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Citibank, Apollo Munich join hands to provide specialized health insurance service

The Times of India:  March, 2014

Chennai: Citibank India and Apollo Munich have joined hands to provide specialized healthcare cum insurance services to the emerging urban affluent customers.

They target over 16 million households in eight cities in India.

The services would combine financial protection as well as health and lifestyle management support for non-communicable diseases such as hypertension, diabetes, heart disease, cancer and tumour.

"Our lifestyles have drastically changed over the last few years and the direct outcome is a significant increase in lifestyle diseases. India has been hit by a double whammy of high incidence of communicable diseases, along with a rising burden of chronic diseases," Shobana Kamineni, director, Apollo Munich Health Insurance, said.

"The high out of pocket expenditure of around 61% incurred by consumers to address medical and health needs, coupled with around 38% of emerging affluent without health insurance demonstrates the potential to serve this segment. As a consumer's income rises, so does his or her confidence to invest in specialized health services. This partnership with Apollo Munich will provide our clients with innovative and specialized health care solutions," Kartik Kaushik, deputy country business manager, global consumer bank, Citibank India, said.