Care Shield increases the sum insured at the time of renewal as per the CPI inflation rate for the previous policy year declared by the competent government authorities, which ensures the customer’s policy sum insured is adequate to meet future treatment expenses.
Care Health Insurance (formerly Religare Health Insurance) announced the launch of its product, Care Shield. The product takes into account rising inflation, coverage of certain medical expenses as well as safeguarding the No Claim Bonus (NCB) benefit from lapsing in case of moderate claims of up to 25 per cent of the sum insured.
Anuj Gulati, Founding Managing Director, and CEO said, “Medical costs keep rising each year due to annual inflationary pressures. The ongoing pandemic has only exacerbated the situation. Moreover, there are certain consumables and healthcare items that may be relevant, but are typically excluded by insurance policies.” He adds, “The third factor for policyholders is that their No Claim Bonus benefit could lapse in case of even small claims. Care Shield is an innovative solution that protects our customers from the aforementioned concerns.”
Among some of the highlighted benefits of the product, the company says it also takes into account the rising treatment costs due to inflation, which impacts the ability of patients to afford medical care in the future. Therefore, policyholders buy new policies or increase their existing policy sum insured for keeping the coverage at par with the higher costs arising from inflation.
Once added to a policy, Care Shield increases the sum insured at the time of renewal as per the CPI (Consumer Price Index) inflation rate for the previous policy year declared by the competent government authorities, which ensures the customer’s policy sum insured is adequate to meet future treatment expenses.
Another feature of the product is the Claim Shield. While health Insurance policies have a list of 60-plus items such as Belts, Braces, Buds, Crepe Bandages, Gloves, Leggings, Masks, Oxygen Mask, Spirometer, Thermometer, Ambulance Equipment and suchlike, which are usually consumed during treatment but generally not covered in the policy, Claim Shield feature provides coverage for these items in case of hospitalization.
With its other feature No Claim Bonus Shield – a reward is given to policyholders during renewal in case No Hospitalization Claim is registered for the policy in the previous year. For instance, if a customer purchased a policy on 01 January 2019 and No Claim was registered during the policy year (between 1st January 2019 to 31 December 2019) then the policy sum insured is hiked by 60 per cent on renewal at no extra cost. This feature also ensures that any low-value claim (<25 per cent of SI) does not lead to an erosion of the accumulated NCB.
Ensuring customers’ access to quality healthcare, beyond hospitalization, the insurer has included preventive health check-ups, wellness, doctor consultations, diagnostics, and home care.