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Axis Bank, India’s third largest private sector bank today announced its exclusive partnership with Apollo Munich Health Insurance Company to offer its customers bespoke health insurance products and services. The strategic partnership with the health insurance company, a JV between Asia’s largest healthcare group, ‘The Apollo Hospitals Group’ and the world leader in health insurance, ‘Munich Health’ will offer customers unique health insurance plans with value added benefits such as health advisory services and access to wellness portal etc., under their ‘Health Eco System’.
Commenting on the partnership, Rajiv Anand, Group Executive & Head Retail Banking, Axis Bank said, “Over the past couple of years, we have observed the exponential rise in the cost of healthcare and the need for customized and affordable health insurance solutions.With the objective of ensuring the health and well being of our customers, we are delighted to announce our exclusive Bancassurance partnership for health insurance with Apollo Munich,which will help us further expand our existing bouquet of offerings and put forth a compelling proposition.”
Apollo Munich Health Insurance Company, along with the Bank will design and offer customized health insurance products to the Bank’s customers, as per their requirements. Policy issuance and service will be driven by paperless online processes, ensuring minimum turnaround time. A brief of the unique benefits for customers are:
· Automatically restoring the basic sum insured in case the policyholder exhausts his/her sum insured in a policy year
· Wide range of sum insured options ranging from Rs 3 lacs to 50 lacs
· A health insurance plan with no sub-limits, no copays or room rent limits
· High Pre and Post hospitalization cover of 60 and 180 days respectively
· Coverage for all “Daycare Procedures”
· Health checkup benefits
· Extensive network of hospitals
· In-house claim settlement
Speaking about the tie up with Axis Bank, Antony Jacob, CEO, Apollo Munich Health Insurance said, “We are excited to partner with Axis Bank and offer its customers uncomplicated and innovative health insurance solutions. Through bancassurance, health insurance penetration is expected to grow rapidly as there are more than one lakh bank branches in the country, with a majority located in rural and semi urban areas. We at Apollo Munich believe in the potential banks hold as a distribution channel. They can aid us in strengthening our reach in the tier two and three cities overnight.”
He further added “Going forward this partnership will develop more innovative solutions to meet specific needs of different customer segments of the bank. In addition, Axis Bank customers will have access to expert health services that promote healthy living.”
About Axis Bank
Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.
With its 2,805 domestic branches (including extension counters) and 12,631 ATMs across the country, as on 31stDecember 2015, the network of Axis Bank spreads across 1,796 cities and towns, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Bank also has overseas offices in UK, Singapore, Hong Kong, Shanghai, Colombo, Dubai and Abu Dhabi. The Bank’s website www.axisbank.com offers comprehensive details about its products and services.
About Apollo Munich Health Insurance Company
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. Website: http://www.apollomunichinsurance.com
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