Insurance Companies 159 views December 17, 2019

Apollo Munich Insurance Company

Apollo Munich Insurance Company Introduction

Apollo Munich Insurance Company Limited is among the few private sector companies implementing on their vision to become ‘a trusted leader’ in the general insurance market by providing innovative solutions to the citizens of India with their creative and customized policy plans.  This company was propounded on 8th August 2007 and was a result of a joint venture between the Apollo Hospitals Group and Munich Health. Munich Health is a part of Munich Re, a well-known reinsurance company from Germany. 

Health Insurance

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The company has a leading presence in the private sector serving the general insurance market, especially with their innovative health insurance plans and other such insurance products. Apollo Munich Company performs with transparency to build a base of trust with its customers as ‘honouring commitments’ and building ‘relationships beyond transactions’ are some of their core values. However, the policies offered are subject to an individual’s requirements; therefore, let us learn more about the company and their product portfolio.

About Apollo Munich Insurance Company– 

To know more about the company let us look at some of the benefits and features of Apollo Munich Insurance Company Limited 

Benefits of Apollo Munich Insurance Company

Some of their USPs that makes them stand out from their competitors is the following:

  1. They have been a recipient of over 100 awards and have been recognized and acknowledged the time and again for their quality service and the products offered by them.
  2. They have over 5000 cashless hospitals pan-India which provides with cashless claim benefits.  Cashless authorization claims get cleared within a maximum of 2 hours to the request made (for over 90% of the time)
  3. Apollo Munich insurance has over 80% renewal rates every year and their claim settlement on an average occurs within 15 to 30 days for clear cases (About 95%) 
  4. Their product variants account for about 16 different product covering a variety of factors and around 80 product variants. 
  5. Apollo Munich’s solid customer base, ever-growing, are approximately 10.2 million customers as of now. 
  6. Their quick issuance of the policy is another great advantage as it is as high as 98%, i.e., the policies are issued within 3 days (83%) and within 7 days (93%)
  7. And of all the feedback and review sessions conducted through various mediums, the company received an average of 85% customer satisfaction level. 

Features of Apollo Munich Insurance Company

Some common features are as follows: 

  1. The company provides a wide range of sum assured options to choose from at considerable premium payable: starting from 1 lakh scaling up to 15 lakhs depending on the policy and the premium paid. 
  2. Payable premiums are excluded from income tax under section 80(D) of the Income Tax Act, 1961. 
  3. They provide a lifelong renewal facility, as well as a discount of about 50% on the premium payable, can be applied as no-claim benefits
  4. The most important of them all, it provides ‘Restore Benefit’ in case a family member exhausts the common sum assured. 

Insurances provided by Apollo Munich-

1)- Apollo Munich Health Insurance Plans:

a)- Apollo Munich Indemnity-based health insurance plans:

These commonly referred to as Mediclaim policies are to cover hospitalization costs incurred by the policyholder. Additionally, cashless hospitalization/reimbursing expenses incurred diagnostic/screening requirements etc. The policies involved are broadly classified into:

