Union Assurance launches unique Union MediGuard
Union Assurance (UA) has identified a need for a comprehensive,
affordable health insurance solution for families to manage their
healthcare proactively and take advantage of improvements in healthcare
facilities while at the same time reducing the burden of escalating
costs associated with such services.
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Dirk Pereira addressing the launch,
Assistant General Manager, Marketing, Dharshana Amarasinghe
and General Manager Marketing and Life and Distribution
looks on. Picture By Saliya Rupasinghe. |
The proposed solution – Union MediGuard, combines the
savings/investment elements of a traditional life insurance product with
a facility to reimburse medical expenses arising from various
diseases/surgeries ranging from a simple flu to a major illness. It also
covers 136 day-care surgical procedures, including nursing and room
charges, doctor/consultant fees, ICU expenses and operating theatre
charges, without staying overnight in a hospital.
The product covers the main policyholder, spouse and up to five
children up to Rs. 500,000 per year and Rs. 2,500,000 during the term of
the policy. When combined with a standard life insurance product,
MediGuard provides a comprehensive solution to customers including life
cover, hospital cash benefits, disability benefits and critical illness
coverage in addition to investment returns and maturity proceeds at the
end of the policy period. “Based on the research findings we identified
a vacuum in the market for medical cost reimbursement health solutions.
Customers felt this as a necessity; therefore we introduced the Union
MediGuard bill reimbursement benefits with many unique features
including investment benefits,” said Aminda Udithathilake, Senior Branch
Manager, Life Brands at Union Assurance.
UA also recognised the lack of awareness and preparation among the
general public especially with regard to health related emergencies. “it
it during desperate situations that people start panicking and utilise
their hard earned savings to provide for their loved ones,” noted
Udithathilake.
In response to this situation, UA will launch an island wide “Union
Health Week,” to create awareness about health, well-being and planning
for future health emergencies; where the general public could meet with
a professional advisor from the UA team, to discuss their health or life
insurance related needs.
Dick Pereir, CEO said that penetration in the ‘life’ segment is
around 30% and there is tremendous scope to expand. “We are also
expecting good response for this product,” he said.
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