Reliance General Insurance Company Limited has introduced an ‘Insurance Gift Card’ which ensures the buyers to gift an insurance product.
The product has been accepted under the sandbox guidelines of the Insurance Regulatory and Development Authority of India(IRDAI). The company mentioned fundamentally that the product is sketched enough to make the buyer aware of gifting this during the festive season. The insurance gift card is a prepaid card that seems just like a regular gift voucher that enables a person to buy a health insurance policy from the Reliance General Insurance as a handout and can be utilized to make an incremental payment making a premium account.
Under this sandbox method, entities can launch and test a product with a selected group of people with the validity of six months. The prepaid card can be procured from the company website and is available with denominations of ₹500 and ₹1000 respectively and can be obtained instantly from the reliancegeneral.co.in. website. Once the card is purchased online, there will be instructions to vindicate the voucher that is received. This card can be shared electronically with the person gifting it and the holder can buy health insurance protection using it. The usage period of the card is six months from the purchasing date and is reimbursable if unusable. For example ₹ 8,000 is the premium value, we can regain ₹ 1,000 and the rest ₹ 7,000 can be used for any other payment mode. Naval Goel, Chief Executive Officer (CEO) & Founder of PolicyX.com, stated that it is a voucher that drops the premium health insurance at the time of acquiring health insurance.
Reliance General Insurance Chief Executive Officer (CEO), Rakesh Jain mentioned that, in India, gifts are like blessings, a small token on every festive or celebratory occasion is a way to convey utmost heed towards their loved ones. And this year due to this pandemic around, people are more concerned about the health and happiness of their family and friends, so what more can be offered than the protection of health insurance. Jain also said that a ₹ 1,000 gift card enables us to pay up to ₹ 1,000 when you apply the voucher code in the payment section while making premium payment and the user should be aware of making the balance payment using any other payment mode.