Category: bank news

HDFC Bank, Reserve Bank Innovation Hub Launch i-Innovate  

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Telugu super news,India,December 6th, 2023: In a pioneering move towards fostering financial inclusion, HDFC Bank today announced its partnership with the Reserve Bank Innovation Hub (RBIH) to introduce i-Innovate, a nationwide initiative specifically designed to champion FinTechs focussing on differently abled persons. This initiative is singularly focussed on leveraging Assistive Technology (AT) to not only enhance, but also revolutionise the financial inclusion for differently abled persons.

RBIH, a wholly-owned subsidiary of the Reserve Bank of India (RBI), spearheads efforts to cultivate an environment conducive to innovation across the financial sector. HDFC Bank, under its CSR brand Parivartan, supports startups working in the social space through its Parivartan StartUp Grants programme. HDFC Bank and the Reserve Bank Innovation Hub have come together to leverage social innovation and entrepreneurship to bridge existing gaps and enhance financial accessibility for differently abled persons. Further, AssisTech Foundation (ATF) has been roped in as a supporting partner to contribute with expertise in innovating for this segment of the population, as well as provide specialised support in incubation, acceleration and nurturing startups in this space.

With more than 2.2% of the population falling under this demographic, i-Innovate aims to implement a range of programmes aimed at nurturing innovation and inclusivity within the financial sector for differently abled persons. This partnership will embark on an extensive journey to study today’s financial landscape, focus on identifying key market gaps and challenges at the intersection of assistive technology and finance. Additionally, various initiatives such as innovation challenges, hackathons, acceleration programmes, and awards will be rolled out to actively support and recognise startups dedicated to building solutions for the financial inclusion of differently abled persons.

Ms. Smita Bhagat, Retail Branch Banking Head, HDFC Bank said,“Nearly three-quarters of persons with disabilities reside in rural parts of the country. Persons with special needs in our country lack access to formal financial services. HDFC Bank is collaborating with RBIH to identify gaps in the adoption of financial service and innovate inclusive financial products that enable economic independence and empower persons with special needs. We are a Bank for all, and believe that financial inclusivity for persons with special needs is not a niche agenda; it is a catalyst for nationwide economic growth and innovation. Our goal is clear – to build a banking system that is as diverse as India itself.”

Ms. Shalini Sahay, Head – Corporate Communications, Marketing and Partnerships, RBIH said, “This partnership is a significant step towards innovation and inclusivity in finance. Through iInnovate, we commit to bring forth groundbreaking solutions at the intersection of assistive technology and finance.”

The official launch of i-Innovate took place on December 3, 2023, on the International Day of Persons with Disabilities. With the insights gained from this project, HDFC Bank and RBIH are committed to setting new benchmarks for accessibility in banking, striving to ensure that financial empowerment is attainable for all, irrespective of physical ability.

HDFC Bank Marks International Fraud Awareness Week with a Conference to Educate Consumers on Safe Digital Banking Practices

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Telugu super news,New Delhi, November 16, 2023: HDFC Bank, India’s leading private sector bank, hosted a one-day conference on ‘Banking/Financial Cybercrime Prevention and Detection’ in collaboration with Indian Institute of Public Administration (IIPA), to commemorate International Fraud Awareness Week (IFAW). This is the 4th year in a row that HDFC Bank has been actively contributing to Cyber Fraud Awareness during the IFAW.

Through this conference, HDFC Bank aims to provide a platform for experts, practitioners, policymakers and stakeholders to share their insights, experiences and best practices on cybercrime prevention and generate concrete and actionable recommendations for enhancing cyber security and resilience.

The Conference was attended by eminent dignitaries from the Ministry of Electronics and Information Technology, IIPA, Ministry of Home Affairs, Ministry of Finance, Indian Cybercrime Coordination Centre (I4C), National Cyber Security Coordinator (NCSC), CERT-in, Delhi Police, Haryana Police, Uttar Pradesh Police and senior officials from leading banks and financial intermediaries.

Shri S N Tripathi DG, IIPA (Retd. IAS) said, “In the digital age, the battle against cybercrime requires a united front. Collaboration and awareness should be our strongest shields. By encouraging this kind of collaboration and recognition, we can fortify our defenses and work towards a secure and resilient financial landscape. We are positive that this initiative will strengthen dialogues and to come up with recommendations to enhance cybersecurity that can protect individuals and organizations from the increasing menace of cybercrime. Let us stand together against cyber threats, ensuring the safety and trust of individuals and organizations alike.”

