Bajaj Allianz General Insurance In Association with GOQii Launches ‘BAGIC GOQii Co-pay Option’

Bajaj Allianz General Insurance along with GOQii, tech-enabled preventive healthcare platform, has announced the launch of ‘BAGIC GOQii Co-pay Option’ under the Regulatory Sandbox approval received from IRDAI. This option will be an add-on cover that can be opted by the holders of the company’s existing health insurance policy – Health Ensure. The objective behind this innovative offering is to reward customers who are adopting a healthy lifestyle in the form of co-pay deduction in their health insurance policy.

BAGIC GOQii Co-pay Option can be availed by the individual policyholders with a policy tenure of one year. The policyholder can opt for Sum Insured of Rs 3 lakh, Rs. 4 lakh or Rs. 5 lakh. The premium of this policy will vary depending on the zone a person resides as defined in the policy document, age group, and the sum insured opted. The premium will range between Rs. 1,894 to Rs. 7,365 for an individual policyholder excluding GST. Additionally, on opting for this add-on cover one can avail a 25% discount on the premium, said the company.

Once the policyholder agrees to opt for the add-on cover, GOQii will on-board the customer on their app to monitor their engagement level and also dispatch the health band. Policy will start with a co-pay of 50% i.e. the Bronze level of engagement. On completion of 60th day, and post that after every 30 days, the insured can check his/her engagement level and co-pay level on the GOQii App itself. Based on the engagement level, the co-pay percentage will change. As the engagement level increases, the co-pay percentage will go down and if the engagement level decreases, the co-pay percentage will move up, however the maximum co-pay level would not be more than 50% i.e. the Bronze level. Other levels include – Silver level with 30% co-pay, Gold level – 20% co-pay and Diamond Level – 0% co-pay, it added.

Commenting on the launch of this add-on cover under the regulatory sandbox, Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance said, “I firmly believe that an appropriate health insurance is crucial to live a life of dignity and also lead a healthy lifestyle. With this add-on cover offered under the regulatory sandbox, our aim is to ensure consumers benefit in the form of their co-pay percentage based on their engagement level on the platform provided by GOQii. The more customers work towards their wellness, better will be their health and lower will be their co-pay percentage. I hope that such benefits will attract more people to opt for health insurance and encourage them to take care of their health as well.”

“GOQii strongly believes that preventive healthcare is the only viable, long-term mass-market solution. In the current times of the COVID-19 pandemic, it has become extremely imperative for individuals to build strong immunity by eating right and exercising enough to get healthy. The future of Insurance will be disrupted through coaching, wearables and AI. This Co-Pay product is a historic step that will lead to an increase in the penetration of health insurance in the country by incentivizing more people to adapt a healthier lifestyle and reducing overall healthcare costs,” said Vishal Gondal, Founder & CEO, GOQii.