Apollo Munich Launches Optima Vital and Optima Super

• First health insurer to cover 37 critical illnesses.

• First high deductible plan with an option of conversion to an indemnity plan without underwriting.

After receiving an overwhelming response from the market on Optima Restore, Apollo Munich Health Insurance is set to roll out two new plans under its Optima series - Optima Vital and Optima Super. Creating a new benchmark for the health insurance industry, Optima Vital – a critical illness plan, covers 37 critical illnesses against normal industry standards of providing cover for around 7 to 20 of these conditions. Optima Super, on the other hand, is an aggregate high deductible cover for individuals and families that comes with a unique SWITCH BENEFIT (Waiver of Deductible Benefit) of converting the high deductible into a full-fledged nil deductible plan, without any underwriting.

Optima Vital:

Non-communicable diseases account for 53 percent of deaths in India and both the incidence and the number of critical illnesses are increasing dramatically. In addition to that, the treatment for such ailments is more than twice as expensive as compared to communicable conditions and illnesses. Taking cue from that, Apollo Munich has designed Optima Vital that protects consumers financially upon diagnosis of any pre-defined critical illnesses.

What makes Optima Vital special is the fact that it extends cover against 37 critical illnesses, which is way above the number of critical illnesses covered under general critical illness plans available in the health insurance market. It covers aliments such as coma, kidney failure, major burns, bacterial meningitis, cancer, heart attack, stroke, and such life threatening conditions. This product is developed closely with the customers and based on their feedback we realise that critical illnesses have a prolonged effect on one’s life because of expensive treatments that extend beyond one’s stay in a hospital, loss of income and prolonged hardship in some cases. Hence, Apollo Munich has eliminated the practise of part payment for certain critical illnesses. Optima Vital promises 100% lump-sum pay out on detection of any of the 37 critical illnesses.

Antony Jacob, CEO, Apollo Munich Health Insurance, said “At Apollo Munich, our focus is to constantly challenge ourselves and come up with high quality products with innovative features that ease the financial burden of customers arising out of medical emergencies. Given the increased stress levels and changing lifestyles, Indians are encountering critical illnesses more than ever before. Not only the incidence rate of such diseases is increasing, the number critical illnesses is also on a rise. Hence, there is a deep-felt need in the market for a one stop shop plan that covers all the major critical illnesses to help reduce the financial trauma related to critical illnesses.”

The customers of Optima Vital are given the option of taking e-opinion from Apollo Munich’s panel doctors, as and when required by them. This is an inbuilt benefit and comes with all sum insured variants. Optima Vital offers the consumer lifelong renewal and shall terminate on first occurrence of any one of the defined critical illnesses. The entry age for the cover is 18 years, with maximum age of entry being 65 years. The policy also offers an income tax benefit under Section 80D.

Optima Super:

Apollo Munich’s Optima Super is an aggregate high deductible plan that allows customers to enhance their sum insured coverage as per their need at a lower cost. Unlike many high deductible plans, Optima Super customers do not have to cross the deductible limit at every claim incidence, but can aggregate all claims during a policy period over multiple hospitalizations to cross the deductible limit.

Optima Super comes with the unique SWITCH benefit where the customers have an option of converting his/ her Optima Super into a full-fledged nil deductible plan without any underwriting or consideration of your current health status at two occasions. One – when a customer is due for his 6th consecutive renewal. Two - when a customer is 55-60 years old (and has availed the policy before the age of 50 years).

On how this plan idea was conceived, Antony Jacob said, “Based on the feedback we have received from the segment of customers who are mostly covered by their employers, we have developed this unique plan that caters to the need of having a low cost cover while one is employed and can be switched to a full-fledged plan at the time of retirement or when the need is felt, without the fear of rejection.”

“In India, healthcare services are getting more sophisticated and expensive in the light of advancement in technology and medical inflation. Individuals can no longer use their internal financial resources to counter such rising expenses. Optima Super is based on customer feedback that addresses customers’ need to mitigate their increased medical expenses at affordable rates. This plan is best suited for individuals with group cover or low sum insured policies or those who can afford to spend the first few lakhs from their pocket.” Antony Jacob added.

Optima Super also offers a lifelong renewal benefit and comes with an added option of availing a single cover for your entire family (family floater).

Note to editors:

For more details refer to the product brochure.

Apollo Munich offers innovative and award-winning health, personal accident and travel insurance plans, with state-of-the art infrastructure and uncomplicated services, delivered by engaged employees. It is a joint venture between the Apollo Hospitals Group, Asia’s largest healthcare group, and Munich Health, which offers global health insurance and reinsurance excellence.