Speaking on the occasion Mr. Prashant Mehra, Group Head, Retail Portfolio Management and Fraud Control, HDFC Bank said, “Cybercrime is a serious threat to the privacy and well-being of individuals and organisations as well as to national security. It is imperative to raise awareness on cyber frauds and HDFC Bank’s ‘Stay Safe, Stay Vigil’ campaign is yet another initiative by the Bank to do so. HDFC Bank has been conducting Cyber Fraud Awareness Workshops under the Secure Banking initiative at various locations across the country over the past four years. The Bank has also been educating people about safe banking practices that would protect them from being victims of fraud. Through this conference our aim is to foster dialogue and collaboration among the participants and to generate concrete and actionable recommendations for enhancing cyber security and resilience.”

On the sidelines of the conference, HDFC Bank unveiled industry’s first transaction verification method which operates over WhatsApp. This allows verification without voice information by customers. This will be launched for customers before the end of the year.

During the event, experts shared insights and laid emphasis on building a robust and secure financial eco-system which can proactively detect and combat digital frauds. The sessions stressed on the importance of cybersecurity awareness and customer protection; strategy to deal with mule accounts by banks; use of technology in predictive modelling on cyber frauds.

According to National Crime Records Bureau, Ministry of Home Affairs, more than 52,900 cyber-crime cases were registered in 2021 in India. Out of this approx. 60% cases pertained to financial frauds. In a presentation DoT stated that cybercrime will cost the world $ 17.65 trillion by 2025. Hence it is imperative to take collective and coordinated actions to prevent and combat cybercrime. Through this conference HDFC Bank’s aim is to foster dialogues among various stakeholder and policymakers to generate actionable recommendations for enhancing cyber security and resilience for the benefit of customers.

As a part of fraud awareness initiatives, HDFC Bank observes the first Wednesday of every month as the ‘Cyber Jagrookta Diwas’ and organises workshops for its branch banking staff covering different aspects of safe digital banking practices. The Bank had launched the “Mooh Band Rakho” campaign in FY21 to increase awareness on all types of frauds and the importance of not divulging confidential information, in order to prevent falling prey to fraudsters.

Over the past four years, HDFC Bank has conducted over 10,000 Cyber Fraud Awareness Workshops as part of its Secure Banking Initiative to promote safe digital banking practices. These workshops are aimed at educating customers, law enforcement agencies, senior citizens, Self-Help Groups, educational institutions, vendors, partners and employees, among others.

The Bank encourages customers to take a pledge to adopt safe banking habits while transacting digitally and avoid sharing their confidential banking information with anyone. It educates them on the need to refrain from clicking unverified links. In case a customer fall prey to frauds, they must get in touch with their respective branch immediately and call 1930 (Helpline number by National Cybercrime Reporting Portal).

Kotak Mutual Fund conducts an investor education and awareness initiative ‘SeekhoPaiso ki Bhasha’, in partnership with CBSE in Hyderabad

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Telugu super news,Hyderabad, November 7, 2023: Kotak Mutual Fundconductsits investor education and awareness initiative, ‘SeekhoPaiso ki Bhasha’, in partnership with the Central Board of Secondary Education (CBSE) in Hyderabad. This initiative is set to pave the way for financial literacy by conducting an extensive series of education and awareness programs aimed at empowering teachersfostering their growth of financial understanding, and ultimately which can help contributeto India’s journey towards a potential progressive future.

The initiative aimsto educate and create awareness about financial literacy amongover 2925 CBSE teachers in Telanganaand inHyderabad. Out of these, 50% are expected to befemale, underscoring tofostering of equitable growth and development.

As part of the initiative, Kotak Mutual Fund has brought on board over 500 proficient trainers from the Centre for Investment Education and Learning (CIEL)who lead theimpactful sessions, ensuring that quality and relevance were upheld throughout the program.

Army Public School,Bolarum JJ Nagar Post OfficePrincipal, Smitha Govindsaid, “Participation in this program, Seekho Paiso ki Bhasha, enables us to provide our teachers with the necessary knowledge for making informed financial choices and pursuing their objectives with confidence.”

