Max Bupa introduces Health Assurance
A Unique Combination of three health covers with assured cash benefit
· Offers a combination of three health covers - Critical Illness, Personal Accident and Hospital Cash
· Offers lump sum benefit to customers
Max Bupa, a specialist health insurance company has launched Health Assurance, a first of its kind assured cash benefit plan. Max Bupa’s Health Assurance will support customers with health funding in situations such as Critical Illness, Accidental Death or Permanent Total Disability and meet the incidental expenses (like travel, food and stay costs of the attendant/ family members) that an insured incurs during hospitalization.
Health Assurance provides high flexibility to customers as compared to competitor products. It presents them an opportunity to create their own guaranteed benefit plan as they can choose to buy this plan for themselves or their entire family, with an option to choose all or any of the three covers. The customers also have the option of choosing their own sum insured for the guaranteed cash payment ranging from Rs. 3 lakhs to Rs.10 lakhs in case of Critical Illness cover, Rs. 5 lakhs to Rs. 25 lakhs for Personal Accident cover and Rs. 1, 000 to Rs. 4, 000 per day as daily cash benefit under Hospital Cash.
The Critical Illness cover provides assured cash benefit equivalent to policy cover on diagnosis of 20 key critical illnesses including Cancer, Open Chest Coronary Artery Bypass Surgery, First Heart Attack, Open Heart Valve Replacement or Repair, Stroke, Major Organ Transplant, Coma, Kidney Failure among others. The Personal Accident cover offers coverage for Accidental Death or Permanent Total Disability or Accidental Dismemberment and additional benefits like Children Education bonus. Under the hospital cash benefit, the customers can avail lump sum payment for each day of hospitalization.
Highlighting the key benefits of Health Assurance, Neeraj Basur, Chief Financial Officer, Max Bupa said, “With Health Assurance, we enter the realm of fixed benefit products which will supplement our current portfolio of indemnity products. Health Assurance is an easy to understand yet comprehensive guaranteed cash benefit plan that is designed to ensure that customers have the freedom to choose their course of action and treatment in case of any emergency, just like they choose their own health regimen to stay healthy. The cash payout of the sum insured will help them protect their savings so that they can utilize them the way they have planned and not for medical emergencies, giving complete financial security and peace of mind.”
Key Product features
Critical Illness cover
· Entry Age – 18 yrs to 65 yrs
· 2 Adults plan will be a floater policy where any of the two can claim in the policy year. The maximum liability for a policy year will be the floater sum insured only
· Insured will be given lifetime renewability 20 Illness covered
· Limited underwriting based on few medical questions to be asked in proposal form
· No medical tests and no secondary underwriting (for insured up to age of 45 years)
· Initial Waiting Period à90 days
· Survival Period à 30 days
· Pre-existing coverage offered only after 4 years of continuous coverage
Personal Accident Cover
· Entry Age (Adults)– 18 yrs to 65 yrs; Entry Age (Children) – 5 yrs to 21 yrs (dependent children)
· Accidental Death (100% of Sum Insured available to the insured)
· Accidental Permanent Total Disability (up to 125% of Sum Insured available to the insured)
· Accidental Permanent Partial Disability
· Funereal Expenses
· Children education benefit (in case of family plan & children covered under the policy)
· Lifetime renewability
· Cover will get activated only after continuous hospitalization of 48 hrs. Insured will then be paid for all the days of hospitalization up till overall limit of 45 days.
· Double cash benefit in case of ICU Hospitalization (max up to 7 days)
· Entry Age (Adults)– 18 yrs to 65 yrs; Entry Age (Children) – 2 yrs to 21 yrs (dependent children)
· Limited underwriting based on
o Health questions in proposal form
· Lifetime renewability
· 2 yr exclusions applicable
· Pre-existing coverage available after 4 continuous years of coverage
· Two years plan (optional): The default policy term for all plans is one year. A two year policy term option is also available for you as well as your Family.
· Direct Claim Settlement: We settle your claim directly, not through any third parties. Because you should concentrate on getting better or looking after your relatives, not chasing your claims.
· Customizable Cover: You can choose among any of the 7 combinations available under Health Assurance plan.
· Renewal Benefit: For every claim free year, you get a 5 % no claim bonus for Critical Illness and Personal Accident coverAbout Max Bupa Health Insurance
Max Bupa Health Insurance is a 74:26 joint venture between Max India Limited, a multi-business corporate with expertise in life insurance and health care and Bupa, a leading international healthcare provider with 65 years of healthcare knowledge. Max Bupa brings together a combination of Bupa’s global health insurance expertise and customer service expertise with Max India’s understanding and experience of the Indian health and insurance sectors. Max Bupa offers quality health insurance services through a dedicated team of over 1000 people and its network of 19 offices across 12 cities - Delhi, Mumbai, Hyderabad, Chennai, Bangalore, Pune, Ludhiana, Chandigarh, Jaipur, Surat, Kochi and Kolkata. Max Bupa offers individual and family oriented health insurance policies for Indians across all age groups. Through its philosophy of “Your Health First” Max Bupa’s mission is to help customer’s live healthier and more successful lives.
Strong Network of over 1300 hospitals
Max Bupa Health Insurance has a direct working relationship with a network over 1300 top quality hospitals and healthcare providers and at the same time the company plans to extend its network of hospitals to other parts of the country. Max Bupa at present services customers directly without third party involvement, through an in-house team of relationship managers and also has a 24/7 health line for easy and friendly access to health advice. For more details about the company and a list of all our network hospitals please visit www.maxbupa.com.
About Max India
Max India Group is a multi-business corporate, driven by the spirit of enterprise and focused on people and service oriented businesses. The Company is headquartered in New Delhi, India. Max India is in the ‘Business of Life’ with its vision is to be one of India’s most admired corporates for Service Excellence. It ‘Protects Life’ through its Life Insurance subsidiary Max Life, a joint venture between Max India and Mutsui Sumitomo; ‘Cares for Life’ through its Healthcare company, Max Healthcare, a joint venture between Max India and Life Healthcare, South Africa; ‘Enhances Life’ through its Health Insurance company, Max Bupa Health Insurance, a joint venture between Max India and Bupa Finance Plc., UK; ’Rejuvenates Life’ through its Senior Living business Antara, a fully owned subsidiary of Max India and ‘Improves Life’ through its Clinical Research business, Max Neeman, a fully owned subsidiary of Max India. The Group also continues its interest in manufacture of Speciality Products for the packaging industry through its strategic business unitMax Speciality Films.
The flagship company Max India Limited is a widely held public listed entity, with the owner sponsors, led by Analjit Singh holding over 37% stake. Its other shareholders include some of world’s best Institutional Investors such as, Goldman Sachs,International Finance Corporation, Washington (IFC) and Temasek Holdings
About Bupa: 65 years of Health and Care
Bupa’s purpose is to help people lead longer, healthier, happier lives. Established in 1947, it has over 11.3 million customers in more than 190 countries. Employing over 52,000 people, Bupa has operations around the world, principally in the UK, Australia, Spain, New Zealand and the USA, as well as Hong Kong, Thailand, Saudi Arabia, India, China and across Latin America. A leading international healthcare group, Bupa offers personal and company health insurance, runs care homes for older people and hospitals, and provides workplace health services, health assessments and chronic disease management services, including health coaching, and home healthcare. With no shareholders, Bupa invests its profits to provide more and better healthcare and is committed to making quality, patient-centred, affordable healthcare more accessible in the areas of wellness, chronic disease management and ageing.