Coverage & Wellness Benefits

The product of Galaxy Health Insurance is crafted with a customer centric approach across its plans

(L-R) Mr. Kannadhasan G, Vice President & State Head – Marketing (Tamil Nadu), Mr. S Guruprakash, JED & Chief Marketing Officer, Mr. G Srinivasan, MD & CEO & Shr. V Jagannathan, Chief Mentor at the launch of Galaxy Promise

FinTech BizNews Service

Mumbai, 14 November, 2024:  Galaxy Health Insurance launched its first product Galaxy Promise with sum insured options from Rs 3 Lakhs to Rs 1 Crore, which comes with Signature plan, Elite plan, Premier plan and Enhanced Optional covers, crafted for families seeking affordable and all-encompassing health coverage. Galaxy Health Insurance is jointly promoted by renowned industrial house TVS family Shri. Venu Srinivasan, Chairman Emeritus of TVS Motor Company and Sundaram – Clayton Limited along with the family of Shri. V. Jagannathan, who was earlier CMD of United India Insurance Co. Ltd and the founder of Star Health & Allied Insurance Co. Ltd. received its IRDAI licence earlier this year. These plans are designed to address India’s rapidly rising healthcare costs, which increase by 10-15% annually due to inflation, advanced treatments, and growing demand for specialised care.

The new Galaxy health plans come with nine distinguishing benefits, ensuring comprehensive support for policyholders:

• Unlimited Restoration of Sum Insured – This feature allows policyholders to make multiple claims within the same policy year, restoring the coverage amount each time a claim is made even for same claim for subsequent hospitalisation. This ensures continuity in support, addressing both recurring and new health issues.
• Premium Promise – To aid in managing healthcare expenses, these plans maintain a fixed premium rate up to age 55 or until a claim is made. This will encourage the customers to continue the insurance cover.
• Consumables – Coverage for 68 items + Admission, Record and Insurance Processing Charges.
• No Co-payment
• Coverage for Room rent, ICU including Digital ICU
• Premium waiver for Voluntary Organ Donor - Insured person who donates organs, then insurer provides a 2-year premium waiver for the insured person and their immediate family members if they are already policyholders.
• Women Centric Benefits – These plans address a range of family health care needs such as Assisted Reproduction Treatment, In-Utero Fetal surgery for unborn, Delivery including Ante Natal scan and Newborn coverage
• Cumulative Bonus – Covered up to 500% of Sum Insured
• Gala Fit - Pro Active Care (Engaging wellness program): Premium discount available up to 20% at the time of renewal and reward the Insured Person activities with certificates and coins. This wellness program integrates a comprehensive wellness initiative including customise program for Adults and Kids
• Room Rent Enhancement - Insured can opt for any room type
• Reduction of Waiting Period - Specified disease from 24 months to 18 months* and pre-existing disease from 36 months to 25 months applicable for 3 years term in Signature plan
• PED Buy Back – The insured can reduce the Pre-Existing Diseases waiting period from 36 months to 24 or 12 months.

These plans extend coverage to a range of specific health needs, including advanced treatments like robotic surgery and extended pre-and post-hospitalization coverage of up to 90 and 180 days in the Signature plan. This broad protection framework ensures that families are supported through every phase of life.

G. Srinivasan, Managing Director and CEO of Galaxy Health Insurance said, “At Galaxy Health Insurance, our ethos is rooted in the belief that healthcare should be accessible, dependable, and proactive for every family. We are committed to creating solutions that not only provide financial security in times of need but also encourage a culture of preventive health and wellness. With these new plans, we aim to address the rising healthcare costs by offering a blend of stability, affordability, and comprehensive family support. Our goal is to empower individuals and families to manage their health with confidence, knowing they are supported through every life stage.”