- Highly customisable health insurance plan covering upto 19 members in a family with individual sum insured for each member and a floater sum insured that can be used by any one or more of the family members within the overall sum insured
- Covers 11 Critical Illness, Maternity Benefit, Emergency Domestic Evacuation, Vaccination in case of Animal Bite and Health & Wellness
Chennai, 24 April, 2018: Royal Sundaram General Insurance Co. Limited, India’s first private sector general insurance company, launches ‘Family Plus- The 5G Health Insurance Plan’’- a unique plan covering 19 family members with individual sum insured for each member and a floater sum insured that can be used by any of the family members. Family Plus has no restriction on the number of adults, child/ children’s age/ relationship restriction on adults as in other floater policies.
Commenting on the launch, M.S. Sreedhar, Managing Director, Royal Sundaram General Insurance Co. Limited said, “At Royal Sundaram, we believe in innovation in elevating the customer experience. Our flagship product Lifeline (launched in 2015) is already the most preferred family health cover in the market. With Family Plus we are introducing a quality product with comprehensive benefits which covers the gamut of insurance needs of individuals, nuclear and extended families under a single cover.”
Nikhil Apte, Chief Product Officer, Product Factory said, “Today lifestyle diseases such as heart attack, diabetes, cancer, liver or kidney failure are on the rise and so is the cost of treatment for these diseases and hospitalization costs are set to double in next 10-15 years given the medical inflation. Therefore,health insurance is essential for individuals as well as families and needs to be looked at as a long term product. In that regard, the unique feature of Family Plus is the two levels of sum insureds; one at individual level and another at the family level. So the customer will not have to worry about the adequacy of sum insured because it provides double layer protection for the customer. If one layer is consumed, another layer becomes active. For e.g. Family consisting of husband, wife, two children and two parents, can buy Family Plus with 5 lakhs of individual sum insured and 15 lakhs of common floater sum insured at family level. They will actually have a cover of Rs 45 lakhs i.e. 6 * 5 lacs= 30 lakhs + 15 lakhs of common sum insured.
He added, “This product also has NCB (No Claim Bonus) benefit which increases the individual sum insured by 20% every year up to 100% of the sum insured. So in the above example after 5 years the family cumulative sum insured will become 75 lakhs after applying NCB benefit i.e. Individual SI of Rs.5 lakhs will become 10 lakhs per member. So total sum insured as available with the family will be 6 members * 10 lacs= 60 lakhs + common sum insured of Rs 15 = 75 lakhs. So at any given time the family will have a sufficient sum insured to cover the cost of treatment including inflation. In the extreme case, if the family exhausts the above sum insured the option of ‘reload’ will trigger in and will replenish the common sum insured for everyone. In fact, Family Plus has one of the lowest premiums per lakh in the market today.”
Family Plus is a cost effective family health insurance product that offers covers upto INR 15 lakhs for Individual base and upto INR 50 lakhs for common floater.
About Royal Sundaram General Insurance Co. Limited
Royal Sundaram General Insurance Co. Limited (formerly known as Royal Sundaram Alliance Insurance Company Limited), a subsidiary of Sundaram Finance, is the first private sector general insurance company in India to be licensed in October 2000 by the Insurance Regulatory and Development Authority of India. The company was initially promoted as a joint venture between Sundaram Finance, one of the most respected non-banking financial institutions (NBFCs) in India and Royal & SunAlliance Insurance plc, UK, one of the oldest general insurers in the UK. In July 2015, Sundaram Finance acquired the 26% equity holding from Royal & SunAlliance Insurance plc. Consequently, the entire 100% equity holding in Royal Sundaram is now held by Sundaram Finance (75.90%) and other Indian Shareholders (24.10%).
Royal Sundaram has been providing innovative general insurance solutions to individuals, families and businesses directly as well as through its intermediaries and affinity partners. The company offers Motor, Health, Personal Accident, Home and Travel Insurance to individual customers and offers specialised insurance products in Fire, Marine, Engineering, Liability and Business Interruption risks to commercial customers. Royal Sundaram also offers specially designed products to the small and medium enterprises and rural customers as well. The company is a pioneer in bancassurace in India, having long-standing tie-ups with reputed banks and NBFCs. Currently, Royal Sundaram has 2000 plus employees and its products are distributed across 130 cities in India, through agents, affinity partners, OEM dealers, brokers and through direct channel (both offline and online), selling over two million policies every year.