Max Bupa – one of India’s leading standalone health insurers, has introduced ‘ReAssure’–a comprehensive health insurance plan that provides unlimited sum insured for any type of hospitalization including the ones related to COVID-19.
This is a unique customer benefit which allows consumers to make as many claims as required for themselves or for family members covered in the same policy, for same or different illness in a year, at no additional cost.
A single claim under ReAssure benefit will be payable up to the base sum insured amount. In a nutshell, ReAssure customers will never fall short of coverage which is critical to protect against unforeseen medical expenditure towards all kinds of diseases, including Covid-19.
Even in case of critical illnesses like kidney dialysis or cancer, when patients often need hospitalization multiple times in the same year, unlimited coverage in the product will prove to be extremely useful.
For instance, a family of four (husband, wife and two kids) are insured with Max Bupa ReAssure policy with INR 10 lakh floater sum insured.
In case one of them gets diagnosed with COVID 19 or any other disease covered in the policy and needs hospitalization, then he or she can claim coverage up to INR 10 lakh along with the ReAssure benefit getting triggered.
Next claim onwards an additional amount of INR 10 lakh per claim for as many number of claims as needed will be available for any insured or any illness in the same year. ReAssure benefit will be triggered from the first claim, even if two family members get hospitalized at the same time.
The product comes with a ‘Booster Benefit’ that doubles the sum insured in just two claim free years. f no claim was made during the year, then for the next year the sum insured will increase by 50%.
If in the second year also there is no claim, then there will be another 50% increase in sum insured which amounts to a total 100% increase in sum insured in just two years.
Moreover, in case a claim is made only for COVID-19 in a year, there will be no impact on Booster Benefit which means sum insured will not be impacted and will still increase by 50%; up to a maximum of 100%.
This new age indemnity plan is a truly cashless product that can offer 100% coverage of medical expenses, and covers the typical non-payable expenses like Personal Protective Equipment Kit, Gloves, Oxygen masks, Conveyance charges and more, under the Safeguard Benefit, ensuring customers don’t have to incur any out of pocket expenses due to hospitalization.
Safeguard benefit also offers inflation protection wherein the base sum insured increases every year on cumulative basis based on CPI inflation rate. Additionally, it also protects booster benefit with no impact if claims in a year are upto INR 50,000.
Krishnan Ramachandran, MD & CEO, Max Bupa Health Insurance, said, “ReAssure Health Insurance promises our customers three things which are particularly relevant for our country in times of COVID 19– Assurance in the form of multiple customer benefits.
“Accessibility through our quality network across the country and Affordability through the various financial benefits available under the product. Covid-19 has led to a manifold increase in awareness and demand for health insurance.
“The Max Bupa Covid-19 survey shows that 71% people now realize the benefits of health insurance and 57% of people have a strong preference for comprehensive health insurance plans for protection against any unforeseen medical emergencies. I strongly believe that this product will help customers realize the true benefits of health insurance during COVID 19 and beyond,” Ramachandran said.
Given the rise in covid cases, increasing medical expenditure, access to quality healthcare can become challenging, as over 80% of the country’s population has either no medical cover or is inadequately insured. ReAssure has been conceptualized in keeping with customer’s health needs in times of Covid and beyond.
Dr. Bhabatosh Mishra, Director – Products, Underwriting & Claims, Max Bupa Health Insurance, said, “India is one of the most under penetrated health insurance markets globally, with people either having no health insurance cover being inadequately covered.
“Considering this, we have launched ReAssure which has the potential to revolutionize how people perceive and utilize health insurance in the country. Each product benefit has been conceptualized with the intent that every customer is adequately covered at any given point in time.
“At Max Bupa, we acknowledge that people want to be financially secured in these difficult times, hence we have designed a truly cashless product that will ensure there is no financial burden on them once they opt for this policy,’’ Mishra said.
|To aid customers during the COVID situation, ReAssure offers benefits which are particularly beneficial to customers in these testing times:
1. For COVID-19 related hospitalization, initial waiting period in the policy will be only 15 days, vis a vis 30 days under traditional health insurance plans
2. No impact on booster benefit in case of COVID-19 related claims. This means in spite of a claim being made, the sum insured will not be reduced and will be treated as if no claims were made
3. 30-minute cashless claims processing
4. In case of death of an insured person who was hospitalized due to COVID-19, all non-payable items will also be paid for.
Max Bupa also encourages people to stay active and healthy and offers health check-up from day 1. ReAssure customers will also be rewarded with discounts of up to 30% on renewal premium, simply by taking daily steps which will be monitored through the Max Bupa Health Application. Further, Max Bupa understands that advancements are being made in the medical world and therefore ReAssure gives freedom to customers to select modern treatments like Robotic surgery, Deep brain stimulation, Oral chemotherapy, Stereotactic radio surgeries, Stem cell therapy and many more. Besides covering pre and post hospitalization expenses, ReAssure will also cover all types of day-care treatments including angiography, dialysis and radiotherapy. ReAssure product also extends benefits such as Organ donation, alternative treatment like AYUSH, home-care treatment for dialysis and chemotherapy, second-medical opinion and much more.
Max Bupa’s ReAssure plan is available on Individual and Family Floater basis, with sum insured ranging from INR 3 lakhs up to INR 1 crore.