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A customer wanted to cover accidental damages caused by his pet, as it was as close as his child to him. Tata AIG General Insurance then customised the policy and endorsed it for the damage caused by the pet.
Similarly, the company faced an instance, where an antique chandelier fell and got damaged. Even after its best efforts, the company could not find and replace the item. So, the company paid the complete claim.
High net-worth individuals (HNIs) are no longer required to buy regular insurance from companies. Beginning from health insurance, life insurance to several general insurance products, an array of specialised products, are now being made available for the market.
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Insurers have also begun to have separate categories of products only for meeting the needs of HNI clients. Tata AIG General Insurance through its Private Client Group offers specialised and all-round lifestyle insurance protection to affluent people.
Last month, Bajaj Allianz launched Elite Assure, which is a participating plan that comes with a guaranteed maturity benefit (GMB) chosen at the inception of the policy and the premium amount is calculated based on that amount. Here, the minimum GMB is set at Rs 5 lakh and the minimum premium is Rs 50,000. Insurers say HNI customers usually include policies that have a much higher sum assured and comprehensive coverage. In health, for instance, they also look for high sum insured policies covering critical illness and accidental injuries or providing unique cover for instance cost incurred for air ambulance.
Gunjan Ghai, SVP & head marketing and product development, SBI General, said while in motor, they cover all high-end cars, including Rolls Royce, health has specific covers for HNIs, which have no sub-limits and additional features with few conditions at the time of claims.
SBI General has Arogya Premier Policy, which is exclusively designed to meet special healthcare requirements of HNIs. With wider medical coverage option,
HNIs can avail the best medical treatment from top medical experts. This policy does not require any pre-policy medical test up to the age of 55 years for people with no medical history. It also covers ambulance charges including air ambulance up to Rs 1 lakh.
Similarly, to meet the needs of the HNI segment, Bajaj Allianz, in its home insurance segment, also insures gym equipment for HNI customers who have bought their policy. Bajaj Allianz also has Healthcare Supreme for HNIs and it has also covers air ambulance. The insurer has seen highest demand for covers for jewellery and works of art.
Sasi Kumar Adidamu, chief technical officer- non-motor insurance, Bajaj Allianz General Insurance, said they have in the past sold covers for private jets, high-end bicycles to cover for curios and famous works of art to its HNI customers.
“We have observed that this segment of customers is better informed about insurance and the coverages that they are seeking. For instance, when it comes to home insurance policies they look for comprehensive covers which encompasses not only electrical gadgets or furniture but also for each and every item in the house,” he said.
Life insurers are not behind. Niraj Shah, director – marketing, strategy and products, PNB MetLife, said they have a portfolio of products like MetLife Smart Platinum (ULIP), MetLife Dhan Samriddhi (Single Premium) which offer high sum assured along with investment options based on HNI requirements. “We are shortly introducing an innovative term plan to also meet the requirements of our HNI clients,” he explained,
All HNI-related products are offered in a separate bouquet by insurers. HNIs and their families are the exclusive focus of Tata AIG Private Client Group (PCG). This includes providing protection to complex homes, collection of fine arts and valuables (paintings, sculptures, antiques, artifacts, jewelry and other collectibles) and high-end cars.
Specific needs are also being felt in health insurance. Insurers like Royal Sundaram General Insurance have seen a growing need of health insurance among HNI customers (those with annual incomes above Rs 50 lakh) more so from business community, builders, contractors, film actors and politicians among others.
Royal Sundram has recently launched a new health insurance product named ‘Lifeline’ under which the ‘Elite’ plan is specifically designed to cater to needs to HNI customers. It has sum assured from Rs 25 lakh to Rs 1.5 crore and also has international cashless treatment of 11 critical illnesses. It also includes vaccination for animal bytes.
