Medicine Shoppe to offer free insurance cover — Ties up with Bajaj Allianz  ( February '22,2003, HBL)

PHARMACY retail chain Medicine Shoppe will now provide its customers with critical care insurance in association with Bajaj Allianz General Insurance Company Ltd.

The scheme is aimed at the 5-25 years age group and will given free in its 40 outlets. Says Mr Viraj Gandhi, Managing Director, Medicine Shoppe India, "For every purchase worth Re 1, free insurance worth Rs 2 is made available."

Under the scheme, a customer can make purchases worth Rs 5,000 at any time within a period of six months in order to get a cover of Rs 10,000 for their beneficiary. Subsequently, for all additional purchases collectively valued at Rs 5,000 within six months, free insurance of Rs 10,000 will be offered, subject to a ceiling of Rs 2 lakh insurance cover at any given point of time per beneficiary. The insurance cover is available for a period of one year from the date of commencement.

The policy will cover ten critical illnesses such as cancer, first heart attack, bypass surgery, multiple sclerosis, renal failure and organ transplant among others.

Mr Sam Ghosh, Chief Executive Officer, Bajaj Allianz, "The benefit amount is payable as advance, and upon diagnosis of the disease. All the insured has to do is submit the claim form along with the certificate from the specialist confirming the illness."

Medicine Shoppe has two insurance products for its customers, - - personal accident insurance and household fire policy launched in May 2002. "A thousand people have already been insured in the two schemes launched in May and in the past two weeks that the critical care insurance policy's been launched, 50 people have shown interest," Mr Gandhi said.

The pharmacy retail chain plans to enter into the South Indian market soon. "We will be setting up 12 stores in the next three months and would like to take the total tally of Medicine Shoppe stores in the country to 50 by April. We will be entering the South Indian market, mainly Andhra Pradesh," said Mr Gandhi.