Apollo Munich Insurance
Apollo Munich Insurance is a joint venture between Apollo Hospitals Group and Munich Health. The Apollo Hospitals Group is Asia’s largest integrated healthcare provider, while Munich Health draws on Munich’s insurance and reinsurance competence in more than 40 countries.
Apollo Munich Health Insurance offers comprehensive health insurance plans for individuals and their families, as well as for corporate houses. The company mainly focuses on an easy and uncomplicated process for people seeking comprehensive health insurance for themselves and their loved ones.
The company has been honoured with awards like Infosec Maestros Awards – 100 Top CISO 2015, Health Insurance Provider Award by Money Today (India Today Group), and Financial Planning Corporation (India) Pvt. Ltd. (FPCIL) in 2015 and many more prestigious awards for its efforts. More so, Apollo Munich has been rated the 22nd best company to work for in India in 2013 and named as Asia’s most promising brands in 2013.
Apollo Munich Health Plans:
The health insurance plans in India help to protect your family against financial emergencies and provide financial assistance to you and your family. They cover you against hospitalisation expenses from diseases, illnesses or injuries.
Individual Health Plans:
- Optima Restore - The Unbelievable Health Plan: Optima Restore is an individual plan offering coverage from the age of 5 years to 65 years. Benefits can also be extended to your child by covering him after 3 months or 91 days from birth. The plan offers lifelong renewability as there is no cover ceasing age. A unique restore benefit automatically reinstates the basic sum insured in case it is exhausted in a policy year. One advantage is the multiplier benefit, which doubles the sum insured in 2 claim free years
- Energy - The Sweetest Thing for People Living with Diabetes: Energy is a specialised policy covering diabetes and related ailments. Coverage is offered on individual sum insured basis for one year. There is no 30 days waiting period and cover ceasing age in this policy. The cover is available with and without the co-payment option of 20%. The Gold variant includes cost of wellness tests, while the Silver does not include this
- Easy Health - Our Plan For Young Family: This health policy provides full protection in case of any illness or medical emergency for you and your family. The plan offers coverage on individual sum insured basis and an optional cover for critical illnesses. It can be easily upgraded at the time of renewal and there is no cover ceasing age. The policy period may be 1 or 2 years.
- Easy Health - Our Premium Plan: This policy can be issued to an individual and/or family for a period of 1 or 2 years. The sum insured and benefits accrue on a policy year basis. This premium plan protects against maternity expenses, outpatient dental cover, recovery benefits and also the cost of spectacles and hearing aids. The policy has 2 coverage options – for individuals under the Easy Health Individual Health Insurance Plan and for families (floater plan) under the Easy Health Family Floater Insurance Plan
- Easy Health - Our Most Popular Plan: The Easy Health plan offers a comprehensive cover for medical treatment of illnesses and accidents requiring in-patient hospitalisation. Coverage is available on individual sum insured basis. In addition, there is an optional add-on cover for listed critical illnesses. The policy can be issued to an individual and/or family for a period of 1 or 2 years. The sum insured and benefits are applicable on policy year basis
- Optima Cash - Daily Hospital Cash Plan: Optima Cash is a daily hospital cash plan that provides support at the time of hospitalisation. No pre-policy medical check-up is required before purchasing the policy. It involves less paperwork. In fact, no medical bills are required for filing a claim. Optima Cash pays a lump sum amount, which can be utilised further towards hospitalisation expenses. This policy covers additional expenses like attendant’s food, travel and accommodation that remain uninsured in case of regular insurance plans
- Optima Plus - A Top Up Plan: Optima Plus is India’s only top-up health plan with an option of converting into a full-fledged nil deductible health insurance plan on retirement. It provides twin benefits, one of top-up cover and another of being a full-fledged plan. Top-up benefits include cover for higher hospitalisation expenditure. The premium is nominal and the policy can be renewed for life. The benefits on conversion into a full-fledged nil deductible plan at retirement include cashless hospitalisation, wide in-patient cover and waiver of deductibles.
