Let alone a health insurance cover, family protection policy, too, has always been a hard row to hoe when it comes to the LGBTQIA+ community and live-in relationships.
However, a deep search for unique selling points (USPs) in India’s tough-to-grow health insurance market prompts players to take the untraversed path.
One of the country’s top insurance providers, Future Generali India Insurance Company, is taking a big bet in this yet unexplored area. FG Health Absolute, a comprehensive health insurance product that is soon being launched by the firm in India, is designed to expand its ‘family’ definition by offering protection to the members of the LGBTQIA+ community and live-in partners.
The salient features of this new policy include cover for a newborn under the mother’s policy, enhanced vaccination cover, reinstatement of comprehensive mental illness benefits under the OPD cover, and enhanced cover for Lasik and cataract treatments. It also includes infertility treatment, overseas treatment, home healthcare, besides offering an increase in the maternity ‘sum insured’ by an additional Rs 10,000 on the birth of a girl child.
The policy, which will be available across online and offline channels, features 11 ‘sum insured’ options ranging from Rs 3 lakh to Rs 100 lakh with protection to a maximum of 15 family members. There is no upper age limit for customers, ensuring access to optimal healthcare at all stages of the individual’s life, a company source said.
Though excited about the innovation, insurance industry trackers said that (health) insurers are bleeding in the current market and keep infusing fresh investments for survival.
An analyst said he is not surprised by this novel concept as the space is getting crowded and yet nothing makes deep penetration into the “market that has real potential to grow”.
He added, “We expect many more innovative products in India’s medical insurance market in the near future as every provider is looking for USPs to acquire the critical volume (clientele and revenue) to sustain growth.”
Anup Rau, the managing director and CEO of the firm’s India branch, said, “A comprehensive product, this goes a step further in keeping with our focus on being an ‘inclusive’ insurer.”
He said that the pandemic has brought forth better appreciation for active health management amongst individuals.
“While on the one hand we are witnessing enhanced customer interest in health products and expect this segment to grow substantially, we are also sensing a need for an all-encompassing health product, with enhanced features and maximised benefits,” he added.