Niva Bupa Health Insurance Company Limited (Formerly Max Bupa Health Insurance Company Limited), one of India’s largest independent health insurers, today announced the release of ‘ReAssure 2.0,’ which includes many industry-first features. This strategy aims to rethink the country’s health insurance business and has the potential to change the way health insurance is currently acquired and consumed.
ReAssure 2.0 is a first-of-its-kind indemnity plan that makes previously unthinkable and unheard-of product offerings a reality. ReAssure 2.0 improves on the current ReAssure plan’s three powerful benefits – ReAssure, Booster, and Safeguard – by providing a ‘+’ variant of these benefits to provide unrivalled benefits. The comprehensive plan gives consumers complete peace of mind, allowing them to live a stress-free life free of financial limitations.
The key features under ReAssure 2.0 include –
ReAssure “Forever”: With this one-of-a-kind benefit, the base sum insured is triggered after the first claim and remains triggered indefinitely. This means that when the customer has made his first claim, he will always have a sum-insured equal to his basic sum insured available to him, infinite times in a policy.
Lock the clock: With this revolutionary benefit, the age at which the consumer first enters the policy is locked until the customer makes his first claim under the policy.
As a result, the customer must pay the applicable premium based on the entrance age until the first claim is made. Following that, the standard age band premiums will be paid.
The Booster+ benefit: It permits the unutilized base sum covered to be carried forward to the following insurance year. The sum insured amount will continue to accumulate with each renewal until it reaches 5X or 10X, depending on whether the consumer has chosen the platinum+ or titanium+ type.
Safeguard+: This optional benefit allows a single claim for all non-payable products as defined in the Non-Payables Annexure while also protecting the Booster+ benefit if the claim in a policy year is up to 1 lakh. This means that if the claim amount is less than one lakh, the entire base money insured will be carried forward to the next policy year without any deductions.
Commenting on the launch of ReAssure 2.0, Krishnan Ramachandran, MD and CEO, Niva Bupa Health Insurance said, “At Niva Bupa, it is our endeavour to keep innovating to stay ahead of the curve and we are proud to launch ReAssure 2.0, a comprehensive plan with the potential to revolutionize the health insurance sector. With this product, we have addressed the prevailing concerns of customers which act as a hindrance during health insurance purchase. We have designed this product in a unique way that will encourage customers to start investing for their health and financial security at an early age.
Dr. Bhabatosh Mishra, Director – Underwriting, Products and Claims, Niva Bupa Health Insurance said, “ReAssure 2.0 has been designed to take the propositions of our most popular product yet, ReAssure several notches higher. It will fulfil the needs and demands of today’s audience who want return on every investment. The product will provide guaranteed return as sum insured on every premium paid, so that customer does not lose what he does not use. This product offers a win-win situation for customer, both in case of making a claim as it triggers ReAssure+ benefit “forever”, and in case of not making any claim, the customer continues to pay the premium of the age at which he purchases the policy.”
This new age indemnity plan includes the Live Well benefit, which provides a premium savings of up to 30% on policy renewal based on the number of health points achieved. Additional advantages include no room rent cap, coverage for any hospitalisation lasting more than 2 hours, the Smart Health+ rider, which provides unlimited teleconsultations, and Day 1 coverage for diabetes and hypertension. The product is available as an individual, multi-person, and family floater with prices ranging from INR 5 lakh to INR 1 crore for people aged 18 to 65.