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HDFC ERGO General Insurance Company Ltd. is a joint venture between HDFC Ltd., India’s premier Housing Finance Institution and ERGO International AG, the primary insurance entity of Munich Re Group. The Company offers complete range of general insurance products ranging from Motor, Health, Travel, Home and Personal Accident in the retail space and customized products like Property, Marine and Liability Insurance in the corporate space.
The firm operates in 106 cities with over 120 branches and 3,000 plus staff members.
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The health insurance industry in India is the fastest-growing segment in the non-life insurance sector. A 2019 report on India Health and Medical Insurance Market by Mordor Intelligence stated that the industry registered a CAGR of 23 percent for the past 10 years. The sector has witnessed an increasing number of new private health insurers entering the market.
HDFC ERGO Health to merge with HDFC ERGO through share swap – January, 2020
HDFC ERGO Health erstwhile Apollo Munich Health Insurance will merge with HDFC ERGO through a share swap deal. Mortgage lender HDFC Ltd is promoter of general insurance firm HDFC ERGO. The board of directors of HDFC ERGO and HDFC ERGO Health at the meeting also approved the share exchange ratio of 100:385 that is for every 385 shares of Rs 10 each of held in HDFC ERGO Health as on the record date, 100 shares of Rs 10 each of HDFC ERGO would be allocated. Post completion of the said merger, HDFC will hold 50.58 per cent stake in HDFC ERGO, it said.
The key benefits passed on to the existing and new customers include:
Cashless claims at 10,000+ network hospitals
No sub-limits on hospital room rents, hospital expenses, specific diseases and doctor fees
Income Tax benefits under Sec 80(D)
Medical expenses for 586-day care procedures covered
Pre-hospitalisation expenses up to 60 days and post-hospitalisation up to 180 days
Domiciliary medical treatment
HDFC ERGO to acquire L&T General Insurance for Rs 551 crore – June, 2016
HDFC ERGO, non-life insurance arm of housing finance major HDFC, said it will acquire L&T General Insurance for Rs 551 crore in an all-cash deal. L&T General Insurance is a wholly-owned subsidiary of engineering conglomerate Larsen and Toubro. The company operates through 28 offices with 800 employees.