The proposed solution – Union MediGuard, combines the savings/investment elements of a traditional life insurance product with a facility to reimburse medical expenses arising from various diseases/surgeries ranging from a simple flu to a major illness. It also covers 136 day-care surgical procedures, including nursing and room charges, doctor/consultant fees, ICU expenses and operating theatre charges, without staying overnight in a hospital.
The product covers the main policyholder, spouse and up to five children up to Rs. 500,000 per year and Rs. 2,500,000 during the term of the policy. When combined with a standard life insurance product, MediGuard provides a comprehensive solution to customers including life cover, hospital cash benefits, disability benefits and critical illness coverage in addition to investment returns and maturity proceeds at the end of the policy period. “Based on the research findings we identified a vacuum in the market for medical cost reimbursement health solutions. Customers felt this as a necessity; therefore we introduced the Union MediGuard bill reimbursement benefits with many unique features including investment benefits,” said Aminda Udithathilake, Senior Branch Manager, Life Brands at Union Assurance.
UA also recognised the lack of awareness and preparation among the general public especially with regard to health related emergencies. “it it during desperate situations that people start panicking and utilise their hard earned savings to provide for their loved ones,” noted Udithathilake.
In response to this situation, UA will launch an island wide “Union Health Week,” to create awareness about health, well-being and planning for future health emergencies; where the general public could meet with a professional advisor from the UA team, to discuss their health or life insurance related needs.
Dick Pereir, CEO said that penetration in the ‘life’ segment is around 30% and there is tremendous scope to expand. “We are also expecting good response for this product,” he said.