With this policy policyholders can make as many claims as required for themselves or for family members covered in the same policy, for the same or different illness in a year, with no additional cost. A single claim under ReAssure benefit will be payable up to the base sum insured amount.
Max Bupa has introduced ‘ReAssure’ – a comprehensive health insurance plan that will provide unlimited sum insured for any type of hospitalization, including the ones related to COVID-19. This will allow consumers to make as many claims as required for themselves or for family members covered in the same policy, for the same or different illness in a year, with no additional cost. A single claim under ReAssure benefit will be payable up to the base sum insured amount.
Simply put, with this plan, policyholders will never fall short of coverage which is critical to protect against unforeseen medical expenditure towards all kinds of diseases, including Covid-19. Even in case of critical illnesses like kidney dialysis or cancer, when patients often need hospitalization multiple times in the same year, unlimited coverage in the product will prove to be extremely useful.
For instance, a family of four (husband, wife, and two kids) are insured under the Max Bupa ReAssure policy with Rs 10 lakh floater sum cover. In case, one of them gets diagnosed with COVID 19 or any other disease covered in the policy and needs hospitalization, then he/she can claim coverage up to Rs 10 lakh along with the ReAssure benefit getting triggered. Next claim onwards an additional amount of Rs 10 lakh per claim for as many numbers of claims as needed will be available for any insured or any illness in the same year. ReAssure benefit will be triggered by the first claim, even if 2 family members get hospitalized at the same time.
Additionally, the product comes with a ‘Booster Benefit’ that doubles the sum insured in just two claim-free years. If no claim was made during the year, then for the next year the sum insured will increase by 50 per cent. If in the second year also there is no claim, then there will be another 50 per cent increase in sum insured which amounts to a total 100 per cent increase in sum insured in just two years. Moreover, 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 per cent; up to a maximum of 100 per cent.
This plan offers 100 per cent 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, eliminating any out of pocket expenses due to hospitalization for the policyholder. Safeguard benefit also offers inflation protection wherein the base sum insured increases every year on a cumulative basis based on the CPI inflation rate. Additionally, it also protects booster benefits with no impact if claims in a year are up to Rs 50,000.
Krishnan Ramachandran, MD, and 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. Covid-19 has led to a manifold increase in awareness and demand for health insurance. The Max Bupa Covid-19 survey shows that 71 per cent people now realize the benefits of health insurance and 57 per cent of people have a strong preference for comprehensive health insurance plans for protection against any unforeseen medical emergencies.”
This policy also offers multiple financial benefits – up to 30 per cent discount on renewal premium under ‘Live Healthy’ benefit just by taking steps, 5 per cent discount for doctors, 10 per cent discount if two or more members are covered under an individual policy, 7.5 per cent discount on the premium of second policy year for a 2-year policy term and additional 15 per cent discount on third year’s premium for a 3-year policy term.