Business India ×
  Magazine:
Insurance

Published on: July 27, 2020, 12:07 a.m.
Critical connect
  • Asthana: expecting good response

By Lancelot Joseph. Executive Editor, Business India

With rising healthcare costs and the growing vulnerability to critical illnesses, having a comprehensive insurance protection is a necessity today. The cost of treating life-threatening diseases is much higher compared to the cost of treating common ailments,” says Roopam Asthana, CEO & whole time director, Liberty General Insurance Ltd (LGIL), a joint venture between Liberty Citystate Holdings PTE Ltd – a group company of Liberty Mutual Insurance group, a diversified global insurer with over 900 offices across the world, headquartered in the US, Enam Securities, and DP Jindal group.

“Keeping this in mind, we have launched ‘Critical Connect’ health insurance policy which is another step towards our endeavour to contribute to the financial well-being of our customers. The policy provides financial support and wealth protection to our customers by offering a lump-sum amount on the diagnosis of a critical illness which may require specialised treatment for an extended period of time,” adds Asthana. He was the founding employee of the company and has played a pivotal role in the formation of the joint venture, along with the licensing of the company. With an experience that spans over 25 years, he has worked as CEO, SBI Cards and Payment Services Pvt. Ltd. and GE Capital Business Process Management Services Pvt. Ltd.

LGIL commenced operations in 2013 with the aim to provide comprehensive retail, commercial and industrial insurance solutions. Today, the company has an employee strength of 1,100 plus with presence across over 100 locations in India. Its partner network consists of about 5,100 hospitals and more than 4,300 auto service centres. The company offers health and personal accident insurance, car and two-wheeler insurance, employee compensation insurance, commercial insurance, fire and engineering insurance, marine insurance and other miscellaneous insurance products in India.

In a bid to expand its health insurance product portfolio and provide insurance cover for up to 60 critical illnesses (CIs) such as heart or major organ transplant, kidney failure, cancer, brain surgery, CIs related to HIV/AIDS, head trauma, blindness, and multiple sclerosis among others, LGIL launched ‘Critical Connect’ at a virtual product launch ceremony.

“This health insurance policy will enable customers to manage most of the expenses arising due to critical illnesses. Unlike a regular health insurance policy, where the customer makes a claim based on the actual expenses incurred on hospitalisation, the Critical Connect health insurance policy will pay a lump-sum amount to the customer on the diagnosis of listed critical illness covered under this policy,” says Asthana.

The product pays a lump-sum amount to the policyholder instead of actual expenses spent on treatment, and the liberty or discretion of utilising that amount lies completely with the policyholder such as, opting for treatment within India or abroad, appropriately plan for his increased daily living expenses, utilities, child education, loss of income etc. “The wide range of sum insured from Rs1 lakh to Rs1 crore in multiples of Rs1 lakh and up to a tenure of three years offers a better deal to the customer. It offers in-house claims settlement without any third party involvement. Further, the Health 3600 Wellness programme motivates for healthy lifestyle and rewards the customers too.

The Wellness programme is an eternal part of CIs and comes as an inbuilt feature. The optional cover ‘30 days survival period waiver’ and ‘Loan Protector’ completes the entire package for the customer taking care his comprehensive insurance needs. Moreover, the important differentiator of the product is that, it offers ‘continuation of the policy even after payment of 100 per cent of the sum insured’ unlike the usual benefit based policies. Lastly, it offers disease specific bundles to select any or all such as heart, brain, cancer and renoliv protect.”

The other benefits under the Critical Connect policy include a second medical opinion where Liberty will arrange and pay for a second opinion through its panel of doctors. Secondly, the customer will be entitled to a health check-up every two years. “Lastly, under Health 3600, while the customers would be able to avail discounts on outpatient consultations, pharmaceuticals, and diagnostic tests through Liberty’s empanelled, network providers, they would also be able to get integrated healthcare services such as health risk assessment, disease management, dedicated health coach, and wellness rewards under wellness programmes without any additional charges,” sums up Asthana.

The product is just launched and considering the initial feedback from the market, “we are anticipating a good response in its first year itself. While Covid-19 has disrupted the physical distribution channels to some extent, we expect to see good traction due to the uniqueness of the product features and a reasonable premium rate which can be paid in instalments,” he claims.

Finally, it’s an exclusive product offering coverage for CIs only. “While this product doesn’t cover Covid, we have other products that provide coverage for Covid-19 related hospitalisations”.

Don't miss this

Cover Feature

In control of its growth momentum

JK Tyre readies itself for an exceptional growth spell

Special Report

Ready to roll

NCRTC could be the mascot of changes the government has planned for the railways

Focus

Pegasus affair rocks the nation

Unless cleaned up, it will only bring down India’s global image

Corporate Report

GHFL consolidates its leadership

Garware High Tech Films dominates the market with its differentiated portfolio

Our letter to you, once a week.
Register with The CSR Weekly for free!

E-MAGAZINE
BI 1105 digital-jk-tyre-exceptional-growth-ahead
Can we do another 1991?
Amazing turnaround
FROM THIS ISSUE

Selections

Guest Column

States

Corporate Report

MSMEs

Profile

Social Responsibility

Healthcare

Goodyear India partners Americares India Foundation

Published on Feb. 2, 2021, 9:21 p.m.

The partnership will support COVID-19 healthcare facilities in Faridabad and Aurangabad

Environment

Tata Motors launches a 'Go Green' initiative

Published on Dec. 23, 2020, 10:34 a.m.

The company will plant a sapling for the sale of every new commercial vehicle

Women Empowerment

Tata Starbucks ties up with Educate Girls to empower women

Published on Dec. 2, 2020, 3:10 p.m.

The partnership aims to provide volunteering and educational support to those who have relocated to urban cities from villages

Environment

Indian Oil has a social initiative for a clean and green world

Published on Nov. 25, 2020, 2:53 a.m.

The public sector company is planting a tree for every retail customer visit during its TreeCheers campaign period

Climate Change

Environment

Risks and opportunities

Published on July 28, 2021, 3:08 p.m.

Climate risk disclosures are expected to help investors identify firms’ business sustainability risks

Environment

Turning the table on developed nations

Published on July 28, 2021, 2:35 p.m.

India demands that the developed countries commit to cut their emission to global average by 2030

Government and Policy

India, US to fight climate crisis jointly

Published on July 28, 2021, 12:53 p.m.

The US has sought co-operation from India in tracking climate crisis

Air Quality

Electric vehicles best placed to tackle Climate Change

Published on July 28, 2021, 12:11 p.m.

A recent study underlines EVs' clear superiority to combat the climate crisis

Stay ahead of the times.
Register with The Climate Change Weekly for free!