Religare Health Insurance

Religare Health Insurance Company Limited came into existence in July 2012 and since then it has been actively engaged in offering health insurance products. The shareholders of the company include:

Religare Enterprises Limited which is a leading financial services group

Union Bank of India – a leading public sector bank

Corporation Bank – another notable public sector bank of the country.

With its headquarters in Delhi, the company has expanded throughout the country with a network of 56 offices across more than 300 locations which also includes more than 1100 corporates. The company has already underwritten 26 lakhs individual lives under its health insurance products and it continues to grow by leaps and bounds every year. The company also boasts of being awarded the Best Health Insurance Company Award in the ABP News BFSI Awards held in 2015. With customers at the sole focus of the company’s values, Religare offers products which suit the customer’s requirements at affordable premiums.

The products offered by the company are as follows:

Care – a plan with a coverage level which goes as high as Rs.60 lakhs with auto-restore feature and a super No Claim Bonus which increases the Sum Assured by 150%

Care Freedom – a plan which does not require health check-ups for any entry age and also allows auto restoration of the Sum Assured

Enhance – a top-up plan which helps in supplementing the coverage level and comes at very cheap premiums

Joy – a specialized health plan designed to offer maternity and newborn baby coverage benefits.

Assure – a fixed benefit Critical Illness and Personal Accident Plan which does not require the condition of the insured surviving for a specified period after being diagnosed with the illness or meeting an accident.

Secure – a Personal Accident policy with coverage levels up to Rs.30 lakhs and other attractive features.

The strengths of Religare

When it comes to the company’s strengths, there are a lot of points to enumerate which builds up the brand value. Such points are mentioned below:

The company’s shareholder Religare Enterprises Limited is a well-known name in the country’s healthcare sector. Religare Enterprises Limited is the founder of Fortis Hospitals, SRL Diagnostics and Religare Wellness.

The company has tie-ups with more than 4900 hospitals throughout the country

Claims are settled in-house with no involvement of any third party making the claim process smooth for the customer

The range of products offered by the company includes basic health plans to specialized health plans and also fixed benefits critical illness health plans.

With employee strength of more than 2200 employees, the company provides efficient services to its customers.

The company’s Gross Direct Premium in the year 2014-15 increased to Rs.275 crores from Rs.152 crores in 2013-14 showing the trust customers placed in the company’s products.

In the same year, i.e. 2014-15, the company settled 88, 584 claims resulting in the company’s Claim Settlement Ratio to come to 87.23%.