Money & Banking

Your insurance premium will now depend on how fit you are

Varun Aggarwal Mumbai | Updated on January 09, 2018

Win-win Insurance firms are increasingly promoting healthy living, which eventually leads to lesser health insurance claims and would be beneficial to both the insurer and the insured   -  R_RAVINDRAN

GOQii, Max Bupa to offer special packages to those who maintain healthy lifestyle

It may soon pay to keep yourself healthy. Healthcare device and ecosystem provider GOQii is partnering with Max Bupa Health Insurance to offer special insurance packages to those who consistently maintain a healthy lifestyle.

While both the companies declined to talk about the specific details of the packages, according to company executives, the new plans will offer special premiums to those GOQii users who maintain a healthy lifestyle. The two companies have been working on this since April.

The GOQii tracker and GOQii app monitor the physical activity of a person and maintain a log of what kind of food he/she is eating, allowing the company to estimate their fitness levels. This data will be shared with insurance companies, once the GOQii user agrees to do so, and in turn the user will be able to get health insurance packages with lower premiums based on their fitness levels.

“We will be announcing the plans in the next four weeks as we are yet to get regulatory approval,” Ashish Mehrotra, MD and CEO at Max Bupa Health Insurance, told BusinessLine.

Insurance companies are increasingly promoting healthy living, which eventually leads to lesser health insurance claims and would be beneficial to both the insurer and the insured.

Earlier this year, Aditya Birla Health Insurance launched a plan wherein customers get 30 per cent discount on their health insurance premium if they maintain a healthy lifestyle.

Aditya Birla tracks the consumer’s physical activity through a mobile app on which one needs to record atleast 10,000 steps in a day, or burn 300 calories in one exercise session per day or complete a workout session for a minimum of 30 minutes at a gym.

According to Vishal Gondal, Founder and CEO at GOQii, “Currently, the healthcare industry thrives on illness instead of wellness. By helping people change their lifestyles, we are trying to shift this from illness to wellness.”

Family health plan

GOQii, which aims to become a holistic wellness platform, also launched a family health plan, which offers personalised fitness coaching along with doctor’s consultation for multiple family members. GOQii family health plans start from ₹1,999 onwards and a portion of this will also be eligible for tax savings under Section 80D, under the preventive health check-up option of the Income Tax Act, the company said.

The Mumbai-based firm will go beyond a traditional fitness app and offer food deliveries in partnership with health food providers such as Healthie, Herbivore and Fig. In addition, GOQii has partnered with a host of companies associated with healthcare and wellness in areas such as health snacks, health supplements, online pharmacy, genetic testing, diagnostics and gym.

Starting next month, GOQii will launch the new version of its fitness tracker, the GOQii 3.0. The new tracker will be sleeker and slimmer with a multi-touch colour display with themes. The V3 tracker will also come with a new sensor with heart rate variability (HRV) and Presence Plus.

Published on December 08, 2017

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