Azerbaijan’s Standard Insurance company creates product for pregnant women

Economy Materials 30 April 2020 19:06 (UTC +04:00)
Azerbaijan’s Standard Insurance company creates product for pregnant women

BAKU, Azerbaijan, April 30

By Yusif Aghayev – Trend:

Azerbaijan’s Standard Insurance company has developed "Leylek" new insurance product designed for pregnant women, Trend reports referring to the company.

The Leylek insurance package, developed as part of voluntary medical insurance, guarantees insurance coverage for obstetric care during the term of the insurance contract.

At the same time, this insurance package includes both natural childbirth and one-time caesarean delivery during the insurance period in the medical institutions specified in the insurance contract, as well as a 3-day hospital stay after childbirth.

The insured may choose one of the following medical institutions:

1. "Leyla" Medical Center

2. Central Customs Hospital

3. Central Clinical Hospital

4. German Hospital

5. "Oksigen" Clinic

6. Republican Diagnostic Center

7. Baku Medical Plaza

The insurance period within this insurance product is 18 months. The insurance premium has been set at 1,444 manat ($849). The insurance premium may be paid fully or partially. The insurance premium may be paid in equal monthly installments during six months.

If a child is not born during the insurance period, 30 percent of the insurance premium is returned to the client. In case of natural childbirth, 300 manat ($176) is returned to the client.

Standard Insurance company was established in 2002 as a full-fledged insurance company operating in the non-life insurance segment. Today the company has a license to carry out four compulsory and 24 voluntary types of insurance.

Proceeding from the results of activity in 2019, the company collected insurance premiums in the amount of 14.060 million manat ($8.3 million) and paid insurance indemnities in the amount of 5.4 million manat ($3.2 million), ranking 14th among domestic insurers.

Some 22 insurance companies and one reinsurance companies operate in Azerbaijan.

(1 USD = 1.7 AZN on April 30)