Generali Central Insurance is exploring innovative health policies that adjust premiums based on treatment location, alongside expanding cyber insurance products amid rising digital risks in India.
Generali Central Insurance is considering a health insurance product that would vary premiums by where a customer receives treatment, a move the company says could better reflect wide differences in hospital costs across Indian cities. In an interview with BusinessLine, managing director and chief executive KG Krishnamoorthy Rao said current health plans often charge similar rates even when treatment costs differ sharply from one city to another.
Under the proposed model, policyholders treated in more expensive centres such as Mumbai could pay more, while those in lower-cost cities such as Nagpur might pay less. Rao said customers who live in cheaper locations but choose treatment in pricier cities could face a co-payment or an additional charge, as the insurer looks for a closer match between premiums and actual medical expenses.
According to BusinessLine, the joint venture between Generali Group and Central Bank of India is also examining cyber insurance products for bank depositors, including cover for losses linked to unauthorised transactions and the theft of funds through cyber incidents. The company is additionally considering identity theft protection, a policy area it says may help people meet legal and related costs after fraud, as digital payments and online scams continue to grow.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
