Bajaj Allianz General Insurance ties up with GOQii under regulatory sandbox

Bajaj Allianz General Insurance has launched a preventive healthcare platform in partnership with GOQii under the regulatory sandbox initiative.

Under this partnership, existing health insurance policy holders can benefit from the add-on cover. The idea behind this tie-up is to reward the customer for adopting a healthy lifestyle in the form of co-pay deduction in their policy premiums.

The premium will range between Rs. 1,895 to Rs. 7,635 for an individual policy holder excluding GST. Further, a 25% discount on the premium can be availed if the policyholder opts for the add-on cover. The insurer said, Policyholder can opt for Sum Insured of Rs 3 lakh, Rs. 4 lakh or Rs. 5 lakh.

GOQii, a smart health tech platform will manage the engagement levels once the customer is onboarded. Depending on the engagement level the co-pay percentage will change. As the engagement goes up premiums will fall and if the engagement declines the premiums will rise with subject to different levels of engagement.

Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance said, “With this add-on cover offered under the regulatory sandbox, our aim is to ensure consumers benefit in the form of their co-pay percentage based on their engagement level on the platform provided by GOQii.”

He added, “The more customers work towards their wellness, better will be their health and lower will be their co-pay percentage. I hope that such benefits will attract more people to opt for health insurance and encourage them to take care of their health as well.”

“The future of Insurance will be disrupted through coaching, wearables and AI. This Co-Pay product is a historic step that will lead to an increase in the penetration of health insurance in the country by incentivising more people to adapt a healthier lifestyle and reducing overall healthcare costs,” said Vishal Gondal, Founder & CEO, GOQii.