Apollo Munich launches Health Wallet

Health Wallet is set to redefine the health insurance category by addressing pertinent questions such as value for money.

"It not only addresses the current needs of the customers by paying for their hospitalization and OPD expenses that are usually not covered by health insurance policies but also ensures affordability of continuing their policy in later years," Apollo Munich Health Insurance CEO Antony Jacob told reporters here.

Other features of the product include creation of a reserve kitty for the customers that can be used for a variety of out-of-pocket expenses such as speech therapy, purchase of medicines, vaccinations, dental expenses, diagnostic tests, spectacles, contact lenses and medical devices and also allows the user with the flexibility of paying for 'non-payable items' that are generally excluded from any health insurance.

"As a unique offering, it pays for other medical expenses that are not covered under any other medical insurance such as cosmetic treatment, Alzheimer's etc. Last but not the least, customers can even use this reserve amount to fund for co-payment and deductible cost," he said.

Every year the unused reserve amount gets carried forward and earns a 6 percent bonus, he said, adding, this accumulated reserve kitty can, in turn, be used to pay up to 50 percent of the renewal premium, post five continuous renewals.