IDFC Mutual Fund has partnered with Indian Health Organization (IHO) to offer discounts on medical services to its investors through its new initiative called IDFC SIP Care – Health & Wealth Plan. IHO is a subsidiary US headquartered Aetna Inc. IDFC MF launched this facility in August.
By investing a minimum of Rs 2000 per month in either IDFC Classic Equity Fund or IDFC Sterling Equity Fund, investors get to use the facility of consultation, tests and treatment with IHO empanelled doctors and pharmacists at discounted fees.
Fund performance
IDFC Sterling Equity is mid cap fund launched in 2008. According to Value Research, this fund has delivered 12% CAGR since inception and 16% CAGR over a five year period. Launched in 2005, IDFC Classic Equity is a large cap fund which manages assets of Rs 137 crore. This fund has delivered 9% CAGR since the fund’s inception and 6% CAGR over a five year period.
Procedure
Investors are issued an IHO Card which is valid for one year. The facility is free for the first year and investors need to pay a fee ranging from Rs 1500 to Rs 4000 (depending on the services opted) to IHO from second year onwards in order to avail discounts.
Benefits
IHO claims that it has a network of more than 14000 certified medical practitioners having specializations in physiotherapists, psychologists, ophthalmists, dentists, surgeons etc.
If your clients are facing a routine illness like cold or cough, they can just call up the IHO helpline or chat online to get medical prescription instead of seeing their doctors.
The plan offers 50% off on consultations with IHO empanelled clinics. Up to 12% off (minimum 7.5%) can be availed on medicine purchases made from IHO network of pharmacies (available in select cities only).
According to the details provided by IDFC, your clients can get up to 30% off (minimum 20% off) on all tests done through IHO empanelled pathology and radiology labs). Clients don’t need to file for any claims as all discounts are offered upfront.
The facility is available both under regular and direct plans. Even if investors stop their SIP in between the facility will continue as the client’s agreement is with IHO.
According to a company official, the facility is being currently availed by around 4000 investors and the fund house is aiming to enroll at least 10,000 investors going forward. The fund house is initially trying to promote this facility by partnering with top 40 to 50 distributors from various locations across India.
