Future Generali India Insurance Company on June 1, 2023 announced the launch of its new health insurance product, DIY Health.
DIY Health comes with an exhaustive base plan comprising 17 features and 20 optional covers, which allows customers to design their personalised tailor-made policy in tune with their health insurance needs, the insurer announced in a press statement.
This means that features, such as maternity cover, critical illness booster, air ambulance, and also accidental death cover can be available on-demand, as against it being a mandatory feature, the insurer said.
Here are the key features of the product:
The power of choice: DIY Health offers a base plan with 17 base features and an extensive range of 20 modular features. This product gives policyholders the freedom to choose the coverage that best suits their needs. Anup Rau, managing director and CEO, Future Generali India, described the product as a transformative journey.
Flexibility and customization: One of the standout features of DIY Health is the cumulative bonus booster, which allows the sum insured to be increased to 600 per cent. This feature provides policyholders with added financial security, as their coverage grows over time.
The product also includes an accidental and critical illness booster, non-medical and consumable expenses coverage, personal accident death cover, comprehensive OPD cover, screening and vaccination benefits, and coverage for up to 15 family members.
The product’s modular design allows policyholders to choose optional covers, such as maternity, pre- and post-natal care, ambulance services, critical illness booster, convalescence benefit, and accidental death cover. This level of customisation ensures that individuals can tailor their health insurance policies to meet their specific requirements.
INSIGHTS AND CUSTOMER DEMAND
Future Generali’s launch of DIY Health aligns with the findings of the FGII #MYCHOICE survey, which revealed that 94 per cent of respondents conduct their own research before purchasing or renewing health insurance policies. Two-thirds of the respondents referred to online portals for comparing features, while 50 per cent sought advice from family and friends. The survey also highlighted that 94 per cent of respondents prefer customising their health insurance policies, if possible.
Incidentally, 80 per cent of consumers seeking customisation are willing to pay an additional premium for personalised coverage, the survey said. This demand for customisation stems from the desire to include relevant features based on their needs and life stage, as many respondents reported not utilising most of the features offered in their current policies.