HDFC Standard Life enters health insurance market
HDFC Standard Life on Tuesday forayed into the health insurance market with the launch of its first health insurance product HDFC Critical Care.
By PTI |
MUMBAI: HDFC Standard Life on Tuesday forayed into the health insurance market with the launch of its first health insurance product HDFC Critical Care.
With a cover against 30 critical illnesses, the product provides minimum and maximum cover (sum assured) of Rs 2 lakh and Rs 20 lakh, respectively, a press release issued here stated.
Some of its key features are a lump sum benefit payment irrespective of actual medical cost, flexible premium payment option and a benefit payable on survival for a period of 30 days post diagnosis of the critical illness, the release said.
The cover is available for a maximum term of 20 years starting from five years and minimum and maximum age at entry is 18 and 55 years, respectively. The maximum age at the expiry of the policy can be 65 years, the release said.
The most unique feature is the premium waiver option available to customers diagnosed with a particular set of critical illness categorised as 'Group B'.
Under such a situation, 50 per cent of the sum assured would be paid in case of a valid claim and post the claim all further premiums would be borne by HDFC Standard Life and the policy would continue, the release said.
HDFC Standard Life's Managing Director & CEO Deepak Satwalekar said that "our entry into health insurance market is a significant move in line with our business objective. The low penetration of health insurance in India gives us a tremendous opportunity to provide quality health insurance."
The company also plans to launch other health products such as hospital cash and surgical care in the coming months, he said.
With a cover against 30 critical illnesses, the product provides minimum and maximum cover (sum assured) of Rs 2 lakh and Rs 20 lakh, respectively, a press release issued here stated.
Some of its key features are a lump sum benefit payment irrespective of actual medical cost, flexible premium payment option and a benefit payable on survival for a period of 30 days post diagnosis of the critical illness, the release said.
The cover is available for a maximum term of 20 years starting from five years and minimum and maximum age at entry is 18 and 55 years, respectively. The maximum age at the expiry of the policy can be 65 years, the release said.
The most unique feature is the premium waiver option available to customers diagnosed with a particular set of critical illness categorised as 'Group B'.
Under such a situation, 50 per cent of the sum assured would be paid in case of a valid claim and post the claim all further premiums would be borne by HDFC Standard Life and the policy would continue, the release said.
HDFC Standard Life's Managing Director & CEO Deepak Satwalekar said that "our entry into health insurance market is a significant move in line with our business objective. The low penetration of health insurance in India gives us a tremendous opportunity to provide quality health insurance."
The company also plans to launch other health products such as hospital cash and surgical care in the coming months, he said.
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