Max Bupa Health Insurance has newly launched an extensive health insurance policy named as 'ReAssure Health Insurance Policy' that covers any form of hospitalisation, even those pertaining to COVID-19. This insurance scheme enables individuals to make claims for different types of illness per year, there is no cap of initiating claims and the claims can be initiated with no additional cost.
The company confirmed in a release that a single claim will be payable up to the base sum insured amount. The policyholders will never be in short deprived of coverage. The plan would be useful in specific for serious illnesses such as kidney dialysis or cancer where patients often require repeated hospitalization in the same year. The policy comes with 7 different benefits which you must know about in order to cover yourself and your family.
1. The buyers can experience add-on 'Booster Benefit' that multiplies the insured sum in just two free years of the claim. The sum insured will increase by 50% for the next year, in case the buyer makes no claim during the first year of the policy. Similarly, if no claim is initiated in the second year, then the sum insured will spike by another 50% which amounts to a total hike of 100 per cent in sum insured within two years.
2. In fact, if a claim is raised only for COVID-19 within a year, there would be no effect on Booster Benefit which implies that the insured amount will not be altered and will tend to increase by 50%; up to a limit of 100%, "the firm said.
3. The policy provides coverage on medical costs and also comes with effective non-payable expenditures such as safety equipment set, gloves, air masks, travel charges and also more, under the "safeguard benefit,"
4. Safeguard benefit even provides inflation cover where the base sum insured rises on a net basis to a CPI inflation rate per year. In addition, it also covers no-impact booster benefit if claims per year are up to a maximum of Rs. 50,000.
5. "ReAssure" Health Insurance guarantees the buyers with three benefits that are especially important to our nation in COVID-19 stage such as numerous customer benefits in the form Assurance, transparency and wide range network of across India, and affordability of all the health benefits comes under the policy across the nation.
6. The plan also provides numerous advantages - up to 30% discount on the annual premium under 'Live Healthy', 5% discount for physicians, 10% discount if two or more individuals are insured under an existing scheme, 7.5% discount on the second coverage year premium on a 2-year insurance period and a further 15% discount for a third year'.
7. The initial processing time of the plan for COVID-19 relevant hospitalisation would be 15 days. The processing of cashless claims will be undertaken within 30 minutes, the firm added. In the case of the death of a covered COVID-19 individual, any items that are not payable will also be compensated.