With rising awareness around health protection, a segment of customers want a health plan that gives biggest coverage both in terms of diseases and the amount. To cater to such customers, Max Bupa on Thursday launched its most comprehensive health insurance plan, Health Premia. It is a product that combines comprehensive features and benefits any customer across age groups would expect in a health insurance plan, with sum insured up to Rs 3 crore.
“The product will cater to the evolving healthcare needs of customers who want a high-quality health insurance solution and don’t want to compromise when it comes to health and wellbeing. Health Premia is a result of thorough analysis of the evolving customer needs, market intelligence and our laser sharp focus on customer centricity and innovation,” said Ashish Mehrotra, MD & CEO, Max Bupa Health Insurance.
Health Premia aims to meet the requirements of a customer looking for a 360-degree health cover in India as well as abroad when travelling there. The product comes with the feature of health check-up for adults as well as children from Day 1 based on their preference, worldwide maternity cover and newborn cover without any additional premium from the day baby is born until policy year end. The plan offers international coverage for specified illnesses and medical emergencies, along with in-built travel insurance coverage.
“With rising personal incomes and changing lifestyle, Indians are spending over 60 per cent overseas on a year-on-year basis. A substantial portion of this spending is on medical expenses for those suffering from critical illnesses. Keeping this in mind, Health Premia has been designed to provide coverage for emergencies as well as critical illnesses abroad. The plan has indeed been designed as a comprehensive health insurance plan for covering healthcare expenses that a regular health insurance plan may not be able to cover,” said Mehrotra.
Health Premia has a one-year waiting period for specified diseases, which the company claims, is one of the lowest in the industry. The plan also covers advanced treatment methods such as cyber knife and robotic surgeries, laser treatment and bariatric surgery. When it comes to a family floater plan, this product gives flexibility to include many relationships so that most of the family members are eligible to get the coverage under one policy. It provides coverage for up-to 19 relationships with an individual sum insured for everyone and a floater cover that is common for all.
The product comes with additional benefits such as daily health needs of people including in-patient hospitalisation, OPD, diagnostics and personalised health coaching, second medical opinion, pharmacy & diagnostic services and many more. Health Premia also has an enhanced pre and post hospitalisation coverage along with the refill benefit on partial exhaustion of the sum insured, which can be used for the same illness as well.
Health Premia offers features such as Premium Waiver that allows the premium for next year to be waived off if the proposer of the policy passes away or is diagnosed with a specified illness during the policy period. Health Premia also brings ‘loyalty addition’, which gives 10 per cent increase in the base sum insured annually even if the person has made a claim in the previous year.
Should you buy?
Higher coverage of Rs 1 crore and more does not necessarily mean that it will come with proportionally high premium. The premium is highest for first Rs 5 lakh basic coverage after which the premium declines gradually for each additional coverage of Rs 1 lakh. So, the cover amount does not make much difference. What makes this product premium are the additional features rarely available with other health plans. This health plan is more suited to premium customers looking for broader coverage and overseas treatment. If you are willing to pay higher premium to get additional features and premium services, you may consider this plan. However, if you are looking for a basic health care plan at affordable cost that gives you generic coverage, you may give it a pass.
Source: Business Today| MONEY