Citibank Hungary Launches Cancer Coverage Program to Provide Solutions for Its Credit Card Customers

New cancer insurance product reflects concerns of modern life.

Hungary, Budapest – With the country’s high cancer mortality statistics and the increasing health awareness of consumers, a simple and easy way to access cancer insurance has become more relevant. Thanks to a new insurance product, Citibank credit card customers can now apply for Individual and Family Cancer Insurance Plans to ensure that they and their loved ones are protected.*

The new insurance product provides substantial coverage consisting of a single payment, a monthly income substitute payment up to 12 months, and a single surgery payment in a case of the diagnosis of either male- or female-specific cancers, as well as a single payment in case of the occurrence of any other type of malignant tumor as detailed in the insurance terms and conditions. Under the Family Plan, the spouse and children living in the same household with the card holder are all covered. The Cancer Insurance is a product created by Citibank’s contracted partner, AIG Europe S.A. Hungarian Branch Office.

“It is our core strategy at Citibank to provide the financial solutions our customers demand in a convenient and simple fashion,” said Batara Sianturi, Citi Country Officer for Hungary. “We have been offering different insurance linked to our various credit products since launch of these products, but as customers tell us they need different coverage, we have worked to meet this need since 2006 with a growing array of insurance products created by our partners in the insurance industry. The product that we are launching now is part of Citibank’s Positive Care Plan that we have designed in cooperation with our partner specifically to our customers, and currently we are the only financial institution in Hungary offering such a product. We continue to enhance our insurance offering in light of our full scope customer care solution.”

A basic and an upgraded option are available, and depending on the selected option the single payment can be one or two million forints, the income substitute payment can be 50 thousand or 100 thousand forints per month during 12 months, while the surgery payment can be 200 thousand or 400 thousand forint in case of diagnosed female or male cancer. In case of the diagnosis of another type of malignant tumor, the single payment is 200 thousand or 400 thousand forint. All Citibank credit card holder customers aged 18 to 55 are eligible to apply for this product. The monthly insurance fee varies from HUF800-16,700 depending on the customer’s age, selected option and plan.

Eligible Citibank credit card holder customers are introduced to the offer by phone. After listening to the information on the product, customers can comfortably apply for the product on the phone. Insurance coverage can begin immediately after the application; documentation related to the product is mailed to customers.