Individual Health Insurance Plan:Apollo Munich Optima Restore Plan: This policy is Apollo Munich’s best-selling plan and comes for a premium payable Rs. 6,947 per year onwards.
The policy covers for a variety of health-care related costs, including pre-hospitalization and post-hospitalization costs—60 days prior and 180 days post treatments respectively.
An instant addition of 100% of the base sum assured to the policy cover will be done on the first claim made.
Claim free years will help earn a 50% increase in no claim bonus for 2 years. For example: in case of a 5 lacs policy with no claims made in the first year will increase to a cover of 7.5 lakhs the second term that too without a change in the premium payable.
Apollo Munich Easy Health Plan:Apollo Munich’s Easy health plan is an affordable plan with a starting premium Rs. 4177 per year.
This policy covers for an individual or their family members individually. It is a comprehensive plan comprising of in-patient treatment-related expenses which includes room and boarding, nursing, and ICU expenses. Additionally, fees of medical practitioners, anaesthesia, blood and oxygen supply, operation theatre costs, medicines and drugs etc.
In cases of critical illnesses in requirement of diagnosis and medical attention of expensive nature, this policy covers if the optional cover for critical illness supports.
This long term plan has tenure of a year and offers a growing safety shield of about 10% growth to the total sum assured each claim-free year. As the cumulative bonus for claim-free years adds up, the possibility of 100% benefit is also possible.
It covers for pre and post-hospitalization charges before 60 to admission and after 90 days to discharge respectively.
Staying active and fit lets you earn about 8% discount on each renewal of this policy.
AYUSH treatments, Naturopathy, Unani, and Homeopathy costs are covered if these treatments are availed from government-recognized organization/institution/hospitals etc.
Apollo Munich Health Wallet:
This policy considered ‘A Revolutionary Health Plan’ comes for a premium payment of Rs. 6880 per year onwards.
This policy comes with an acclaimed feature called the Multiplier benefit- in case of claim-free years the sum insured will increase 50% for the same premium payable at renewal and further on.
It offers a lump sum amount of Rs. 10,000 in case hospital stay exceeds over 10 continuous days.
The coverage extended by the policy also looks after consultations with a medical practitioner, outpatient diagnostic tests, special food supplements, non-payable items and co-payment or deductibles.
It can be availed for either individual basis or floater basis and can cover for the policyholder’s family members and if opted will cover for all the members under the same policy.
Apollo Munich Energy Insurance Plan:This plan is specifically for individuals with diabetes and comes for a premium of Rs. 8045 per year onwards.
The sum assured ranges from Rs. 2 lacs to Rs. 50 lacs in INR
The energy insurance plan covers for in-patient treatments such as nursing, ICU (Intensive Care Unit), Operation Theatre, medicines and drugs, diagnostic procedures, anaesthesia etc.
It also looks after the daycare procedures such as chemotherapies, biopsy, hemodialysis, cataract, coronary angiography etc.
Wellness program, regular medical check-up, diet and fitness plan, health coach etc.
Premium discount up to 25% for keeping a healthy lifestyle and emergency ambulance charges Rs. 2000 per hospitalization.
Apollo Munich iCan Cancer Plan:This policy covers for cancer treatment costs and is for a premium Rs. 1256 per year onwards
The sum assured as offered are for Rs. 5 lakhs to 50 lakhs in INR.
The coverage ranges from in-patient charges, out-patient costs and daycare charges such as chemotherapy, radiotherapy and onco-surgeries etc.
Additionally, treatments more advanced in technology, for example, proton therapy, immunotherapy etc.
Pre-hospitalization and post-hospitalization of about 30 days and 60 days respectively. Rs. 2000 per hospitalization for an emergency ambulance.
Post care treatment for follow-up procedures for around Rs. 3000 INR for twice a year.
Apollo Munich Optima Vital:This plan is for viable for covering critical illnesses and can be purchased with a premium of Rs. 675 per year onwards.
The age limit for Optima Vital is of 18 years to 65 years and the tenure ranges from 1 to 2 years as chosen.
Members covered under this policy are the proposer, spouse, up to 2 dependent parents, and 4 dependent children.
This policy covers in-patient treatments, extra costs for the medical expertise and other items and procedures used throughout the hospitalization process. It also covers for 37 critical illnesses and protects against financial burdening.
Optima Vital also excludes necessary treatments arising from pregnancy, miscarriage, and other maternity costs etc.
Apollo Munich Dengue Care:This policy is specially designed to cover incurred expenses in case of dengue. The premium payable starts from Rs. 444/year onwards.
Unlike all other policies Dengue Care policy does not have an age limit. The single premium payable for the entire policy term will remain the same.
This policy covers for a comprehensive in-patient hospitalization benefit. And in case of getting diagnosed with dengue, the entire cost incurred will be covered by Apollo Munich Insurance Company.
