Edelweiss General Insurance is offering a policy rider where the second-year cover is free if there are no claims. The premium on the policy is in lines with other health covers. But what differentiates it is the free renewal feature available with the purchase of an add-on rider for 25% additional premium.
“The feedback we got was that many young people are reluctant to buy health insurance as they feel the premium they pay is a loss if they do not claim,” said CEO Anup Rau. The company is still working on what incentives can be offered for subsequent years of no claim. “We are open to looking at different combinations,” said Rau.
Under the policy, a 30-year old can get a Rs 5-lakh mediclaim for a base premium of Rs 5,549. An additional Rs 1,387 will get him a Health 241 rider, which entitles the policyholder to a free second year cover if there are no claims in the first year. Together with GST, the total payout comes to Rs 8,185.
Besides the free renewal, the policy has other features such as covering treatment under Aayush (Ayurvedic, Homeopathic and Unani medicines) and bariatric treatment, which is excluded in many policies. It also covers the policy holder for any medical expenses, should he choose to donate an organ. “We have 18 procedures for which we have tied up with several hospitals where the discharge time is zero and he does not have to wait for approval,” said Rau. He added that both the list of procedures and the number of hospitals are growing.
