The plan is designed to provide policyholders with extra protection against escalating medical costs, featuring a unique “Premium Promise” that locks premiums until the policyholder either turns 55 or files their first claim, whichever happens first, according to a press release.
This optional feature ensures affordability and encourages long-term coverage, addressing the growing financial burden of healthcare in a country where medical inflation is soaring at 14 percent, according to the Health Report for Corporate India 2023, released by insurtech firm Plum.
In its statement to the media, Galaxy said the new plan stands out with its extensive coverage options, offering sums insured ranging from Rs 5 lakh to Rs 2 crore.
It includes comprehensive benefits such as hospitalisation, surgeries and advanced treatments like organ transplant and bariatric surgery, with a minimal waiting period of just one year.
Another addition is its coverage for nanotechnology, capped at 25 percent of the sum insured, which leverages nanomaterials and nanoparticles for targeted drug delivery, diagnostics and tissue regeneration, according to the release.
This feature, a first in the industry, promises more precise treatments with fewer side effects, particularly for conditions like cancer and neurodegenerative disorders, the release added.
Alongside this, the plan covers 71 consumables, such as admission and insurance processing charges, reducing out-of-pocket expenses, and introduces support for modern facilities like Digital ICU, integrating technology with medical expertise.
Adding to its flexibility, Galaxy Top-up offers optional enhancements like room rent upgrades, allowing policyholders to choose any room type, and coverage for durable medical equipment or CAPD (Continuous Ambulatory Peritoneal Dialysis), capped at 10 percent of the sum insured or Rs 1 lakh, whichever is less, the statement said.
G. Srinivasan, managing director and CEO of Galaxy Health Insurance, emphasised the growing demand for such plans, stating, “Health insurance is no longer a luxury, it is a necessity as health issues in individuals continue to pose significant challenges. Many policyholders now prefer top-up plans over additional basic covers because they are more budget-friendly and offer greater benefits. Galaxy Top-up is a smart, cost-effective solution that ensures access to advanced medical care without financial stress.”
