On April 23, 2020 Bajaj Allianz General Insurance launched a preventive healthcare platform ‘BAGIC GOQii Co-pay Option’ in partnership with a smart health company GOQii under the regulatory sandbox approval from Insurance Regulatory and Development Authority of India (IRDAI).
Objective of the product– to reward the customers with a healthy lifestyle in the form of co-pay deduction in their health insurance policy named Health Ensure policy.
Key Points
i.The option is an add-on cover which can be opted by the holders of company’s existing health insurance policy.
ii.If the policyholder agrees for the add-on cover, GOQii will on-board the customer on their app to monitor their engagement level and also send them the health band.
iii.Policy starts with a co-pay of 50%- Bronze level on completion of 60 days, after which the insured can check their engagement level and co-pay level on the GOQii app itself, every 30 days.
iv.The other levels include co-pay of, Silver level-30%, Gold Level- 20% and Diamond- 0% The co-pay is based on the engagement level. As the engagement goes up premiums will fall and if the engagement declines the premiums will rise with subject to different levels of engagement.
v.The option will have a policy tenure of 1 year with an insured sum of Rs 3 lakhs, 4 lakhs, 5 lakhs.
vi.Premium varies between Rs 1,894 and Rs 7,365 for an individual policyholder, excluding Goods & Service Tax (GST) depending on the area of residence of a person as defined in the policy document, age group and insured amount opted.
vii.In addition we can avail 25%discount on the premium on opting the add-on cover.
About GOQii:
Headquarters– Menlo Park, USA
CEO & Founder– Vishal Gondal
Headquarters in India– Mumbai, Maharashtra
About IRDAI:
Headquarters– Gachibowli, Hyderabad
Chairman– Subhash C. Khuntia