Mr. Kinjal Shah,Head- Digital Business, Marketing and Analytics, Kotak Mutual Fund, “Through this Investor Education and AwarenessProgram ‘SeekhoPaiso ki Bhasha,’ we are deeply committed to cultivating financial empowerment. We believe that teachers play a vital role inshaping our nation’s destiny and mouldingthe new generation. Our partnership with CBSE is to educate and create awareness amongst the esteemed educators about financial literacy and investment. Collectively, we can shape a future where financially aware teachers may help improve the economy.”

This initiative represents a significant step towards the realization of a financially empowered India, with an aim of aligning perfectly with the nation’s aspiration for progress and growth. With ‘SeekhoPaiso ki Bhasha’hope that it helps to shape the financial fabric of the country.

Ujjivan Small Finance Bank enhances free doorstep banking services for senior citizens and differently-abled customers

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Telugu super news,November 7 2023:Hyderabad: Ujjivan Small Finance Bank (Ujjivan SFB), a leading Small Finance Bank in India, announced a significant enhancement to its doorstep banking services, with a special focus on making banking more accessible and convenient for the senior citizens and differently abled customers at no cost. This is in line with the Bank’s
commitment to promoting inclusivity and customer-centricity. Currently, over one lakh Ujjivan
SFB customers in these categories can avail these services.
 
Under doorstep banking services, the daily cash pickup and delivery limit per instance is now
enhanced to upto ₹25,000. Customers can receive up to four financial services at their
doorstep door-to-door services per month without any service charges. The financial
services also include cash pick-up & delivery, demand draft delivery and cheque pick-up. In
addition, documentation services (non-financial) include profile update, submission of Form
15G/H (TDS relief exemption on term deposit interest), and reissuance of debit cards. These
services will be offered within the operational proximity of each branch.


 
Customers can easily access these services by contacting their bank branches placing their
request via 24*7 phone banking in their preferred language at 1800 208 2121 at no cost.
The doorstep service requests will be fulfilled on all working days during the business
hours.  
Mr. Ittira Davis, MD & CEO, Ujjivan Small Finance Bank, said, “We are committed to
delivering solutions that are centered around customers’ needs. This initiative exemplifies
our dedication to meeting these requirements, by offering them with a convenient and
empowering banking experience. We believe that everyone should have easy access to
banking services.”

Lloyds Banking Group commences its Technology Centre Operations in Hyderabad

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Telugu super news,Hyderabad, November 1, 2023: Lloyds Banking Group, one of the UK’s largest financial services groups, commences its new Lloyds Technology Centre (LTC) operations in Knowledge City,Hyderabad today.

The Lloyds Technology Centre will play a key role in delivering AI, Cloud and Blockchain programmes across the organization with the first teams located in the office focusing on using data, machine learning and Cloud to support the Group’s customers in the UK.

To achieve this, the centre will be recruiting for a range of specialist roles including Full Stack, Java Back-End, REACT, Cloud Engineers and Quality Engineers.

The long-term ambition is for the centre to become a hub for modern engineering excellence,
supporting the delivery of Lloyds Banking Group’s technology transformation and utilising India’s thriving technology landscape and specialist talent.

Ron van Kemenade, Group Chief Operating Officer at Lloyds Banking Group, shared his
enthusiasm for this milestone, stating: “The opening of Lloyds Technology Centre represents a
pivotal moment in our overall transformation journey, building on our growth in tech talent in the UK.

This centre, located in the vibrant tech hub of Hyderabad, will become a hub for innovation and
engineering excellence. We’re excited to use this facility to help deliver the transformation the Group requires to meet the ever-evolving needs of our customers.”

Sirisha Voruganti, CEO and Managing Director, Lloyds Technology Centre said “Hyderabad’s
wealth of tech talent and its diversity makes it a global epicenter for innovation. With Lloyds
Technology Centre, we’re proud to be part of this thriving ecosystem.

We believe that the fusion of India’s leading tech capabilities and diverse talent will be instrumental in our ability to provide fantastic services to the Group’s customers.”

Lloyds Technology Centre will not provide any banking services but will focus on using technology, digital, data and analytics capabilities to drive innovation and end-to-end product delivery and is a step forward in the Group’s approach to international resourcing.

