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Business News/ Money / Personal Finance/  RenewBuy launches customized health insurance plan. Know the details
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RenewBuy launches customized health insurance plan. Know the details

Available in three variants-- Gold Plan, Silver Plan, Wellness Plan-- the product has new-age health insurance benefits, ranging from a coverage of ₹2-5 lakhs.

Up to 70% lower premiums are offered for senior citizens, and up to 50% lower premium for people till 59 years, maternity cover with significantly low waiting period. (iStockphoto)Premium
Up to 70% lower premiums are offered for senior citizens, and up to 50% lower premium for people till 59 years, maternity cover with significantly low waiting period. (iStockphoto)

RenewBuy has launched its first line of customized health insurance product, RenewBuy Health Wellness plan with a focus on the large uninsured segment beyond the tier 1 markets.

The health insurance product is one of the most flexible and customizable policies offered in the industry today, the company said. Available in three variants-- Gold Plan, Silver Plan, Wellness Plan-- the product has new-age health insurance benefits, ranging from a coverage of 2-5 lakhs.

Up to 70% lower premiums are offered for senior citizens, and up to 50% lower premium for people till 59 years, maternity cover with significantly low waiting period. The plans also offer OPD benefits, unlimited doctor on phone consultations, free lab tests, heavy concession for offline OPD consultations, modern treatment under very low sum insured, no room rent capping, along with an array of other benefits (under certain T&C). The plans do not require any medical underwriting; additionally, they also offer wellness benefits, which is need of the hour for today’s consumers, said the firm.

Most insurance products offer financial protection for hospitalization and post-hospitalization. However, regular doctor visits, lab tests and medicine bills can heavily impact one’s savings in today’s date; the amount can even go upto 20% of one’s salary. An in-depth research team had been set-up, especially for the project to garner data insights, on what kind of products can help solve insurance issues in the Tier 3 markets and beyond.

Today’s consumers look for OPD benefits, covers for lab tests and medication, customized premium rates; and this goes especially true for consumers in the smallest markets. The purchasing power in smaller cities is vastly different from metro cities. Thus, RenewBuy’s Health Wellness plan aims to bridge that gap and has introduced a host of benefits in pre-hospitalization and OPD treatments with the newly launched product.

Balachander Sekhar, CEO, RenewBuy said, “Insurance is witnessing a fast-changing momentum in the last two-three years; be it with the changing consumer behavior or emerging risks across health, life, environment, data security. Thus, as a sector, we need to adapt fast, and newer products need to be developed to keep upto the fast movement."

“Our first line of health insurance products has been developed, using micro consumer behavior data and understanding market needs. RenewBuy believes in listening to its insurance advisors and customers, to create more for them. We have a panel of 1000 of our insurance advisors, mainly from smaller towns and cities from whom we have understood, the real need for the mass market in terms of insurance products. Keeping these in mind, we set out to create the simplest product that is easy to understand; 30 percent cheaper than the usual plans and permanent solution to non-hospital costs," Balachander added.

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Published: 27 Jan 2023, 01:27 PM IST
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