Health insurance providers play fitness card; Healthy customer who exercise regularly may be provided discounts on renewing their insurance policy.
A working group set up by Insurance Regulatory Development Authority of India to examine innovations in insurance involving wearable and portable devices has come out with recommendations which will allow companies to provide incentives such as discounted premium based on customer’s health and activity data.
Wearables can play a crucial role in underwriting in both life and health insurance. Similarly, installing smart data collection devices in vehicles could make it possible for insurers in India to collect data on the driving habits of customers and adjust the premium accordingly.
“This eventually could result in lowering the premium on health insurance paid by policyholders during renewals by about 10-15%. Over time as we build more credible underwriting and loss data, the pricing could become more precise,” Anurag Rastogi, HDFC Ergo General Insurance.
Insurers play fitness card to offer health and wellness solutions
Indians are leading hectic lifestyles and have so many responsibilities to fulfill, the end-result is that we end up compromising on our health and well-being. This is where the brand steps in with its health and wellness solutions, enabling users to avail a range of wellness benefits offered in its health insurance offerings.
Insurers are now looking at making health covers cheaper for their more fitness-conscious customers by tracking their health routine. Cigna TTK Health Insurance Co recently launched its pay-as-you-workout concept, where policyholders will have to pay less premium if they burn more calories.
“We have a mobile app, which you can sync with any fitness wearable from Fitbit, Garmin or pedometers. The mobile app will maintain a daily log of your activities. The more you workout, the higher the reward points on the app. At the end of the year, you can use the points to pay less for your policy or use them towards availing of other health benefits like pharmacy bills, doctors’ consultations,” says CEO & MD, CignaTTK Health Insurance Co Ltd.
ICICI Lombard Wellness and Preventive Healthcare Package
You must have seen a TVC of a middle-aged Indian man huffing and puffing, trying to get fit. Its about a father’s promise to his daughter that he will get fit, come what may.
The ad is not for any fitness gear, running shoes or health food, but is part of ICICI Lombard General Insurance’s wellness campaign.
ICICI Lombard offers a wellness and preventive healthcare package under its health insurance policy. Customers can avail of Yoga & Gym reimbursements, Nutrition consultation, Sports & Fitness therapy as part of ICICI Lombard’s health insurance offerings.
As part of the package, policyholders can claim for reimbursement of expenses for yoga sessions (it has recognised yoga as a preventive healthcare tool). Similarly you can get wellness points for gym reimbursement or availing nutrition consultation.
Read more at icicilombard.com
Bajaj Finance #FitForLife Campaign
Bajaj Finance Ltd has launched a #FitForLife Campaign wherein it offers short term loans to consumers for a gamut of fitness & wellness products and health treatments. Consumer can opt for easy EMI offer on products and treatments such as gym membership, cycles, gym equipment, sportswear, air purifier, eye care, dental care, hair transplant etc. along with other special offers from the partner brands.
Aviva Heart Care for Indian Couples
Indians are more prone to heart ailments, due to several factors like genetics, unhealthy diet, sedentary lifestyle, stress etc.
Most Indians are usually not adequately covered under a mediclaim policy, so hospitalisation expenses are out of pocket in most cases.
That is why Aviva Life Insurance has launched a heart insurance product which allows you to cover your spouse and you in the same policy at a nominal extra premium.
Aviva Heart Care policy provides coverage against several mild, moderate and severe cardiovascular conditions, and procedures and allows lump sum payout irrespective of cost of treatment.
Read more at avivaindia.com
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