Niva Bupa Health Insurance Company on February 24, 2023 announced the launch of a new health insurance policy, named ReAssure 2.0.
According to the insurer, the indemnity plan comes with many industry-first features, such as pay as per age until claim, discount on renewal premium, booster facility to carry forward the balance sum insured, safeguard to cover all non-payables, and health check-up starting from day one, among others.
The policy comes in two variants of platinum+ and titanium+. The base sum insured is from Rs 5 lakh to Rs 25 lakh in slabs of Rs 5 lakh, and 50 lakh and Rs 1 crore.
The pre-and post-hospitalisation benefits are 60 days and 180 days, respectively, and is covered up to the sum insured.
The policy also comes with other benefits of road ambulance, organ donor, home care and/or domiciliary which are covered up to the sum insured. The air ambulance benefit is covered up to Rs 2.5 lakh per hospitalisation.
For defined lists of tests, the policy offers annual health check-up limited up to Rs 500 for every Rs 1 lakh base sum insured. For individual plan, this is set at maximum Rs 5,000 per individual, and for a family floater plan, it is a maximum Rs 10,000 per family.
Under the ReAssure benefit, the base sum insured will be triggered after the first claim, and once triggered, it will remain forever.
“This means that the customer will always have a sum insured equal to the base sum insured available after making the first claim, that too unlimited times in a policy,” Niva Bupa said in a press release.
Under the ‘Lock the clock’ benefit, the age at which the consumer enters the policy gets locked, until the customer makes his/her first claim in the policy. This will allow the customer to pay the applicable premium as per the entry age, till the first claim comes. After this, the regular premium according to the age band will come into effect, the insurer said.
The policy also offers the benefit of Internal Booster+. This will allow the unutilised base sum insured to be carried forward to the next policy year. The sum insured amount will keep on accumulating with each renewal till up to five times and 10 times, depending on whether the customer has opted for platinum+ or titanium+variant, the insurer said.
There are other benefits such as Safeguard+, which lets the insured claim for all non-payable items in accordance with the non-payables annexure in addition to safeguarding the booster+ benefit if the claim in a policy year is up to 1 lakh.
“This means that in case the claim amount is less than 1 lakh the entire base sum insured will still be carried forward without any deductions to the next policy year,” the insurer said.
Krishnan Ramachandran, managing director and CEO, Niva Bupa Health Insurance said in a statement, “ReAssure 2.0 is a comprehensive plan with the potential to revolutionise 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.
Bhabatosh Mishra, director – underwriting, products and claims, Niva Bupa Health Insurance said in a statement: “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 the 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/she purchases the policy.”
