To address this, Galaxy Health Insurance has launched a new product called Galaxy Twin 360. This product offers a health insurance programme for young adults in the age group of 18 – 45 with features such as out-patient covers, wellness, value-added services, etc. To ensure that younger policy holders renew their insurance, this product allows to use Out Patient (OPD) benefits equal to the premium paid, ensuring real value every year, regardless of hospitalisation.
“The product aims to address key gaps in India’s health insurance landscape, particularly the high out-of-pocket expenses borne by individuals for outpatient care and preventive health,” points out G Srinivasan, MD and CEO.
Galaxy Health Insurance is jointly promoted by Venu Srinivasan of the TVS family and by the family of VJagannathan (former chairman of the Star Health Insurance). Within 14 months of launch, the company has expanded its operations across eight states with 71 offices, supported by a network of over 15,000 agents and 7000 hospitals. Currently, the company serves around 3.5 lakh customers and has generated a premium income of over Rs 85 crore.