All consultation and hospitalization charges, investigation charges, and medicines for about 15 days before and after hospitalization will be covered by the company. It also covers for OPD expenses from a pharmacy, diagnostic tests and out-patient consultation etc. for Rs. 10,000 and over as specified.
The waiting period too is only 15 days wherein the benefits will be applicable.
Apollo Munich Optima Cash Plan:
These insurances are for the daily hospital cash allowance. It comes for a premium Rs. 1183 per year onwards.
Optima Cash plan is a cost-effective plan. It is a top-up health insurance plan applicable for anyone between the ages of 5 years up to 65 years.
It provides added benefits to a primary premium plan, for example, the convalescent benefit.
It covers for hospitalization charges and pays in lump sum amounts to cover medical, additional, accommodation, food, travel and other such expenses.
This top-up plan also provides daily cash benefits from Rs. 2000 to Rs. 3000 as chosen within the policy tenure of 1 to 2 years.
Apollo Munich Optima Super PlanAnother top-up plan of average coverage—Optima Super comes for a premium of Rs. 1115 per year onwards.
This plan is suitable for those between the age group of 18-65 years and assures a sum between Rs. 5 lacs to Rs. 10 lacs in INR. Deductibles on this policy are of Rs. 1 lac to Rs. 10 lacs in INR.
The coverage provided by Optima Super enhances the coverage provided by the primary policy. Coverage factors like in-patient treatments, pre-hospitalization charges, post-hospitalization charges, day-care treatment, domiciliary treatment, expenses for organ donor and emergency ambulance services etc. are topped up.
For availing this plan it is important to have the same sum insured for dependent adults and children under the same policy.
Apollo Munich Optima Plus Plan:
Lastly, Optima Plus plan is a good top-up and cost-effective plan that comes for a payable premium of Rs. 699 per year.
The policy tenure can be chosen as per your requirement for 1 to 2years and can be obtained by individuals from 18 years to 65 years. The sum assured to can be opted for between Rs. 5 lacs to Rs. 10 lacs in INR
It covers all available factors on the basic policy and additionally enhances the sum assured at a nominal premium.
Waivers on deductibles are available for retired individuals. Cashless treatments throughout India under networked hospitals, lifelong renewability option and 15 days easy refund policy are available.
Family Floater Insurance Plan:Apollo Munich Optima Restore Plan:Among Apollo Munich’s best-selling plans, Optima Restore can be utilized for Rs. 8104/year onwards.
This policy is on a floater basis and covers for near dear ones dependent on the proposer, such as spouse, parents and children.
It provides complete coverage for about 60 days prior and 180 days post-hospitalization expenses as well as wellness benefits.
Along with the coverage, its benefits comprise of ‘Restore Benefit’ which makes an instant addition of 100% of the basic insured sum to the existing cover for no-claims made during the policy term.
Secondly, a ‘Multiplier Benefit’ which would benefit policyholders with 2 claim-free policy tenures, an increase of 50% in the basic sum assured.
Apollo Munich Easy Health Plan:Among the affordable quality plans, these covers come for a premium payment of Rs. 5388/year
This plan is a comprehensive hospitalization plan taking care of different aspects specified of an individual’s and their family member’s health-care expenses.
From-inpatient treatments, pre and post hospitalization treatments, to additional supplies and medical treatments are all covered. Along with this policy, a rider for Critical illnesses can opt but for an individual basis.
This rider will provide a lump sum benefit of 50% to 100% of the sum assured. Critical Rider comes in addition with Inpatient Treatment Benefit.
This ensures the shield is protected and growing for all claim-free tenures. AYUSH treatments are covered provided it is from a Government-recognized institute or hospital.
Lastly, maternity expenses like regular check-ups and labour costs incurred costs of hospitalization of a newborn up to 90 days after birth.
Apollo Munich Health Wallet Plan:This revolutionary plan for Rs. 7488/yr premium payable onwards is provided with Reserve Benefit; the accrued un-utilized reserve benefit gets added to provide additional benefits during old age.
It covers for consultation charges, outpatient diagnostic charges, purchase of supplements etc.
This policy too comes with ‘Restore Benefit’, ‘Multiplier Benefit’, and ‘Recovery Benefit’.
This policy is for people between the ages of 18 years to 65 years and provides a sum assured between Rs. 5 lacs to Rs. 50 lacs as per the cover and the premium payable.
Apollo Munich Optima Super:This aggregate top-up plan comes for a premium of Rs. 1670/yr onwards.
Optima Super plan can be bought for 1 to 2 years and then can be renewed for a lifetime. In case the plan is purchased for 2 years a discount of 7.4% on the premium payable. The age limit is from 18 years to 65 years.
The members covered under this policy can be an individual and a maximum of 2 children. Offered sum insured ranges from Rs. 5 lacs to Rs. 10 lacs in Indian National Rupees.
The coverage extends to in-patient hospitalization expenses, pre and post care for specified days, day-care treatments, organ donor expenses and ambulance services to a specified extent.

