Cigna TTK Health Insurance launches personal health wallet

Offers up to 10% discount of premium paid based on how fit, active a person is

Standalone health insurance company Cigna TTK Health Insurance has launched ProHealth Accumulate a product that enables creation of a personal health wallet to be as a reserve for future healthcare needs. This can be used for claiming out-patient expenses like pharmacy, doctor's consultation, apart from treatments like dental, spectacle costs which are usually not covered under regular plans. Further, customers can also benefit from healthy rewards discount of up to 10 per cent of premium paid based on how fit and active they are.

ProHealth Accumulate provides protection, wellness and health reserve. The plan provides the distinctive feature of creating a Reserve that works as a 'Personal Health Wallet' (PHW). It comes with the added advantage of protection against rising health care costs with guaranteed cumulative bonus of 5 per cent year on year.

Customers can choose from Rs 5,000, Rs 10,000, Rs15,000 or Rs 20,000 to cover out-patient expenses such as doctor's consultation , pharmacy expenses, diagnostic tests, alternative forms of medicines (AYUSH) and more.This amount can also be utilised towards payment of any deductible/co-pay/non payable component of a claim wherever applicable including any cashless facility in case of a Hospitalisation or Day Care Claim.

Sandeep Patel, CEO and Managing Director, Cigna TTK Health Insurance Company said that a stand out feature is Healthy Rewards where you earn 1 per cent reward points on premium paid and additional upto 9 per cent can be accrued by opting for an array of online and offline CignaTTK Wellness initiatives. All accumulated points (1 point = Re.1) can be redeemed as renewal premium up to 10 per cent discount or claim as Health Maintenance Benefit (HMB) within the policy year.

Further, any HMB amount that is untiled plus earned Cumulative Bonus gets carried forward to the next policy year with fresh HMB allocation. This helps create a health reserve over the period to meet your future health expenses.

A card (similar to a debt/credit card) with the wallet balance loaded will be provided to customers to be used at any pharmacy, spa, gym among others.

Under the product, the sum assured ranges from Rs 5.5 lakh to Rs 25 lakh with choice of Individual and Family Floater cover. Enrolment starts from 91 days for children and 18 years for adults.

For instance, if the sum assured is Rs 10 lakh for individual aged between 36-45 years (with Personal Health Wallet of 10,000), the premium will be about Rs 22305 in the first year. However, if tax benefits, wallet balance, healthy rewards and bonus are taken into account, the annual premium would only work to be Rs 4890. By the tenth year, the effective premium would be only Rs 2183 per year assuming PHW amount not utilised over 10 years and with sum insured of over Rs 16 lakh assuming no claims incurred during 10 year period. This does not include up to an additional 9 per cent in annual healthy rewards benefits, which could reduce premium even further.