement, the plan also comes with critical advantage rider covering eight critical illnesses, such as cancer and heart ailments, and also provides cashless treatment overseas for these illnesses.