The Group’s commitment to promoting diversity and contributing to India’s economic development will support the government’s digital mission in the region.

‘Iss Tyohaar No Intezaar’HDFC Bank Launches Festive Treats

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HDFC Bank

Telugu super news,India, october 25th, 2023: HDFC Bank, India’s largest private sector bank, announced the launch of its annual campaign – Festive Treats with superfast banking services and 10,000+ offers on Cards & EASYEMI. After four successful campaigns, the theme for this year is “Iss Tyohaar No Intezaar”, which means that there is no waiting this festive season. Besides offering instant services, the Bank will be running a host of offers across Accounts, Loans, Cards, EASYEMI, Consumer Loans, Cardless EASYEMI, and other products to make shopping during this festive season enjoyable and accessible for all consumers.

Under Festive Treats, all existing and non-bank customers, including salaried individuals and business owners, can avail the offers. The Bank is offering XPRESS Loans at discounted interest rates and processing fees for houses, vehicles, businesses, personal needs, and more. Further, the Bank has exclusive tie-ups with top brands and merchants like Apple, Samsung, LG, Sony, Haier, HP, Acer, IKEA, Home Centre, Amazon, Lifestyle, and many other platforms. Besides, customers have a chance to save up to Rs. 50,000 using HDFC Bank Cards & EASYEMI options on Cards & Consumer Loans.

Mr Ravi Santhanam, Chief Marketing Officer, HDFC Bank said, “The Festive Treats campaign embodies our dedication to spread happiness during this celebratory season. The wait for attractive deals and offers is over. Through our advanced instant digital solutions, customers can seamlessly access banking services online to fulfill their wishes. The campaign slogan “Iss Tyohaar No Intezaar,” symbolises festive cheer along with ease and convenience. We wish all our consumers a happy festive season!”

Annexure:

Offers on XPRESS Loans*

ProductOffer
XPRESS Home Loan·        50% off on processing fee·        Interest rate @8.35% p.a.* onwards
XPRESS Car Loan·        Interest rate @8.80% p.a. onwards*·        Zero foreclosure charges
XPRESS Pre-owned Car Loan·        Interest rate @11.25% p.a. onwards*·        Zero foreclosure charges
XPRESS Personal Loan·        Interest rate @10.50% p.a. onwards*·        Loan up to Rs 40 lakh·        Quick approval
XPRESS Business Loan·        50% off on processing fee·        Loan up to Rs 75 lakh·        Quick approval
XPRESS Two-Wheeler Loan·        Instant approval·        EMIs starting @Rs 37/1,000·        Up to 100% funding
Gold Loan·        50% off on processing fee·        Low interest rate·        Overdraft and balance
transfer facility
XPRESS Loan Against Securities·        Interest rate @10.75% onwards*·        Flat processing fee of Rs 999+ tax
Loan Against Property·        Loan tenure up to 15 years·        Flexible repayment·        Dropline Overdraft Available
EASYEMI on Consumer Loans and Cardless EASYEMI·        Save up to Rs. 10,000 with EASYEMI on Consumer Loans & Cardless EASYEMI·        Pay in parts up to 30 months with Consumer Loans and Cardless EASYEMI
EasyEMI on Debit /Credit Cards·        Save up to Rs. 27,500 with EASYEMI on Debit / Credit Cards·        Pay in parts up to 48 Months with EASYEMI on Debit / Credit Cards
XPRESS Loan on Credit Card·        50% off on processing fee*·        No documentation·        Instant disbursal

