For the first time in Sri Lanka, sufferers of a number of critical illnesses will have the financial relief they seek, to undergo essential medical care. ‘Allianz Arogya’, an insurance policy coupled with a life cover and savings component to help towards meeting the prohibitive cost of critical illness, is now introduced by Allianz Lanka to meet a long-felt market need.
Allianz Arogya provides financial relief during three stages of critical illness, depending on the severity of the illness: during the ‘minor’ stage at early diagnosis when preventive measures are possible, during its ‘major’ stage if and when the disease progresses, and at its ‘critical’ stage, if and when it is diagnosed as being terminal. Critical accidents are also covered, and one child for every policyholder can be included in the policy as well. The day-to-day costs of hospitalisation are also met.
Allianz Arogya covers common illnesses like cancer, heart attacks, strokes and kidney failure. Sri Lanka Health Ministry statistics confirm that cancer caused more than 14,000 deaths in the country in 2013 and records in 2014 indicate that over 26,000 patients have been diagnosed with the disease during that year. Breast, cervix and thyroid cancers are the most common among females, while oral, lung and larynx cancers are common among males.
Similarly, Ischemic heart disease was the leading cause of death in 2012 and killed about 33.000 sufferers, followed by stroke, which felled over 15,000 (Source: WHO).
“We considered these statistics and evaluated the existing market offerings,” said Allianz Lanka Ltd Senior Manager Life Ruchira Perera.
“What is presently available in the market for critical illnesses is an add-on attached to life insurance policy, which pay out a flat sum assured. So we came up with a more transparent, flexible and comprehensive product designed to give our customers the financial support for an early recovery from a life-altering illness. Also, because Allianz Arogya has been designed with a savings component, the insured receives a lump sum at the end of the policy, which is over and above the critical illness claims.”
Since inception 10 years ago, Allianz Lanka has continued to introduce many new and innovative products to the Sri Lankan market; Universal Life is a case in point. Allianz Arogya is the latest addition to an impressive array of products designed to provide customers with the best possible financial care to support them during difficult times in their lives.