Many of you may be aware of it or not, Apollo Munich Health Insurance is now HDFC ERGO Health. HDFC ERGO Health Insurance acquired the standalone health insurance company Apollo Munich Health Insurance.
Apollo Munich’s product used to be one of my recommendations to my blog readers and also for my fee-only financial planning clients. Hence, thought to write this post for clarity.
Such acquisitions or takeovers are common nowadays whether it is the Insurance industry or mutual fund industry. Hence, knowing such instances is of utmost importance.
Apollo Munich Health Insurance is now HDFC ERGO Health – What policyholders should do?
Let us now discuss what actually changed to policyholders due to this acquisition or takeover. Whether the policyholders should continue or not? Below are the few clarifications issued by HDFC ERGO Health Insurance with respect to FAQs for the existing policyholders of Apollo Munich Health Insurance Company.
# There will be no change in the existing policy terms & conditions and you will continue enjoying the benefits of the policy as detailed in your Policy document.
# As the product and policy terms and conditions do not change, all continuity benefits shall be available as per existing policy terms and conditions.
# All active policies which are issued under Apollo Munich name shall remain valid till expiry and will not require any amendments. At the time of renewal, a fresh contract with the new company name shall be issued.
The existing Health card issued to you remains valid till the expiry of your policy.
# In case you have made a payment to Apollo Munich for the purchase of an insurance policy and are awaiting issuance of your policy, no further action is required from your end on account of this transaction – your documents already submitted shall remain valid.
# Now all Apollo Munich Health Insurance policyholders will have access to the HDFC ERGO Health Insurance network hospitals.
# There is no change in existing claim processes. You can register the claim by visiting website www.hdfcergohealth.com / www.apollomunichinsurance.com or write to at email@example.com / firstname.lastname@example.org or call toll-free number 1800-102-0333.
# There is no change in the existing claims process followed by Apollo Munich, as a result of this transaction. Thus your claim shall be processed according to the existing terms and conditions of your policy and there will be no impact on the claim settlement as a result of this transaction.
# There is no change in existing touchpoints. For any policy servicing query, you can reach on the customer service section of the website www.hdfcergohealth.com/ www.apollomunichinsurance.com. You may also write to at email@example.com/ firstname.lastname@example.org or call on our toll-free number 1800-102-0333 or approach your insurance distributor, as the case may be.
# Renewal of Apollo Munich’s insurance policy will follow the existing process. You can visit website www.hdfcergohealth.com / www.apollomunichinsurance.com or call toll-free number 1800-102-0333 or write to at email@example.com / firstname.lastname@example.org. You may also visit any of their branches.
# As there is no change in the entity other than the ownership, all renewal related processes remain the same. You will be able to renew your existing policy as per current policy terms. The policy document that would be issued shall be with the new name.
# To pay the premium, Pre-merger: You need to visit the existing website, i.e. www.hdfcergohealth.com or www.apollomunichinsurance.com, for payment of premium online for Apollo Munich’s products. Post-merger: The website of the merged entity would service all your requirements.
# If you are planning to renew the policy through cheque, then you may issue the cheque in favour of the company name as mentioned in the renewal notice. In case you have not received a renewal notice, kindly issue the cheque in favour of HDFC ERGO Health Insurance Limited.
# The existing process of changes in the policy shall continue as is. For any change in the policy you may visit the customer service section on website www.hdfcergohealth.com/www.apollomunichinsurance.com. You can also write to at email@example.com / firstname.lastname@example.org or call on toll-free number 1800-102-0333 or approach your insurance distributor, as the case may be.
# There will be no additional charge on account of this transaction.
# No additional medical tests will be required due to this transaction.
# There will be no change in the Policy product name or any of the policy terms & conditions. All benefits of the policy as detailed in the Policy document shall remain same.
# There will be no change in the agent/ intermediary servicing your policy during the policy period.
# The Company does not intend to close any branch of either of the two entities. They will keep you informed in case there are any plans to relocate or merge your branch.
# Pre-merger: For Apollo Munich policies, please visit the Apollo Munich offices only. Post-merger: Any branch of the merged entity will be able to service your request.
# There will no change in the branch timings and you will continue to receive high standards of service quality.
# There is no change in the grievance process. For any escalation, you may reach on customer service section of website www.hdfcergohealth.com / www.apollomunichinsurance.com or write to at email@example.com / firstname.lastname@example.org or call toll-free number 1800- 102-0333.
My take for the existing policyholders:-
- With a clear idea of what they are doing and with clarity on all issues taken care of by HDFC ERGO Health Insurance, I don’t think existing policyholders of Apollo Munich may worry.
- However, the network hospitals will now be more than the existing. Hence, you have to now crosscheck the nearest network hospitals. Make sure you keep the address and emergency contact number of such a new network hospital.
- As there is no change in the policy contract and all the benefits. You may continue the policy as usual. No need to worry.
- HDFC ERGO is a well established general insurance company. Hence, I think there will not be any issues.
- However, only the issue which is SILENT is whether the premium will remain the same from next year also? Whether there is an increase in premium due to the new underwriter and new company is the point to watch.
- Let me know if any of the policyholders faced issues. Please do share the same here.
Refer the latest post with respect to Health Insurance:-