Max Bupa launches enriched version of Health Assurance, first of its kind guaranteed cash benefit plan
· Offers a combination of three health covers – CritiCare, AccidentCare and HospiCash which offers policy tenure of 1 or 2 or 3 years
· Offers wide range of Sum Insured from Rs 3 lakhs to Rs 2 crores for CritiCare and Rs 5 lakhs to Rs 5 crores for AccidentCare
· Most cost effective Critical Illness cover available in the market
· Covers 20 common critical illnesses and offers a unique benefit payout option up to 150% of Sum Insured under CritiCare
· Introduces Accident Hospitalization and Temporary Total Disability benefits under AccidentCare to support customers in case of loss of income
New Delhi, November 28, 2016 – Max Bupa has unveiled the new edition of Health Assurance, a unique combination of three covers, making it the most comprehensive guaranteed cash benefit plan which meets different health needs of customers. The plan introduces comprehensive coverage in situations like critical illness, accidental death or permanent total or partial disability and offers daily hospital cash benefit.
With 6 combinations to choose from, Health Assurance provides a high degree of flexibility to customers. These benefits can be bought individually or clubbed together to create higher security which helps a customer to retain his/her savings, and reduce any financial impact caused by a medical emergency.
The increasing incidence rate and high cost of treatment of critical illnesses, hospitalization and accidental injury has created a demand for comprehensive health insurance covers. Making pre-defined payment(s) to the policyholder on the occurrence of a pre-defined event irrespective of whether and how much expense has been incurred on treatment surely brings ease and peace of mind to a policyholder. With this new product/ policy, the customers have the option of choosing their sum insured for guaranteed cash payment ranging from Rs 3 lakhs to Rs 2 crores in case of CritiCare, Rs 5 lakhs to Rs 5 crores for AccidentCare cover and Rs 1 thousand to Rs 4 thousand per day as daily cash benefit under HospiCash.
The CritiCare cover provides assured cash benefit equivalent to the Sum Insured on diagnosis of any of the 20 most common critical illnesses including Cancer, Open Chest Coronary Artery Bypass Surgery, First Heart Attack, Open Heart Valve Replacement or Repair, Major Organ Transplant, Coma, Kidney Failure among others. The enhanced cover has a unique industry first feature of Sum insured payable as Lumpsum along with 10% of the sum insured payable each year for subsequent 5 years. This is useful as a critical illness requires ongoing medical treatment causing financial burden for a number of years.
AccidentCare cover has an array of features such as coverage for accidental death, permanent total disability, permanent partial disability and additional benefits like children education benefit and expenses for funeral. New significant features added in AccidentCare are accident hospitalization in case a person meets with a misfortune and coverage for Temporary Total Disability (TTD). An accidental disability causes not only physical loss but could also result in loss of job too. Thus, keeping in mind the financial loss incurred due to an accident, Temporary Total Disability feature will entitle the customer 1% of sum insured per week for 100 weeks or Rs 20,000 per week each week that the temporary total disability continues subject always to the availability of the sum insured.
Under the HospiCash benefit, the customers can avail lump sum payment for each day of hospitalization for upto Rs 4 thousand. This helps alleviate the non-insured costs of hospitalization such as travel, consumables etc.
Highlighting the key benefits of Health Assurance, Ashish Mehrotra, CEO&MD, Max Bupa said, “Given the growing incidence of critical illnesses and accidents in India, the uptake of fixed benefit product category has witnessed huge growth. WHO statistics indicate that the incidence of heart attack, diabetes, chronic respiratory ailment and cancer are expected to rise by 25%, in India. Our enriched version of Health Assurance is a guaranteed cash benefit health insurance plan with many industry first features tailored to provide a combination of covers to customers. Multiple benefits such as coverage of 150% of sum insured under CritiCare and coverage of 125% of sum insured against Permanent Total Disability and the unique option of securing Temporary Total Disability (TTD) coverage under AccidentCare, gives complete flexibility to our customers in choosing their sum insured, policy term, their course of action and treatment. In this uncertain life, I’m confident that our customers will opt for this cover and ensure that they lead a healthier, more successful life.”
In order to build an enduring relationship with the customers, Max Bupa offers personalized and speedy claim settlement to all its customers, making Health Assurance a highly relevant product for customers residing in metros as well as tier II and tier III cities. The company has been constantly evolving its retail offerings basis changing needs of its customers and comprehensive indemnity and fixed benefit plans. Max Bupa has a current customer base of 2 million.
Max Bupa Health Insurance
Max Bupa is a, 51:49, joint venture between Max India Limited, a multi-business corporate with expertise in life insurance and health care and Bupa, a leading global health and care company with 65 years of healthcare knowledge. Max Bupa brings together a combination of Bupa’s health insurance 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 1400 people and its network of 26 offices across 16 cities - Delhi, Mumbai, Hyderabad, Chennai, Bangalore, Pune, Ludhiana, Chandigarh, Jaipur, Surat, Kochi, Kolkata, Patna, Goa and Jodhpur. Max Bupa offers individual and family oriented health insurance policies for Indians across all age groups. Max Bupa has a direct working relationship with a network of over 3500 top quality hospitals and healthcare
About Max India Limited
Max India, the holding company for Max Healthcare, Max Bupa Health Insurance and Antara Senior Living, is focused on health and allied businesses. Max Healthcare and Max Bupa Health Insurance are joint ventures with global leaders Life Healthcare (South Africa) and Bupa Finance Plc. (UK), respectively. These businesses have well-entrenched positions in their respective categories, and are recognized for their outstanding service standards. The Company owns and actively manages a 45.95% per cent stake in Max Healthcare, a 51% stake in Max Bupa Health Insurance and a 100% stake in Antara Senior Living.
Bupa’s purpose is longer, healthier, happier lives. As a leading global health and care company, we offer health insurance, medical subscription and other health and care funding products; we run care homes, retirement and care villages, primary care, diagnostic and wellness centres, hospitals and dental clinics. We also provide workplace health services, home healthcare, health assessments and long-term condition management services. We have 29m customers in 190 countries. With no shareholders, we reinvest our profits to provide more and better healthcare and fulfil our purpose. We employ almost 80,000 people, principally in the UK, Australia, Spain, Poland, New Zealand and Chile, as well as Saudi Arabia, Hong Kong, India, Thailand and the USA.
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