Max Bupa launches Group Personal Accident Insurance Plan

·       Introduces benefits like Corporate Floater Cover and Any One Year Loss (reinstatement of limit)

·       Offers wide range of sum assured for individuals and families

New Delhi, May X, 2013 - Max Bupa Health Insurance today announced the launch of Group Personal Accident (GPA) plan, a comprehensive personal accident cover designed for various groups like corporates, communities, associations and institutes. The plan is the one of the most comprehensive yet flexible and customizable group personal accident plans available in the market. In addition to providing a basic personal accident cover, this plan allows customers the flexibility to choose additional benefits for all or select members in the group. The plan can also be bundled along with automobiles and a number of consumer durable products and services.
 

Max Bupa Group Accident Plan introduces many new to market features including Corporate Floater and Any one Year Loss and Accidental Medical Reimbursement. It also covers Temporary Total Disability.
 

Corporate Floater Cover provides the employer flexibility to create a common pool for employees for use in special cases. This can be utilized over and above an individual’s policy limit. Any One Year Loss aims to help customers avail discounts by opting for limit on maximum claim amount in the policy period. They will also have an additional option to reinstate the original amount for payment of additional premium. Any One Year Loss is a particularly beneficial for medium and large corporates as they can utilize their experience in loss ratio to opt for a lower loss ratio and get a discount on the premium. They will still have the flexibility to restore the original limit, if the claim amount exceeds the threshold limit. For example, if there is a group of 10,000 employees and the company has opted for Rs 10 lac sum insured for each employee and the group opts for Any One Year Loss limit of Rs 50 lac, then the group can avail a discount of 43.6 percent in premium.
 

Accidental Medical Reimbursement is another unique optional benefit that offers coverage for inpatient treatment in case of accidents and can be availed as Fixed or Variable medical expense. 
 

Manasije Mishra, Chief Executive Officer, Max Bupa Health Insurance said, “The launch of Group Personal Accident Plan reflects our philosophy of introducing comprehensive customer centric products that will provide security in the time of need. Over the past few years, there has been a steady increase in the reported cases of personal accidents in the country. Our Group Personal Accident Plan aims to provide the safety net for such unforeseen contingencies. With the launch of Employee First we have already established our presence in the employee benefits market. The next opportunity is in Group Personal Accident which has been an established employee benefit in India for the last 20 years.”
 

All members of the family can avail protection under the same insurance plan as an individual covered under this plan can get dependent members covered in the policy. The plan provides additional benefits like lump sum claim settlement for all basic benefits, cover for accidents resulting from natural calamities or even terrorist attacks.
 

Group Personal Accident market is currently valued at approximately Rs 1000 crore. The segment had a CAGR of 20 percent in the last 3 years, and is expected to grow to Rs 1400 crore by end of March 2013.
 

Basic Elements

·       Accidental Death

·       Accidental Permanent Total Disability

·       Accidental Permanent Partial Disability

·       Accidental Temporary Total Disability
 

Optional Benefits

·       Corporate Floater

·       Any One Year Loss

·       Accidental Medical Reimbursement (Customer can opt for either to two sub benefits)
 

o   Fixed Medical Expenses

o   Variable Medical Expenses

·       Education Allowance for Children

·       Residential Accommodation and Vehicle Modification Allowance

·       Family Transportation

·       Last Rites Expenses

·       Broken Bones coverage

·       Temporary Total Disability

·       Coverage for Special Conditions

o   Coverage available for all the benefits in case of Terrorist attack