Citibank India, in a joint effort with Apollo Munich will offer healthcare solutions to its affluent and high networth clients. The healthcare solutions will target 16 million households. They combine financial protection and health and lifestyle management support for non-communicable diseases such as hypertension, diabetes, heart disease, cancers and tumors. Kartik Kaushik, deputy country business managerm Global Consumer Banking of the bank, said the higher out-of-pocket expenditure of around 61% incurred by consumers to address medical and health needs, coupled with around 38% of emerging affluent without health insurance, demonstrates the potential to serve this segment. He said the needs of the urban mass affluent and affluent segments are significantly underserved and only 20% of the urban population has some form of health insurance. India’s health insurance premium market grew 16.57% to about Rs 15,700 crore in FY 2012/13, according to Insurance Regulatory and Development Authority, indicating a low level of penetration relative to health expenditure.
