Union Assurance launches Union Child Health Benefit

The Union Child Health Benefit rider was designed and launched to meet customer aspirations.

This benefit had led to another successful product launch for Union Assurance which has been taken up by more than 2500 customers within two months, a media release from the company said.

The Union Child Health Benefit covers the cost of 244 major surgeries. In addition, a daily hospitalisation allowance is also paid.

A notable feature is that the daily allowance is paid if the child is hospitalised due to sickness or accident, not related to any surgery.

Another key feature is that Union Child Health Benefit continues until the child reaches his or her 20th year and unlike in most policies where the benefits are terminated when the child reaches the age of 18.

This extension is a real need as a child remains dependent on parents until university or professional education is completed or at least half way through in a country such as Sri Lanka.

The benefits under the plan could be drawn down regardless of whether the child was hospitalised in a private or public sector hospital. Union Assurance has also simplified the claims settlement process.

Invoices or evidence of actual payments are not required for settlement. Proof of admission or surgery performed is needed. In fact, the major surgery benefit covers surgeries performed in Sri Lanka and India, which is a great boon for parents who most often have an option of venturing to India for medical care but are unable to do so for lack of funds.

The Union Child Health Benefit allow claims up to three times the sum assured for multiple surgeries during the term of the policy up to a maximum of Rs. 1 million, the release said.