Reliance General Insurance Company Ltd. has launched a new health insurance plan, which it claims is the country’s first health insurance plan to offer discount to policyholders based on their financial credit score .
The policy rewards customers for being both financially and physically fit by offering discount on the premium on the basis of their credit score and body mass index (BMI), the insurer announced in a press statement.
Named Reliance Health Infinity Policy, it offers a sum insured of up to Rs 5 crore, medical equipment, planned global treatment, maternity cover, and other benefits. It also provides coverage against critical expenses, such as organ donor, pre-and-post hospitalisation, day-care procedures, emergency ambulance, and special treatments.
The policy is available in both individual and family floater categories (up to eight members), with sum insured options starting from Rs 5 lakh to Rs 5 crore. The policy is available for children above 90 days of age and individuals aged between 18 and 65 years. New-born babies are covered under the mother and childcare benefit, the insurer said in the press release.
The policy offers the ‘more’ benefit options in three variants for its customers, the statement said. MoreGlobal offers emergency as well as planned medical treatment abroad along with air ambulance and OPD facilities. MoreCover benefit gives customers up to 30 per cent additional coverage to the sum insured amount, thus enhancing their overall coverage. MoreTime provides longer policy duration with 13 months policy period instead of just 12 months, the insurer said in the press release.
The salient features of the policy include: global emergency and planned hospitalisation under MoreGlobal benefit, sum insured of up to Rs 5 crores with added MoreCover of up to Rs 1.5 crore, OPD consultations, medical equipment expenses covered, unlimited restoration of sum insured on both related and unrelated illnesses, and maternity cover of up to Rs 1 lakh or Rs 2 lakh with one year, or two-year waiting period.
The other benefits include, new-born coverage of up to ₹1 lakh, consumables cover, double cover from Day 1 – additional 100 per cent of sum insured for the same claim, change in pre-existing disease (PED) waiting period from three years to four years or two years to one year, reduction is specific illness waiting period from two years to one year, no sub-limit on hospital room rent, and air ambulance.
The maternity cover is up to Rs. 2 lakh with a waiting period of 12 months. There is also unlimited restoration of the base sum insured amount during a policy year on both related and unrelated illnesses.
“OPD cover takes care of not only doctors’ consultation and diagnostic tests, but also dental and surgical treatments along with prescribed drugs. Double cover is applicable from Day 1 and gives additional 100 per cent of sum-insured to be used during the same claim. Consumables cover pays for
miscellaneous expenses, such as syringe, gloves, which are usually non-payable and impact 8-10 per cent of the total hospitalisation expenses,” the statement said.
The policy also offers a 5 per cent discount upon insuring a girl child in the family floater policy and an additional 5 per cent discount if the proposer is a female.
Moreover, customers can get a 10 per cent discount just by purchasing the policy online.
The policy can be bought for one, two or three-year terms, either directly from the company’s website, intermediaries or branch offices across the country.
Says Rakesh Jain, CEO, Reliance General Insurance : “Today, a basic health plan is just not sufficient any more to ensure the protection one needs. People who are risk-averse and are cognisant of soaring medical inflation and availability of modern treatments would rather want to opt for a policy that offers infinite protection with world-class benefits, like high sum insured with unlimited restoration, medical equipment cover, and planned global treatment.”
