Hyderabad : Future Generali India Insurance Company Limited (FGII), the general insurance arm of the joint venture partners retail game changers Future Group and global insurer Generali, has introduced Future Advantage Top-Up product. It is a deductible health insurance product with high sum insured options ranging from INR 50,000 to INR 1 Crore. The product provides extra coverage at low premium as compared to any traditional health insurance product.
Future Advantage Top-Up product supplements customer’s needs where they can choose higher sum insured over and above a deductible limit. The deductible will apply on aggregate basis towards hospitalisation expenses incurred during the policy period and not on per claim basis, therefore acting as a Super Top Up .
Shreeraj Deshpande, Principal Officer & Key Managerial Personnel, Future Generali India Insurance said, “With rising medical inflation, the existing health insurance policy may not be adequate and buying a health insurance cover with a large sum insured may not be affordable. Hence, we believe that this top-up is the perfect fit for a wider health insurance cover and to address the issue of under insurance, while keeping premium in check.”
“The motivation behind each and every product that we launch is our vision to protect the customers completely in their times of emergency. Healthcare costs are getting steep and we want to ensure that our customers can avail the best possible treatment whenever they seek expert medical assistance. Future Advantage Top-up takes care of that, at low premium, in case of higher expenses are incurred due to illness or accidents,” added Deshpande.
In this product, a customer has an option to choose the deductible which can be managed either by self-pay or any other insurance. They can also choose the optimum sum insured to take care of their health care needs. Unlike many top up products, you do not have to cross the deductible limit at every claim incidence. The deductible will apply on aggregate basis towards hospitalization expenses incurred during the policy period.
Key Features:
- Entry Age – The product is offered from Day 1 to Lifelong
- Renewable – Lifelong
- Policy Tenure – The policy can be issued for Policy terms 1 year, 2 years and 3 years
- Plans available –
- Supreme Plan – includes cover for all ailments including Heart related conditions and Cancer
- Elite Plan – includes cover for Cancer and ailments related to Heart only
- Cumulative Bonus – 10% for every claims free year to a maximum up to 50% of the Sum Insured
- Payment option – Instalment and Long-term discount on single payment is available for long term policies.
- Discounts available in the product-
- Family discount will be applicable in case two or more family members are covered in the same policy in case of Individual Sum Insured option.
- Loyalty discount – Insured will get a discount if the client already has a separate Retail Health insurance policy (other than Future Advantage Top-up / Personal accident /Travel) from Future Generali India Insurance Co. Ltd.
- Plan discount – If an Insured opts for Elite Plan, then a 30% discount shall be available on the premium applicable for Supreme Plan
- Waiver of Deductible option is available in this product subject to specified terms & conditions
- Portability can be offered as per the Portability guidelines
Key Benefits:
- Inpatient Treatment
- Day Care Treatment expenses
- Pre-hospitalization Medical Expenses
- Post-hospitalization Medical Expenses
- Organ Donor Expenses
- Alternative Treatment
- Emergency Ambulance
Example of Application of Deductible:
Insured A has policy (Policy Period – 1st Jan 2018 to 31st Dec 2018)
| Scenario 1 | Scenario 2 | Scenario 3 | |
| Sum Insured | 5,00,000 | 5,00,000 | 5,00,000 |
| Deductible | 1,00,000 | 2,00,000 | 3,00,000 |
| *Claim 1 | 75,000 | 1,00,000 | 1,00,000 |
| *Claim 2 | 1,25,000
(Claim is for the same illness within 45 days) |
1,25,000 | 1,50,000 |
| *Claim 3 | 1,00,000
(Claim is for ailment falling in 2 years waiting period) |
1,00,000 | 50,000 |
| *Claim 4 | 1,00,000 | 5,00,000 | 1,00,000 |
| Payable Amount for Claim 1 | Nil | Nil | Nil |
| Payable Amount for Claim 2 | 1,00,000 | 25,000 | Nil |
| Payable Amount for Claim 3 | Nil
As there is waiting period of 2 years |
1,00,000 | Nil |
| Payable Amount for Claim 4 | 1,00,000 | 3,75,000 | 1,00,000 |
| Remaining Sum Insured | 3,00,000 | Nil | 4,00,000 |
*Eligible claim amount
Future Advantage Top-Up is an addition to numerous innovative initiatives by the company. Last year, Future Generali India Insurance had launched a special group policy designed specifically to cover vector-borne diseases.