Norwich Union (NU) has launched a new group private medical insurance plan aimed at companies with 5...
Norwich Union (NU) has launched a new group private medical insurance plan aimed at companies with 50 or more employees.
The new plan, Solutions, is available as a basic package which can be tailored to clients' needs through optional add-ons.
Carolyn Derrington, head of business development at NU, said: 'We have designed Solutions to meet the changing needs of the corporate market. Instead of a product which charges companies for cover they don't want, IFAs can recommend options from which they can choose to meet their needs and budget. We have developed an innovative and fairer way of pricing solutions, which offers companies the best of both worlds.'
Benefits of the package include outpatient, day-patient and inpatient diagnosis and treatment, home nursing, psychiatric outpatient treatment to £1,000, a helpline, maternity cash benefit and stress counselling.
Flexibility of the product enables companies to either increase the amount of benefit or reduce costs by having fewer benefits. Additional benefits include an optical and dental option, an extended hospital list and selected GP referred services.
For those on a tighter budget four options are available, private or day treatment if NHS waiting lists are longer than six weeks, £100 or £200 excess fee, selected benefit reduction or reduced outpatient cover. Commission is 10% initial or 5% renewal.
NU has also re-launched its group income protection policy with the maximum non-selection limit now at £90,000 compared to £75,000.
Nick Homer, income protection marketing manager at Norwich Union Healthcare, said: 'These enhancements reflect our ongoing commitment to ensuring our proposition remains highly competitive, and continues to support intermediaries in the development of their health and risk strategies.'
