Health insurance: All you need to know about Niva Bupa ReAssure 2.0 plan

Health insurance is an integral part of financial planning and security in India. It Is important because it provides financial protection against the high costs of medical care. It allows individuals to access necessary healthcare services without worrying about the financial burden.

Buying a health insurance policy for yourself and your family is important because medical care is expensive, especially in the private sector and hospitalisation can burn a whole lot of your pocket money and derail your finances.

Niva Bupa Health Insurance Company Limited (formerly known as Max Bupa Health Insurance launched 'ReAssure 2.0', a revolutionary health insurance product with several industry-first features on February 23, 2023.

Niva Bupa ReAssure 2.0 has launched three types of plans for their customers:

• Niva Bupa ReAssure 2.0 Bronze
• Niva Bupa ReAssure 2.0 Platinum
• Niva Bupa ReAssure 2.0 Titanium

Here is the review of Niva Bupa ReAssure 2.0 plan and their several industry first features.

Lock the clock: In simple terms, it means the premium will remain the same till you make the first claim. It helps the customer save on premiums by locking their entry age until they make their first claim.

Let’s say, you have taken an individual plan of ₹20 lakhs insurance plan at the age of 28 years and the premium amount is ₹35,000 per year. You have made your first claim at the age of 35 years, the premium amount will remain the same till 35 years i.e., ₹35,000 and after making the claim, the premium amount will be charged as per your current age and will continue to change as per the age slabs at each renewal. But, as per the general standard, the health insurance premium changes every year. This feature is not applicable in the Bronze plan.

ReAssure forever or ReAssure plus - This feature will be activated after your 1st claim. Once ReAssure Forever triggered it stays for life, provided that the policy is renewed without break. The maximum amount the ReAssure Forever will pay for any single claim is up to base sum insured.

Let’s understand with the help of an example, the policyholder has taken an individual plan of base sum insured of ₹10 lakhs and makes a claim of ₹7 lakhs . The ReAssure+ is triggered resulting up to base sum insured. Now, the balance amount is ₹3 lakhs. The insured takes another claim of ₹12 lakhs , the claim amount will be paid as ₹3 lakhs from base sum insured and ₹9 lakhs from ReAssure+. This ₹10 lakhs will trigger for unlimited times and forever.

Unlimited carry forward of unused sum insured: The Niva Bupa ReAssure 2.0 plan comes with the ‘Booster+’ benefit that allows the insured to carry forward the unused sum insured to the next policy year for a maximum of 3/5/10 times (based on the plan you have chosen) of the base sum insured.

For example, if you have chosen base sum insured of ₹10 lakhs and Titanium+ variant, then at the end of 10 years (if you have made no claims in these years) you will have ₹1.10 cr sum insured, i.e., ₹10 lakhs base sum insured and ₹1 cr Booster+. That’s 11 times of base sum insured than what you paid for.

Live healthy: Niva Bupa pays the insured for being healthy. Simply, the insured has to download the recommended health app and will get health points. For every 1000 steps of walking, the insured will earn one health point. As the points increase, the discount will increase and can claim up to 30% discount on premium at the time of renewal.

Annual health checkup from Day 1 - Annual health check-up facilities are available to the insured from day 1 of the policy period on a cashless basis but for a defined list of tests. The maximum of ₹5,000 test are insured for individual plan and for family floater ₹10,000 per year. However, the unutilized amount will not be carried forward to next policy year.

Coverage for hospitalisation of a minimum of 2 hours - This plan offers coverage for any hospitalisation (except 24hrs for AYUSH hospitals) of 2 hours or more as opposed to the general mandate for in-patient coverage that requires at least 24 hours of hospitalisation to qualify as a claim.

Pre and post hospitalisation medical expenses: This policy will cover pre and post hospitalisation expenses as well. The period of the treatment covered is 60 days before you get admitted to the hospital and 180 days after you get discharged from the hospital.

Availability and Pricing: ReAssure 2.0 is available for individual, multi-individual and family floater plans starting from ₹5 lakhs to ₹1 cr for the age bracket of 18 years to 65 years. However, the maximum number of family members covered is up to 6 members.

Niva Bupa ReAssure 2.0 is a revolutionary product. The coverage and other features are first time for a health insurance policy. However, one must consult their financial advisor for product suitability before applying for health insurance.

Rohit Gyanchandani is Managing Director at Nandi Nivesh Private Limited