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Insurance gets customised

The quest for bigger market toeholds is now forcing insurance companies to launch customised policies.

R. Sree Ram        Print Edition: November, 2009

The quest for bigger market toeholds is now forcing insurance companies to launch customised policies. Innovation is the name of the game when it comes to retaining customers while luring more takers, but it comes at a price.

For instance, Apollo DKV has launched a policy that covers maternity expenses after a certain number of claimfree years. In addition, there are policies which cover expenses like dental check-ups, spectacles, contact lenses and hearing aids in addition to doctor’s consultation fees.

Star Health’s Super Surplus policy takes things a step further by doing away with all ceilings on ICU expenses, medicine, diagnostic charges or consultation fees, as long as it does not exceed overall sum assured amount. It also offers policies covering diabetes and HIVrelated diseases. The one-size-fitsall concept clearly no longer wins any takers.

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