Amana Takaful launches unique medical insurance for parents

Wednesday, 10 July 2013 00:10 - - {{hitsCtrl.values.hits}}

By Rashika Fazali Paying tribute to the parents who have nurtured us, Amana Takaful launched the Kruthuguna parental hospitalisation insurance cover for those above the age of 55 years, which is said to be the first-ever medical cover offered for parents. At the launch held at Waters Edge on Monday (8), Amana Takaful CEO Fazal Ghaffoor noted that two-thirds of the insurance trade consists of motor insurance. This means medical insurance does not cover even one-third of the industry.

As this is becoming a problem especially for the vast ageing population in the country who are consistently in need of medical care, Ghaffoor further noted that 20% of the population consists of people above 55 years of age. This number is said to increase to 30% in the next 10 years. He stated: “We see the population advancing in age and people needing support as they lead their lives. There is nothing like it. Kruthuguna is unmatched. For the first time, we have broken new ground.” Anyone above the age of 55 and below the age of 73 can apply for this insurance. However, once the policy holder is of 73 years of age, he has an option of renewing his cover for life. The Kruthuguna parental insurance looks after the medical bills, home nursing care, ambulance transfer and concessions on wheel chairs among other benefits offered. In the case of emergency, Kruthuguna will offer the policy holder the full value of the insurance. Kruthuguna also offers this insurance policy to those who were unable to apply for insurance due to ill health such as high blood pressure, diabetes or any other illness. The insurance policy will also cover the cost of medicine and doctors consultation fees. The insurance policy comes within three insurance plans, covered for Rs. 100,000, Rs. 200,000 or Rs, 300,000 with a premium all inclusive of Rs. 15,000, Rs. 30,000 and Rs. 45,000 in that order. Ghaffoor explained that children find it hard to support their parents financially. Therefore such a medical cover was introduced to give better care and support to parents. He also questioned, “Doesn’t it affect us all when they are sick?” He added that pre-existing illnesses are covered in the second year of the insurance policy which was another need voiced by the public in a survey done by Amana Takaful. The Kruthuguna is ideal for individuals, employees, businesses and children in need of a medical cover for their parents. Speaking on Amana Takaful’s approach to banking, Ghaffoor said: “We are a bit different because in our company we don’t transfer risks. We share risks. We pay out claims in moments of stress and calamity and to those who are in need. Our competitors would say this is a high risk product, but we don’t fear to fail.” Recently, Amana Takaful won the ‘Best Islamic Financial Services Provider’ at the International Finance Magazine Awards 2013.