Merchant Offers*

Merchant NameOffersApplicable on 
Samsung Mobile·        Get up to Rs 12,000 cashback on Cards·        Up to 30 months long tenure on Consumer LoansHDFC Bank Credit Cards, EASYEMI on Debit/ Credit Cards/ Consumer Loans 
Apple·        Save Up to Rs. 10,000 on Apple range of products·        Get up to 30 months long tenure on Consumer Loans and Cardless EASYEMIHDFC Bank Credit Cards, EASYEMI on Debit/ Credit Cards/ Consumer Loans and Cardless EASYEMI
Amazon·        10% instant discount with EASYEMI
on Cards·        10% cashback with Cardless EASYEMI		EASYEMI on Debit/ Credit Cards and Cardless EASYEMI
MakeMyTrip·        On domestic flights flat Rs 2,000 discount·        On international flights flat
Rs 7,500 discount		HDFC Bank EASYEMI on Debit / Credit Cards
Reliance DigitalSavings up to Rs 10,000HDFC Bank EASYEMI on Consumer Loans and Cardless EASYEMI 
CromaSavings up to Rs 10,000HDFC Bank Credit Cards, EASYEMI on Debit/ Credit Cards/ Consumer Loans and Cardless EASYEMI 
Vijay SalesSavings up to Rs 10,000HDFC Bank EASYEMI on Consumer Loans and Cardless EASYEMI
Lifestyle10% Instant DiscountHDFC Bank Credit Cards and EASYEMI on Credit Cards
Home Centre10% Instant DiscountHDFC Bank Credit Cards and EASYEMI on Debit/ Credit Cards
IKEAUp to Rs. 5000 cashbackHDFC Bank EASYEMI on Consumer Loans 
GRT JewellersUp to Rs. 5000 Instant DiscountHDFC Bank Credit Cards
Brands like HP, Asus, Bose, Honor, Realme etc,.Up to Rs 4000 cashbackHDFC Bank Cardless EASYEMI 

IDBI Bank Limited – Financial Results for the quarter and half year ended September 30, 2023

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Telugu super news,october 21 2023:Net Profitsurges to₹1,323crore, registers YoYgrowth of 60% Net Interest Income at ₹3,067crore, YoY growth of 12%Net Advances at ₹1,68,502crore, registers YoY growth of 15%CASA at 51.49%Gross NPA down to 4.90%, YoY reduction by 1161 bpsNet NPA down to 0.39%, YoY reduction by 77 bpsProvision Coverage Ratio (PCR)) at 99.10%CRAR at 21.26%

Highlights forQ2 FY 2024

  • Net profit at ₹1,323crore, YoYgrowth of 60%.
  • Operating Profit stood at ₹2,072crore.
  • NIM stood at 4.33%.
  • Cost of Deposit stood at 4.23%.
  • CRAR stood at 21.26% with YoY growth of 178bps.
  • Return on Assets (ROA) stood at 1.59%, YoY growth of 50bps.
  • Return on Equity (ROE) stood at 19.05%, YoY growth of 384bps.
  • Net NPA stood at 0.39%, improved by 77 bps on YoY basis.
  • Gross NPA stood at 4.90%, improved by 1161 bps on YoY basis.
  • PCR stood at 99.10%, increased by 126 bpson YoY basis.

Operating Performance for Q2of FY 2024

  • Net Profit improved by 60% for Q2-2024to ₹1,323crore as against net profit of ₹828 crore for Q2-2023.
  • PBT improved by 60% for Q2-2024 to ₹2,299 crore as against ₹1,437 crore for Q2-2023.
  • Operating profit stoodat₹2,072 for Q2-2024as against₹2,208 crore for Q2-2023. Profit for Q2-2023 included capital gain of ₹380 crore from sale of Ageas Federal Life Insurance Company Ltd. 
  • Net Interest Incomeimproved by12% for Q2-2024 to₹3,067crore as against₹2,738 crore for Q2-2023.
  • Net Interest Margin (NIM)stood at4.33% for Q2-2024 as compared to 4.37% for Q2-2023.
  • Cost of Deposit increased by 80 bps and stood at 4.23% for Q2-2024 as compared to 3.43% for Q2-2023.
  • Cost of Fundsincreased by 77 bps and stood at 4.49% for Q2-2024 as compared to 3.72% for Q2-2023.
  • Cost to income ratio stood at 47.63%for Q2-2024.

Business Growth

  • CASA stood at₹1,28,464crore and CASA ratio stood at 51.49% as on September30, 2023.
  • Net advances grew by 15% YoY to ₹1,68,502crore as on September30, 2023 as against ₹1,46,924cras on September 30, 2022.
  • The composition ofcorporate v/s retail in gross advances portfolio was at30:70as on September30, 2023 as against 35:65as onSeptember30, 2022.

Asset Quality

  • Gross NPA ratio improved to 4.90% as on September30, 2023as against16.51% as on September 30, 2022.
  • Net NPA ratio improvedto0.39% as on September30, 2023as against1.16% as onSeptember 30, 2022.
  • Provision Coverage Ratio (including Technical Write-Offs)improved to 99.10% as on September30, 2023from 97.84% as onSeptember 30, 2022.

