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HDFC ERGO Health Insurance (formerly known as Apollo Munich Insurance) is a joint venture between HDFC Ltd 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.
HDFC ERGO Health Insurance (formerly known as Apollo Munich 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 honored 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, HDFC ERGO Health (formerly known as Apollo Munich Insurance) has been rated the 22nd best company to work for in India in 2013 and named as Asia’s most promising brands in 2013.
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.
Travel insurance is necessary on every travel and Apollo here has designed few good travel insurance plans to make your travel safe and secure.
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 HDFC ERGO Health Personal Accident Plan (formerly known as Apollo Munich Personal Accident Plan) helps you to recover.
It is advisable to compare all HDFC ERGO Health insurance Plans (formerly known as 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.
HDFC ERGO Health (formerly known as Apollo Munich) headquarters is located in Gurgaon, India and it has 40 operational offices covering major metros of India. HDFC ERGO Health Travel Insurance (formerly known as Apollo Munich Travel Insurance) ’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.
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%.
Antony Jacob, CEO, HDFC ERGO Health Travel Insurance (formerly known as Apollo Munich Travel Insurance) 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.
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 HDFC ERGO Health Travel Insurance (formerly known as Apollo Munich Travel Insurance) 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, HDFC ERGO Health Travel Insurance (formerly known as Apollo Munich Travel Insurance) is valued at Rs 703 crore.