Galaxy Health Insurance Launches 'Galaxy Promise' to Tackle Rising Healthcare Costs
Galaxy Health Insurance has launched its first product, ‘Galaxy Promise’, offering comprehensive family health coverage with flexible sum insured options ranging from Rs 3 lakh to Rs 1 crore. This product is aimed at providing affordable healthcare solutions amidst rising medical costs, with various plans catering to different customer needs.
Galaxy Promise provides plans like Signature, Elite, and Premier, giving families multiple options to choose from based on their coverage requirements. The product includes a range of benefits designed to ensure accessibility, affordability, and proactive healthcare management. With health care costs increasing by 10-15% annually, Galaxy Promise aims to tackle these challenges by offering financial security and preventive health solutions.
Multiple Claim Facility: Customers can make multiple claims within the same policy year. The policy ensures that the sum insured is restored each time a claim is made, including for recurring hospitalizations.
Fixed Premium Rate: Premiums remain fixed up to age 55 or until a claim is made, making it easier for policyholders to maintain long-term coverage.
Broad Coverage: The plan covers over 68 items, including room rent, ICU charges, organ donation, and specialized treatments. It also includes coverage for assisted reproduction, in-utero fetal surgery, and antenatal scans.
Cumulative Bonus & Discounts: Galaxy Promise offers a cumulative bonus of up to 500% of the sum insured and a renewal discount of up to 20%. The plan also rewards healthy activities with certificates and coins.
Unique Benefits: The plan includes features like unlimited restoration of the sum insured, ensuring continuous coverage and addressing both recurring and new health issues. Organ donors also receive a two-year premium waiver for themselves and their immediate family members.
Galaxy Health Insurance, a standalone health insurer, was granted its regulatory license by the Insurance Regulatory and Development Authority of India (IRDAI) in March 2024. The company is a joint venture between Venu Srinivasan, Chairman Emeritus of TVS Motor Company, and V Jagannathan, founder of Star Health and Allied Insurance. Their aim is to create accessible and dependable health solutions for families across India.
| Why in News | Key Points |
|---|---|
| Launch of ‘Galaxy Promise’ Insurance Product | Galaxy Health Insurance launched its first product, ‘Galaxy Promise’, offering sum insured options from Rs 3 lakh to Rs 1 crore. |
| Plans Offered | The product includes Signature, Elite, and Premier plans for flexible coverage options. |
| Key Benefits | – Unlimited restoration of sum insured – Fixed premium rate up to age 55 – Cumulative bonus up to 500% of sum insured |
| Special Features | Coverage for over 68 items, including room rent, ICU, organ donation, assisted reproduction, and antenatal care. |
| Premium Discount | Premium discount of up to 20% at the time of renewal. |
| Company Details | Galaxy Health Insurance is promoted by Venu Srinivasan (TVS Motor) and V Jagannathan (Star Health). |
| Regulatory Approval | Approved by IRDAI in March 2024 to start operations. |
| Organ Donation Benefit | Two-year premium waiver for organ donors and their immediate family members who are policyholders. |
| Coverage for Specialized Treatments | Includes in-utero fetal surgery, maternity care, and newborn coverage. |
| Promoter Details | Venu Srinivasan (Chairman Emeritus of TVS Motor) and V Jagannathan (Founder of Star Health) launched Galaxy Health Insurance. |
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