Capital Position

  • Tier 1 capital improved to18.86% as on September30, 2023as against 17.05% as onSeptember 30, 2022.
  • CRARimproved to21.26% as on September30, 2023as against19.48% as on September 30, 2022.
  • Risk Weighted Assets (RWA) stood at ₹1,61,618crore as on September30, 2023 as against ₹1,57,840 crore as onSeptember 30, 2022.

Significant Developments

  • IDBI Bank was awarded with Exemplary Trophy of Par Excellence for Leadership Pinnacle Campaign and Exemplary Award of Par Excellence for APY Big Believers Campaign conducted by PFRDA during the FY 2022-23.
  • ICRA upgraded IDBI Bank’s Long Term Ratings to `[ICRA]AA-‘ from `[ICRA]A+.

Mumbai, October 21, 2023: The Board of Directors of IDBI Bank Ltd. met in Mumbai today and approved the financial results for the Quarter and half year ended September30, 2023.

IDBI Bank wins three awards at the ASSOCHAM 18th Annual Summit & Awards-Banking & Financial Sector Lending Companies

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Telugu super news,India, october 20,2023: ASSOCHAM confers three awards on IDBI Bank at its 18th Annual Summit & Awards-Banking & Financial Sector Lending Companies. The Bank was declared Winner in “Best Digital Initiatives” and Runner Up in “Best Risk & Cyber Security Initiatives” and “Best Product/Service Innovation” in the Mid-Size Bank segment.

The awards were received by Shri Suresh Khatanhar, DMD, IDBI Bank from Shri Ajay Kumar Choudhary, Executive Director, RBI in the presence of, Shri N.S. Vishwanathan, Former Deputy Governor, RBI, Shri Rajkiran Rai G, Chairman, ASSOCHAM & MD, NaBFID and other senior dignitaries from Banking & Finance Sector.

HDFC Bank Launches XpressWay: The Fastest Way To Bank

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Telugu super news, Mumbai, 20 October 2023:HDFC Bank, India’s leading private sector bank, launched XpressWay, a digital platform offering banking products and services, enabling customers to experience the fastest way to bank. 

XpressWay offers an array of services, including Xpress Personal Loan, Xpress Business Loans, Xpress Car Loan, Xpress Home Loan, Xpress Loan on cards, Xpress Credit Card, Xpress Savings Accounts, service journeys and more, designed to cater to diverse customer needs. These products and services are meticulously designed to deliver fast, seamless, paperless, and do-it-yourself customer journey, for both existing and new customers. Launched during the festive season, it is even more exciting as it also allows customers to indulge in festive season shopping with greater ease of access to finance.  

“XpressWay signifies HDFC Bank’s commitment to customer-centric innovation, offering a digital ecosystem that empowers our customers with swift, paperless, and self-service banking. As we launch this platform during the festive season, we aim to enhance the joy of celebrations. With XpressWay, HDFC Bank opens the door to a faster, more convenient, and enjoyable banking experience,” said Mr. Parag Rao, Country Head – Payments, Liability Products, Consumer Finance & Marketing, HDFC Bank. 

XpressWay is a part of HDFC Bank ‘NOW’, an umbrella brand for the Bank’s digital products and services. 

For further information about XpressWay and to experience high-speed banking please visit [https://v.hdfcbank.com/festive-treats/index.html].

HDFC ERGO reiterates its commitment on making health insurance Accessible, Affordable and Convenient with launch of 6 new products and 2 service upgrades 

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Telugu super news, India, october 18th,2023: HDFC ERGO General Insurance Company, India’s leading private sector general insurance company, has launched path-breaking suite of health insurance products and services to make health insurance Accessible, Affordable and Convenient. These health solutions and services, which are meticulously designed to address the evolving needs and aspirations of Indian citizens, will elevate the convenience and accessibility in India’s health insurance sector. 

With the rising cost of healthcare across India and health related uncertainties caused by recent COVID pandemic, it has become even more necessary to have comprehensive health insurance coverages and stay protected. In background of this emerging need, HDFC ERGO has unveiled a range of new products and services, which aims to open up a new dimension in health insurance sector and provide the customers greater accessibility to health care facilities not only in India but also abroad. The company has launched key upgrades to its existing Optima Secure product, which also happens to be one of the most preferred products for the health insurance customers in India 

The Company has also introduced new service upgrades, which will address the key issues faced by the customers during their cashless hospitalisation, and thereby provide a greater convenience for the customers. 

