A health insurance policy is an indispensable component of your protection basket. It helps mitigate the financial risks arising out of expensive medical procedures.
It gained greater significance post the COVID-19 pandemic, which changed how people view their health and financial preparedness to deal with the fallout of illnesses. In line with growing demand, several insurers have rolled out feature-rich products over the last two years.
Future Generali recently launched its FG Absolute Health policy, which extends the definition of ‘family’ in a health product to cover the LGBTQIA+ community and live-in partners.
“The product has tried to create that empathetic chord by appealing to a wider range of customers,” says Debashish Roy, head, POS business, Anand Rathi Insurance Brokers.
What is it all about?
Future Generali’s new product comes with a host of wellness benefits provided as a part of the product. The policy helps customers access value-added services like tele-counselling, webinars on mental and physical health, vouchers for wellness centres, fitness, sports and diagnostic centres and regular health check-ups.
“Our product is designed to encourage the customers to practice healthy habits, regularly, for holistic health,” says Anup Rau, managing director and chief executive of Future Generali.
The policy offers sum insured in the range of Rs 3 lakh to Rs 1 crore and can cover a maximum of 15 family members under its family floater plan. It also comes with a loyalty programme that enables customers to encash their reward points for premium discounts or availing a variety of goods, memberships, etc., during renewal of the policy.
One can choose from its basic variant, Classic, and Platinum and Signature plans, the premium versions.
What works?
The company has sought to position the product as an inclusive one, as it moves away from the conventional definition of a family and includes LGBTQIA+ community and live-in partners, along with extending the cover up to 15 family members.
“The inclusion of maternity cover, and the enhancement of that sub-limit by Rs 10,000 on the birth of a girl child, is another advantage of the product,” says Gopal Shelke, executive vice-president and national head, strategic sales, Global Insurance Brokers Pvt Ltd.
The policy also comes with a feature to replenish your sum insured after it has been exhausted. For example, if you have a cover of Rs 5 lakh, and the entire amount is exhausted, and if within the same calendar year you are diagnosed with another ailment that costs around Rs 3 lakh, the same can be covered by your health insurance policy.
“While this is surely a feature that helps it differentiate from other health insurance products, it is not absolutely unique,” says Abhishek Bondia, managing director and principal officer, SecureNowInsurance Brokers. Several products such as Star Health Assure Insurance Policy, HDFC ERGO Health Suraksha Regain plan and Niva Bupa Health Insurance, among others, also offer this feature.
What doesn’t work?
Besides standard exclusions and restrictions, the policy imposes a ceiling on expenses that can be claimed for advanced procedures. “The policy cap of Rs 10 lakh for modern treatment is not a good feature from a policyholder’s perspective,” says Bondia.
Maternity benefit is bound to come at a cost, but older policyholders do not have the option of buying the policy without this cover and paying lower premiums instead. “For example, if someone is entering at the age of 40 or above, they might not require the maternity benefit. So in that case, there is no reason why they should be charged for the same,” explains Roy.
Maternity benefit is a part of the base cover in all policies from Future Generali. And since it’s a part of the base cover, base premium will include maternity component as well, according to the insurer.
Moneycontrol’s take
The product aims to stand out in the market by broadening the categories of people who can be eligible for this policy. The benefits such as coverage for LGBTQIA+ partners under family floater plans and higher maternity benefit for the girl child do help differentiate the product from several others in this space. However, the lack of choice to exclude maternity benefit in case the policyholders do not need the cover and the cap on expenses related to modern treatment expenses act as dampeners.
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