HDFC Life, Apollo Munich together launch combi product for health & life insurance
Going forward, the companies are looking to collaborate on combi products as well as product research
M Saraswathy
Moneycontrol News
Private life insurer HDFC Life and standalone health insurer Apollo Munich General Insurance have launched a combination (combi) product that will have features of both life insurance and health insurance under one platform. With this, the two insurance companies are also exploring opportunities to partner for combi products in future, as also research.
Antony Jacob, Chief Executive Officer, Apollo Munich Health Insurance said: "There is no other product or service that can be sold from day zero to last day like a health insurance. We believe that the same customer who is buying health or life requires the other pieces too."
The combi product, called Click 2 Protect Health, has both protection and health benefits.
Subrat Mohanty, senior executive vice-president, HDFC Life said that customers will get a 5 percent discount on the total premium on buying the combi product.
Explaining the rationale behind this partnership, Mohanty said that customers often have to go through two different journeys for a common protection need.
"That made the process less convenient and customer would have to undergo two medical tests, fill up two similar proposal forms. When the regulator came up with the combination product regulations, we looked at a partner with a tested brand and a great product where we could allow customers to get two products at the same time," he added.
The life insurance component has a minimum sum assured of Rs 10 lakh and no maximum sum assured. The health component has maximum sum assured of Rs 50 lakh and two claims free years would take it to Rs 1 crore.
Mohanty said that they will use the combined strength of the channel partners of both the companies to distribute the product.
Going forward, the companies are looking to collaborate on combi products as well as product research.
"This is a start of a partnership of combined products and even research of what customers want that we can come out with together. There will be variations and new combination based on what the market needs," said Jacob.