- Maxima - Our Comprehensive Plan That Covers for the Little Illnesses Too: The Maxima plan offers unique outpatient benefits covering common illnesses including fever, stomach ache, sore throat and even chronic ailments. Outpatient benefits cover doctor’s consultation fee, medicine bills, laboratory and diagnostic tests and annual health check-ups for 18 years and above. Those above 45 years can opt for this benefit from the second year
- Optima Super - Aggregate Top Up Plan: Optima Super is an aggregate top-up health plan that adds to your existing cover and also offers an option to convert to a full-fledged nil deductible health insurance plan at the time of retirement. It offers sum insured at a lower cost as per requirement. It is a convertible top-up plan without deductible amount and best suited for individuals with group cover and low sum insured policies
- Optima Vital - The Critical Illness Plan: The critical illness plan covers a list of 37 critical illnesses. It pays a lump sum amount in case of chronic diseases and sudden illnesses, covering medical events and surgical procedures. Benefits of this plan can be availed even when one is covered under other policies. It requires the insured person to survive at least 30 days from the date of confirmed diagnosis for availing the benefit
Family Floater Plans:
- Optima Restore - The Unbelievable Health Plan: Optima Restore offers a unique restore benefit, automatically reinstating the basic sum insured in case it is exhausted in a policy year at no extra charge. The restored sum insured can be utilised only for claims for new illness or disease for the insured person during the same policy year and the restored benefit cannot be carried forward to the next year. This plan also rewards if the policy is not claimed with a multiplier benefit. This multiplier benefit doubles the basic sum insured in 2 claim free years
- Easy Health - Our Most Popular Plan: Easy Health is Apollo Munich Health Insurance’s most popular plan and protects your family from unforeseen emergency expenses. It also offers a comprehensive cover for medical treatment of illnesses and accidents requiring in-patient hospitalisation. The plan offers coverage on floater sum insured basis and also offers an add-on optional cover for listed critical illnesses
- Easy Health - Our Plan For Young Family: Easy Health family floater plan protects the family not only from unforeseen emergency expenses, but also offers a comprehensive cover for medical treatment of illnesses and accidents requiring in-patient hospitalisation. The plan covers maternity expenses, recovery benefit and lets one avail health check up benefit at every fourth renewal irrespective of the number of claims. It offers an add-on optional cover for listed critical illnesses
- Easy Health - Our Premium Plan: Easy Health family floater plan protects the family not only from unforeseen emergency expenses, but also offers a comprehensive cover for medical treatment of illnesses and accidents requiring in-patient hospitalisation. This premium plan covers maternity expenses, outpatient dental cover, recovery benefit, cost of spectacles and hearing aids and also lets you avail health check up benefits at every third renewal irrespective of claims. It also offers an add-on optional cover for listed critical illnesses
- Optima Super - Aggregate Top Up Plan: Optima Super is an aggregate plan that offers varied sum insured and deductible combinations allowing optimum coverage as per requirements. It also gives an option of conversion into a fully nil deductible plan on retirement
Senior Citizen Plan:
- Optima Senior: Optima Senior, as the name suggests is a plan exclusively for senior citizens and offers comprehensive cover for medical treatment of illnesses and accidents requiring in-patient hospitalisation
Travel insurance is necessary on every travel and Apollo here has designed few good travel insurance plans to make your travel safe and secure.
- Easy Travel - Individual: Apollo Munich Health’s Individual Travel Insurance protects against illnesses, thefts and unexpected occurrences that can impact plans when travelling alone. The coverage for individuals starts from an age of 6 months up to 70 years against any medical or non-medical emergency while travelling. The validity of insurance is for 180 days.
- Easy Travel - Family: Apollo Munich Health’s Family Travel Insurance plan covers the individual, his or her spouse and up to four children under the age of 21 years. The plan is tailor-made to protect the insured and his or her family from travel related emergencies.
- Easy Travel - Senior Citizen: Senior citizen travel insurance is designed for mature people in the age group of 71-80 years who have a greater need for medical assistance services while travelling.
- Easy Travel - Annual Multi Trip Plan: The plan provides overall protection to those who travel frequently throughout the year. This travel insurance plan is available in four variants – Platinum, Gold, Silver and Asian Region with sum insured options ranging from USD 25,000 to 500,000
An Accident can happen anytime with anyone and everybody must be ready in advance to face the financial needs to recover from the Accident and Apollo Personal Accident Plan helps you to recover.
It is advisable to compare all Apollo Munich Health insurance plans with plans from other Health insurance companies in India to choose the best health insurance plan that suits you the most.
Apollo Munich Distribution Network
Apollo Munich’s headquarters is located in Gurgaon, India and it has 40 operational offices covering major metros of India. Apollo Munich’s health insurance plans are valid in all hospitals across India on a reimbursement basis and in around 4,000 trusted hospitals across 831 cities and towns including the 50 Apollo Group hospitals, where customers can avail “Cashless Hospitalization” service.
Apollo Munich General Insurance - Latest News
JGerman reinsurer Munich re has decided to buy additional 27% stake in Apollo Munich insurance for Rs 163.50 Crore. This will bring down Apollo Stake to 51.10% in Apollo Munich Insurance from existing 74.47%. It is to be noted that Munich Re and Apollo Munich Health Insurance Company Limited are in joint ventures.
Munich Re will buy an additional stake from Apollo Energy Co. Ltd, a subsidiary of its joint venture partner. If the transaction is concluded, Munich Re share holding will increase to 48.75%, which will depend upon regulatory approval. The transaction is expected to close in the first quarter of current fiscal year.
Munich re also added that 0.2% shared will be held by employees. The Munich Re company decision to hike its stake came after 10 months of Union government decision to increase foreign direct investment in insurance sector to 49% from 26%. In India insurance penetration is 3.9 % when compared to global 6.3%.
Apollo Munich, a standalone health insurance company, on 27th January, 2016 declared its asociation with Axis Bank for offering tailored insurance policies to the existing bank customers.
Antony Jacob, CEO, Apollo Munich Health Insurance, said that the company along with its partners will devise and put forward tailored health insurance plans to the customers of the bank, according to their requirements. He also said that the issuance and after service of the policy will be done through an online process, in order to minimize the turnaround time.
He also stated that this is the fourth bancassurance partnership that is being signed by the company. Further, he said that selling the policies through bank has contributed more than 10 % to the topline.
Health Insurance is also expected to spread rapidly, as India has more than one lakh branches of Axis Bank. Also, a majority of those branches are located in semi-urban and rural area, he added.
Apollo Hospitals Group is selling 23.3 % of its stake in Apollo Munich Health Insurance to Munich Re for an amount of Rs. 1,63,50,00,000.
After the transaction, the German partner of Apollo Hospitals, Munich Re will have a stake of 48.7% in the joint venture.
As per a statement, post various approvals, the trade is projected to be close by the end of March, 2016.
An official from Apollo group said that the Director’s Board of the Apollo Energy Company, a division of Apollo Hospitals Group, accepted the decision of divesting 23.3 % shares in Apollo Munich Health Insurance Company to Munich Re, its German partner in the joint venture, for an amount of Rs. 1,63,50,00,000.
As per the proposed transaction, Apollo Munich is valued at Rs 703 crore.
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