HDFC Bank launches prepaid medical card with Apollo Hospitals

1. Known to be the second largest private lender, HDFC Bank has launched co-branded medical benefits card with Apollo Hospitals. The prepaid medical card will allow corporates to disburse medical allowances to their employees and has insurance cover for accidents.

Significantly, the corporates may load the specified allowance, with the HDFC Bank-Apollo Medical Benefits Cards, every month, which can be used by the employees for medical expenditure at Visa or MasterCard outlets.

Claimed to be the first-of-its kind product in India, the card comes with a free accidental death insurance of Rs 3 lakh and accident hospitalisation insurance of Rs 30,000.

Commenting on the matter, Parag Rao, Senior Executive Vice-President of the HDFC Bank said, "The HDFC Bank-Apollo Medical Benefits Card offers an easy and convenient way for corporates to save costs and eliminate administrative issues while disbursing medical allowances.”

Apart from this, the prepaid medical card will also offers discounts at Apollo network including Apollo Hospitals, Apollo Pharmacies, Apollo Clinics and Apollo White Dental.

Prior to this, Apollo Munich, the health insurance body of Apollo Hospitals Group and Global Health Insurance leader Munich Health, has tied-up with Indian Overseas Bank (IOB) to provide specialised health and personal accident products to bank's customers.