Speaking on the launch, Parthanil Ghosh, President- Retail Business, HDFC ERGO General Insurance, said, “As a ‘Customer First’ organisation and a leading insurer in India, we at HDFC ERGO consider it as our responsibility to encourage our customers to stay protected with health insurance solutions. Continued with our efforts to fulfil this aspiration, we recognised the need to enhance our current health insurance plans and services, so as to make health insurance more accessible, affordable and convenient. We understand that today’s customers look for customised solutions instead of one-size-fits-all approach, and our newly launched health solutions address this need. We believe that our innovative and customisable features of our products and services will deepen the ‘trust’ of the Indian citizens towards health insurance, and act as an impetus in insurance inclusion within the country.”

The New Products at a Glance:

  1. Optima Secure: Enhancements
  • Global plans: One can now get treatment anywhere on the globe.
    • An industry first initiative, providing an option to cover travel expenses of a person supporting the insured at the time of need
  • New deductible options: Higher deductibles up to 5 lakhs, to further lower the premium as a part of the base policy. This feature also comes with an option to reinstate the full cover after 5 years of policy period or 50 years of age, whichever happens later. 
  • Individual Personal Accident Rider: Add-on cover which provides lumpsum pay out in case of Accidental Death, Permanent Total Disablement and Permanent Partial Disablement
  • Special discount for NRIs:  The Company is also launching for the first time in the country, special discounts up to 40% for Non-Resident Indians (NRIs); this will be available for NRIs from the 3rd week of November 
  1. Optima Wellbeing: An OPD subscription with end-to-end cashless mode 
  • An industry first initiative to avail unlimited tele & in-person consultations, and free home sample collections 
  • Discounts up to 40% on Diagnostics and Medicines 
  • Cashless ecosystem

This product will be launched first in Mumbai, and will soon be extended to the other cities 

  1. My: Health Koti Suraksha
  • An enhanced personal accident insurance with higher sum insured up to Rs. 5 crores
  • Coverage against Accidental Death, Permanent Total Disablement and Permanent Partial Disablement
  1. Explorer: A revamped travel insurance
  • Coverage: Insures Health Emergencies, Flight Mishaps and various In-Trip crisis
  • Tailor made plans: Covers varied target segments from value seekers to premium buyers
  • All-in-one: Family coverage in a single policy

First-of-its-kind Services for Cashless Claims in India

  1. Early discharge from hospitals 
  • Seamless discharge process for cashless hospitalisation – Customers need not wait for long approval procedures during their discharge, and can be released as soon as the hospital signs the discharge summary for patients undergoing cashless hospitalisation

This facility is currently available with 25 network hospitals located at 16 cities from across 14 states of India, and will be extended to other cities soon

  1. Per-approved cashless facilities for all chronic patients
  • Approval at one go for chronic patients – The patients undergoing cashless hospitalisation for chronic diseases like chemotherapy, dialysis and radiotherapy can now avail single approval to avail cashless hospitalisation for multiple times for the same ailment at the same health care facility

Both the above service features are being introduced for the first time by any insurer in India and is expected to provide peace of mind to the family members of the policyholders undergoing treatment for such chronic diseases. 

Founded in the year 2002, HDFC ERGO has been consistently bringing in innovative tech-enabled health insurance products and solutions to provide convenience and ease to its customers. Recently the company unveiled insurance led eco-system ‘here.’, a unique one-stop platform, one of the propositions of which is addressing customers’ anxiety on health care and providing them with credible information on this space.

Also, the company is among the pioneers in India to introduce interest free instalment-based health insurance, alleviating the financial burden on policyholders. The company’s extensive network of over 12,000 cashless health care providers assures hassle-cashless treatment to its policyholders. With a remarkable claim settlement ratio of 99% for accident and health claims in FY 23, the company underscores its commitment to democratise insurance and deliver efficient and hyper-personalised customer-centric services.

For more details on HDFC ERGO’s health insurance products, please visit: https://www.hdfcergo.com/health-insurance.

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