Putting Health Back in Health Insurance

For most of us, insurance is just a way of risk mitigation for those unwanted times when health problems occur. While it is true, that in life, problems seldom come alone, it is also true that preparation beforehand can help to mitigate many of the challenges which may be faced by us during those testing times.

But there is a fresh, wind of change in the sphere of health insurance. Aditya Birla Health’s campaign on “Sehat Hai Toh Zindagi Behad Hai” focuses not on the darker sides of health breakdown but inspires consumers to strive to improve health through a healthy lifestyle so that they may never need to use health insurance. For achievers of this goal, a promise of thirty per cent of the health insurance would be paid back as HealthReturns™ .
The central idea of offering such a value proposition is that if you take care of your health through a proper diet, physical exercise and a healthy lifestyle, and stay active and healthy then the offering would provide financial incentives as HealthReturns™. The brand wants to focus on people who are health conscious, the ones who take care of their health, eat healthy and exercise daily to improve fitness on a regular basis.
However, there are other ways to earn HealthReturns™. Unused claims for Outpatient Department covered by Activ Health policy get credited into the HealthReturns™ account. Also, just in case you are hospitalised and opt for a lower category room than what you chose while buying the policy (for example, if you choose ‘shared room’ instead of ‘any room’), up to 30%* of your total claim amount gets credited to you as HealthReturns™.
These HealthReturnsTM can be used to buy medicines, pay for medical consultation fees, pay for laboratory diagnostics, use it for other health emergencies, use it to pay your next policy premium and keep it as a fund for health contingencies. The HealthReturns™ do not expire during the entire life of the policy and in fact, stays active up to a year after the expiry of the policy.
Some of the interesting features offered in the essential and enhanced plans include coverage of 30 days and 60 days of pre-hospitalization medical expenses, and 60 days and 180 days of post hospitalization medical expenses. Also, day care treatment and domiciliary hospitalization is also covered. There is also coverage for road ambulance needs, organ donation expenses and health check-up programs are also available.
Indeed a healthy life has its own rewards, but with this offering, Aditya Birla Health is trying to increase the indirect financial incentives to focus more on staying health so that one may not need any health insurance at all.

Author: Kar

Dr. Kar is in the Information Systems & Management area in one of the top QS Ranked universities of Asia/world. He has extensive experience in teaching, training, consultancy and research in Indian Institutes. He has published over 75 high impact research papers with hundreds of citations as per Google Scholar. He has also authored/edited a number of books. He is the Editor and Founder of Business Fundas.
Note: The articles authored in this blog are his personal views and does not reflect that of his affiliations.