India-based Apollo Munich Health Insurance is set to introduce new health insurance product, Critical Advantage, which will cover travel and treatments costs that are treated overseas.As part of the new policy, the insured person will be provided with travel and accommodation expenses for themselves and an accompanying person.The new product, which will come as a rider with Optima Restore or Easy Health policy of above Rs10lakh, will cover eight critical illnesses to be treated overseas.
It is available for a sum assured either of Rs1.5crore or Rs.3crore, reported The Economic Times.
The policy can be used for the treatment of illnesses, including cancer, heart replacement or repair, bone marrow transplant, neurosurgery, coronary artery bypass surgery, pulmonary artery graft surgery and aorta graft surgery.
Apollo Munich Health Insurance CEO Antony Jacob was quoted by news publication as saying: “While people have this fear of how to choose the best healthcare facility, they also wonder how to fund their travel cost.”
In February 2015, Apollo Munich collaborated with Indian Overseas Bank (IOB) to offer its specialised health and personal accident products to the bank’s customers.
The deal allowed the insurer to sell its products in around IOB’s 3,350 branches.