The plans ideal for- 

For reimbursement based claims and coverage for less frequently occurring hospitalization charges of large sum amounts.

1)- Apollo Munich Fixed benefit plans

  1. Fixed plans are for set benefits and payouts as offered for a pre-defined medical event, for example, diagnosis of diseases and critical illnesses and also for hospitalization charges due to accidents. They partly cover such expenses and compensate for the loss in income.
  2. The greatest advantage of this plan is the coverage/payout it offers irrespective of claimed benefit from other insurances for the same illness. These are basically top-ups/riders to compliment primary plans with payouts that might not necessarily cover the actual incurred medical expense and may or may not cover medical contingencies.
  3. For example Critical illness plans, hospital Cash/surgical benefit plans, accident insurance plan

2)- Apollo Munich Health Insurance Rider Policies-

The different rider policies provided by the company are:

Apollo Munich Critical Illness Rider:Can be availed with Easy Health Policy
Additional cover for cancer, kidney failure, major organ transplant, bone marrow transplant, multiple sclerosis with persisting symptoms, permanent paralysis etc.
This optional benefit provides sum assured ranging from Rs. 1 lakh to Rs. 10 lakhs in INR. It can be availed for 50% to 100% of the base sum insured.
Apollo Munich Critical Advantage Rider:This rider provided added security to base policy and can be obtained with Apollo Munich’s Optima Restore Health Insurance Policy.
It provides medical coverage across the world.
Covers at worldwide network hospitals and institutions for about 8 major illnesses such as cancer, bone marrow transplant, organ donor transplant, by-pass surgery, pulmonary artery graft surgery, aorta graft surgery etc.
Sum insured provided by Apollo Munich through this policy is either equal to or greater than Rs. 10 lakhs in Indian National Rupees.
It ensures providing for hospitalization charges, travel and accommodation charges as well as covers for the individual accompanying.

Exclusions under Apollo Munich Health Insurance:

Here is a list of factors not covered by Apollo Munich’s health insurances:

  1. Incurred hospitalization charges due to war or war-like acts 
  2. In case of self-harm and injuries, criminal or illegal activities leading to injury/disease/illness will not be covered.
  3. Additionally, participating in hazardous sporting activities and/or profession such as naval, military/air force operations, aviation and racing etc. will be excluded. 
  4. Psychology treatments, treatments for mental disorders, STDs such as HIV/AIDS, abuse of intoxicants and hallucinogenic substances etc.

Apollo Munich Travel Insurance Policies:

Coverage provided with Apollo Munich’s travel insurance plans cover the following factors: 

  1. In-patient and Out-patient treatments (transportation, boarding, accommodation, food, medicines, nursing etc.) 
  2. Dental Treatments due to accidents and specified emergencies. 
  3. Transportation of mortal remains back home
  4. Expenses arising from a loss of passport: making a new or replacing an expired passport 
  5. Provides lump sum amount in the event of an accident in a carrier payment towards the death of a third party, bodily injury and property damage. 
  6. The lump-sum amount for delayed flights or cancelled flights beyond a period of 24 hours. Additionally, even checked-in baggage delivery delayed/lost/stolen is covered 
  7. Daily fixed payable amount in case of the hijack of an aeroplane. This will be provided for a period of more than 12 hours. 
  8. Incurred expenses purchasing essential items like clothing, medicine etc. 
  9. A fixed daily amount will be payable to the insured individual in case hospitalization, travel and accommodation in case of the outward journey of the listed causes. 

These are following insurances under their travel insurance plans:

PolicyFor all CountriesFor all excluding US and CanadaFor Asian Countries
Apollo Munich Individual PolicyAge limit: 18 years to 70 years
Premium Payable: Rs. 1636/yr onwards
Age Limit: 18 years to 70 years
Premium Payable: Rs. 545/yr onwards
Age Limit: 18 to 70 years
Premium Payable: Rs. 435/yr onwards
Apollo Munich Family PolicyAge Limit: 18 years to 70 years
Premium Payable: Rs. 2701/yr onwards
Age Limit: 18 to 70 years
Premium Payable: Rs. 1798/yr onwards
Age Limit: 18 to 70 years
Premium Payable: Rs. 1437/yr onwards
Apollo Munich Annual Multi Trip PlanAge Limit: 18 years to 70 years
Premium Payable: Rs. 6006/yr onwards
Sum Assured: US $25000 to US $500,000
Age Limit: 18 years to 70 years
Premium Payable: Rs. 3658/yr onwards
Sum Assured: US $25000 to US $500,000
-
Apollo Munich Senior Citizen PlanAge Limit: 60 years above
Premium Payable: Rs. 3413/yr
Sum Assured: US $50,000 to $100,000
Age limit: 60+ years of age
Premium Payable: Rs. 2548/yr onwards
Sum Assured: US $50,000 to $100,000
-
Apollo Munich Student PolicyAge Limit: 18 and above as specified.
Premium Payable: Rs. 2001/yr onwards
Sum assured: up to US $ 250,000
Policy Tenure: 30 days to 3 years
Age Limit: 18 and above
Premium Payable: Rs. 1059/yr onwards
Policy Tenure: 30 days to 3 years
Age Limit: 18 and above
Premium Payable: Rs. 953/yr onwards
Sum Assured: US $50000 to US $500000
Policy Tenure: 30 days to 3 years

Apollo Munich Personal Accident Policy

The Fundamental Accident Insurance Plan

  1. Premium Plan 
  2. Standard Plan 

Know how to:

Buy Insurance Policy from Apollo Munich-

Policies at Apollo Munich can be purchased online and offline as per the customer’s preference. It is considerably convenient to purchase policies online. 

