Future Generali India Insurance company has announced the launch of its health insurance product – DIY Health – which comes with multiple rider benefits.
Rider benefits are optional covers that policyholders can buy by paying additional premiums. According to the company, besides the base features, the DIY health insurance product comes with 20 optional offerings or rider benefits.
Policyholders can also choose from optional covers such as maternity, ambulance (air/road) cover, critical illness booster, daily hospital cash, cover for non-medical and consumables-linked expenses, home healthcare insurance, voluntary co-pay, critical illness booster, accident booster, higher pre- and post-hospitalisation expenses, flexibility to increase or reduce waiting periods for pre-existing illnesses and so on.
This is in addition to the regular features that several other products in the industry offer such as cumulative bonus booster, wellness benefits, OPD coverage if the minimum sum insured is Rs 5 lakh and no capping on hospital room rent.
The product allows the policyholder to cover up to 15 members of her family under the family floater cover. Besides grandparents, daughters-in-law, sons-in-law and live-in partners can be covered under the policy.
“DIY HEALTH enables customers to not only choose the most relevant features as per their life needs but also enables them to further tweak or modify the policies annually,” said Anup Rau, Managing Director and CEO of Future General India Insurance.
Prior to designing the product, the company conducted a survey, which revealed that 94 percent of the respondents conduct their own research before buying or renewing their health insurance policy. An equivalent proportion of those polled said that they would want to ‘customise’ features of their health insurance policies.
Close to 80 percent of those looking for customisation said they were willing to pay an additional premium for the purpose. Two-thirds of respondents visited online portals for comparing features, while one in two consulted their family, friends and peers choosing the product and insurer.
As per Future Generali India, the survey covered over 1,500 health insurance policyholders and insurance-seekers in the age group of 25-45 years across 14 cities, including Delhi, Mumbai, Kolkata, Chennai, Hyderabad and Bengaluru.
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