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Galaxy Health Insurance, which received its IRDAI license in March this year, has launched its first health insurance.
Under this policy, the company offers multiple plans in the sum insured range of Rs.3 lakh and Rs.1 crore.
One of the unique features is that the company will not change the premium of policyholders till they turn 55 years or make a claim.
The company is jointly promoted by Venu Srinivasan, Chairman Emeritus of TVS Motor Company and Sundaram – Clayton along with the family of V. Jagannathan, earlier CMD of United India Insurance and the founder of Star Health & Allied Insurance.
Among other key features are:
- Consumables coverage for 68 items + admission, record and insurance processing charges.
- No co-payment
- Reduction of waiting period from 24 months to 18 months and pre-existing disease from 36 months to 25 months applicable for a certain plan
- The insured can reduce the Pre-Existing Diseases waiting period from 36 months to 24 or 12 months
In a press release, G. Srinivasan, Managing Director and CEO of Galaxy Health Insurance said, “Galaxy Health Insurance believes that healthcare should be accessible, dependable, and proactive for every family. We are committed to creating solutions that not only provide financial security in times of need but also encourage a culture of preventive health and wellness. With these plans we are aiming to empower individuals and families to manage their health with confidence, knowing they are supported through every life stage.”
Currently , the health insurance market in India is at Rs. 1.17 Lakh crore in FY 2024.