IFFCO-Tokio launches swasthya kavach
New Delhi, 18 August 2009: IFFCO - TOKIO General Insurance Co. Ltd., today launched a health insurance product “Swasthya Kavach”, a family health policy with a difference. This is one of the most price competitive family floater policies, having a critical illness as a top-up cover on a single Sum Insured basis, i.e. Critical Illness cover is also available on a floater basis. Other unique features of the policy include
- Selection of Sum Insured based on a treatment cost basis (Basic sum insured for general ailments requiring inexpensive treatments and a higher sum insured for only expensive treatments such as Coronary Artery Diseases like heart attack, Cancer, Major Organ transplant, etc.)
- Continuation of Critical Illness cover in subsequent renewals even after detection of such an illness and
- Emergency medical Assistance without limit of sum insured which offers Medical Consultation, Evacuation even by air ambulance, Medical Repatriation, etc.
Swasthya Kavach is available under two plans – Base Plan and Wider Plan, the main coverage under both the plans are as following:
- Hospitalization expenses including Doctor’s fees, operation charges, room and nursing charges, cost of medicines, diagnostics tests, etc.
- 121 defined daycare surgeries providing coverage for treatment requiring admission in hospital for less than 24 hours
- Pre-existing disease coverage after 4 continuous years of the policy with IFFCO TOKIO
- Daily allowance
- Emergency medical assistance
The additional coverage under the Wider plan are:
- 10 specified critical illness cover available as an optional extension for the entire family (The 10 named critical illnesses under this policy are: Paralytic Stroke, Cancer, Renal failure, Coronary artery disease, Major organ transplant, Major injuries. End-stage liver disease, Major burns, Coma, Multiple sclerosis)
- Cumulative bonus of 5% on every claim-free year subject to a maximum of 50%
- Family health check-up after every block of 4 claims free years
At the launch of Swasthya Kavach, Mr. S Narayanan, Managing Director and Chief Executive Officer, IFFCO Tokio General Insurance, pointed out, “IFFCO Tokio has consistently been designing products that effectively take care of the health insurance needs of its customers. Swasthya Kavach offers benefits that are appropriate during health-related contingencies. At a time of rising medical expenses, a health insurance product that takes care of one’s worries has become a necessity. I am confident that the unique benefits of Swasthya Kavach will appeal to the customers.”
Unveiling the new product, Mr. N K Kedia, Director- Marketing, IFFCO Tokio General Insurance, said, “IFFCO Tokio’s Swasthya Kavach is a result of IFFCO Tokio’s continuous efforts for research and development in the field of product innovations. I am sure that this product will help to develop insurance awareness in the market as it also covers all types of epidemic including Swine Flu. Indian insurance market needs many simple package products and this is our one step forward related to health insurance. IFFCO Tokio has earmarked health as one of the prime focus areas for the development of Insurance business in line with the need of the nation. The Indian health industry is presently at Rs 6625 crores (about 20% of overall Insurance Market) which are likely to grow exponentially over the years. We are committed to providing Hassle-Free Claim services to our customers through a cashless claim facility in over 4000 hospitals across India for Swasthya Kavach Policy. Our other health insurance products are Individual Medishield, Critical Illness Policy, and Comprehensive Accidental Hospitalization Policy.”
About IFFCO TOKIO General Insurance Co. Ltd.
IFFCO Tokio General Insurance Company is a joint venture promoted by Indian Farmers Fertilizer Co-operative (IFFCO) and its associates and The Tokio Marine and Nichido Fire, the largest insurance company in Japan. The Indian promoter’s contribution is 74 percent, while Tokio Marine has contributed 26 percent through Group Company Tokio Marine Asia Pte Ltd. IFFCO TOKIO has a widespread network of more than 170 offices across the country.
IFFCO Tokio has received several industry accolades for its commitment to excellent customer service and is consistently rated high by various agencies.