New health insurance plan launched: 100% cashless benefits, even for COVID-19 treatment2 min read . Updated: 11 Aug 2020, 07:11 PM IST
- Under this insurance, the policyholders will never fall short of coverage
- For COVID-19-related hospitalisation, the initial waiting period of the policy will be 15 days
Max Bupa Health Insurance has recently introduced a comprehensive health insurance plan that provides unlimited sum insured for themselves or for family members for any type of hospitalization including the ones related to COVID-19. Named as ‘ReAssure’, this insurance policy allows customers to make as many claims as they want for same or different illness in a year, at no additional cost. A single claim will be payable up to the base sum insured amount, the company said in a statement.
In a nutshell, the policyholders will never fall short of coverage. The policy will be beneficial especially for the critical illnesses like kidney dialysis or cancer where patients often need hospitalisation multiple times in the same year.
Moreover, the buyers will get additional 'Booster Benefit’ that doubles the sum insured in just two claim free years. If the buyers maker no claim during the first year, then the sum insured will increase by 50% for the next year. If there is no claim in the second year, there will be another 50% increase in sum insured which amounts to a total 100% increase in sum insured in just two years. "Additionally, 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%," the company said.
This product also offers 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 hospitalisation.
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 up to ₹50,000.
Commenting on the new product, the 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."
The policy also offers multiple benefits — up to 30% discount on renewal premium under ‘Live Healthy’ benefit just by taking steps, 5% discount for doctors, 10% discount if two or more members are covered under an individual policy, 7.5% discount on the premium of second policy year for a 2-year policy term is opted and additional 15% discount on third year’s premium for a 3-year policy term.
For COVID-19 related hospitalisation, the initial waiting period of the policy will be 15 days. The cashless claims processing will be done within 30 minutes, the company said. In case of a death of an insured COVID-19 patient, all non-payable items will also be paid for, the insurer said.