  1. Log in to the company’s official website using your login ID and password. Register if you do not have login credentials. 
  2. Now, click on the necessary category of insurance type and choose the policy under. Refer to the premiums payable and different sum insured provided along to make your choice. Tap on buy now and fill in all information asked for. 
  3. At this stage, Apollo Munich also provides a premium calculator facility which aids by providing an approximate price after processing certain information asked for as filled by you. 
  4. Clear out the dues. The process will take about a few days to get approved. 

Renew Insurance Policy from Apollo Munich-

Renewing matured policies can similarly be completed online or offline as preferred. 

Through online method, log in to the insuring company’s official website with your login credentials. Now click on the necessary insurance policy’s tab. Tap on renew policy option and enter your policy number. Fill in any other relevant details asked for. Complete payment after processing the information provided. In a few days, the policy will be renewed.

Make Insurance Claims-

Making claims is a decently easy process with Apollo Munich Insurance Company. Here’s how you can do it:   

  1. According to Apollo Munich’s claims, they clear 1 claim every 4 minutes and only take about 90 minutes to authorize cashless claims. This is to prove that they are efficient and provide fairly easy steps to register a claim. Claims can either be cashless or on a reimbursement basis. 
  2. The claim procedural will slightly differ for planned hospitalization and emergency hospitalization, to seek cashless authorization a prior notice of 48 hours to hospitalization and for emergency cases, a notice within 24 hours respectively must be made.
  3. Reimbursement claims will complete inside a period of 15 days if the duly filled and signed form is submitted along with all necessary information and documents. It should take about 30 days to clear once approved. 
  4. Duly fill up the required form for each type of claim within a duration prescribed and attach necessary documents in case of reimbursement claims, as for cashless claim the hospital will be contacted to verify. The TPA has to be notified along with the form and the required documents once approved the claim will process. 
  5. This process can also be completed online, by visiting the insurance company’s website and clicking on the claims tab, click on it and fill in the necessary details. Next, attach the soft copy of all necessary documents to it and process the request. 

Narrow down relevant documents for claims and purchases of insurance policies from Apollo Munich-

  1. Documents required will depend on the policy opted for. The requirement will be category-specific, for example: for health insurances- medical documents will be required, for travel insurance- airline tickets etc. 
  2. However, common documents for buying insurance are identity proof- Aadhaar, PAN card, Ration card etc., age proof- Driving license, Passport etc., income proof- salary slips, bank statements etc. will have to be indefinitely submitted as prescribed. 
  3. Make sure to go through required documents or contact their hotline number to clarify before initiating a claim or purchasing a document—this is because the chances of claims and buying requests getting rejected is high if relevant documents are not submitted or submitted incorrectly.

Factors to keep in mind-

Purchasing insurances is a fairly easy process and a necessity. The sooner one purchases an insurance policy the better because age, health parameters and lifestyle play a major role in the premiums payable. But keep in mind these factors too before buying: 

  1. Choosing the right policy will depend on the coverage, the premium payable and the benefits provided, combined. To clarify: most people go with the premium payable alone and end up purchasing a policy that does no good in terms of its ability to cover relevant requirements of the policyholder.  Consider all factors before purchasing the best possible choice. 
  2. Check for the ratings from industry experts/ through customer reviews etc. 
  3. In the case of health insurance, it is important the policy covers not just the hospitalization phase but also the before and after-care, for example, a wellness program etc. 
  4. A plan with a wide sum assured a network of hospitals and customer base are important. 
  5. Those with sub-limits and co-payments divide the benefits accessible, therefore, if possible, policies without are a good option. 
  6. Lastly, above all, claim settlement ratio and the time taken. 

Final Word- 

Apollo Munich provides acclaimed customer service to its strong base. And well-known for their ability to settle claims quicker than most other insuring companies. Their policies come with 100% lifelong renewal as well as access to cashless claims across more than 5000 hospitals networked and access to some of the best doctors. Apollo Munich spans over 900 cities and also provides a secured online portal to buy, renew, and claim online.

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