Apollo Munich sees FY18 premium collection growing 30% to Rs 1,700 cr

Apollo Munich Health Insurance today said it expects 30 per cent growth in premium collection to Rs 1,700 crore by the end of the current fiscal against Rs 1,300 crore in FY17.

"We collected Rs 1,300-crore premium last year, including new premium. This year we expect it to be about Rs 1,700 crore. We will cross at 30 per cent CAGR this year, whereas th industry (health insurance) is growing at 25 per cent," Nandini Ali, Chief Marketing Officer, Apollo Munich, said at a press conference here.

The new premium business would be upwards of 45 per cent, she said.

Apollo Munich recently introduced a new category, 'Winsure', with an insurance plan called 'Health Wallet' also roped in Bollywood movie maker Farhan Akhtar s brand ambassador.

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

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, she said.

It also allows the user with the flexibility of paying for 'non-payable items' that are generally excluded from other health insurance plans, she added.