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Founded in August 2007, Apollo Munich Health Insurance is a joint venture between the Apollo Group Hospitals and Munich Health. It was established in India as a stand-alone private sector health insurance provider. Since its commencement, it has managed to establish a broad spectrum of network and brought numerous distinctive concepts in the Indian Health Insurance domain.
In the year of 2020, HDFC procured a majority stake of 51.25% of Apollo Munich Health Insurance. This acquired entity is understood as HDFC ERGO health. As per FY 2019-20, HDFC ERGO Health carries an overall market share of 6.2% and additionally gains around 8% market share in the accident and health insurance segment.
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HEALTH INSURANCE PLANS OF APOLLO MUNICH
Optima Restore: Your entire cover gets restored immediately after making your first claim.
Optima Secure: Customers acquire 100% increase in coverage after 2 years. Moreover, customers will also avail 100% restoration of base coverage.
Optima Senior: It can be acquired for 1 or 2 years. It will make a good choice for people above the age of 61.
Energy: It covers Type 2 Diabetes Mellitus, Impaired Fasting Glucose, Impaired Glucose Transpose. Sum insured can vary from Rs. 2 lakhs to Rs. 10 Lakhs.
Easy Health: Sum insured can vary from Rs. 2 lakhs to Rs. 15 Lakhs. It includes in-patient hospitilzation, pre and post hospitilzation, day care, and more.
Of the above-written plans, HDFC ERGO offers Optima Secure, Optima Restore, and Optima Senior.
Existing policyholders of Energy and Easy health are allowed to renew their policies if they want to. They also get the option of porting their policy to a different one.
Let's talk about some benefits of merger.
Coverage for Inadmissible /uncovered expenditures: During hospitalization, many insurance providers do not offer coverage for some expenses which are denoted as Inadmissible expenses such as expenses sustained during diagnostic tests, surgical accessories, or the cost of the patient's attendant.
Combined product suite: Both existing and new policyholders have acquired access to substantially bigger, combined product offerings of both the parties involved in the transaction.
Broader distribution network: HDFC ERGO General maintains an access to the agency network that encompasses more than 85,000 agents; it was previously established by Apollo Munich Health Insurance. It has augmented its distribution capabilities allowing effective insurance of the combined product suite of HDFC ERGO General and Apollo Munich.
Better customer experience: After the merger, customer support service has been enhanced and updated to incorporate digital and 24*7 multilingual in-house abilities.
Cashless network of more than 10,000 hospitals: Now, policyholders can access the facility of cashless hospitalization at more than 10,000 network hospitals. HDFC ERGO has a geographical reach of 203 branch offices and more than 250 digital offices.
Impact of Existing Policyholders of Apollo Munich Health Insurance Policies
The transaction has been mutually advantageous for both companies but old customers of Apollo have raised some concerns regarding the existing claims and policies. Let's see how the merger will be going to impact their purchases.
Policy terms and conditions:
Policy terms and conditions will stay the same as stated in the existing policy document.
Policy renewal:
During renewal, all continuity benefits shall be accessible as per existing Policy terms and conditions.
Claim process:
Existing claim processes remain untouched.
Health card:
Your existing card will stay relevant.
Accrued benefits:
All benefits accumulated this far will remain accessible. Moreover, there will be no modifications in premium as well.
Claim settlement:
All claims, including remaining ones will be implemented as per the stated policy terms, and health cards will remain valid.
Branch network:
If you are looking for some information about existing branches, merger, or relocation of branches or introduction of new branch offices, all you need to do is visit the official website of HDFC Ergo.
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