Health insurance is an integral part of financial planning and security in India. Niva Bupa Health Insurance Company Limited (formerly known as Max Bupa Health Insurance), one of the leading standalone health insurers in India, launched 'ReAssure 2.0', a revolutionary health insurance product with several industry-first features on Thursday, February 23.
This plan promises to bring a paradigm shift in the health insurance industry and has the potential to redefine how health insurance is purchased and consumed.
ReAssure 2.0 is an indemnity plan which offers unmatched benefits, making seemingly impossible and unheard-of product offerings now possible. It is designed to provide complete peace of mind to customers by protecting them from any financial burden due to medical expenses.
What are the key features of ReAssure 2.0?
ReAssure+
This benefit consists of two components – ReAssure Forever and Lock the Clock. ReAssure Forever enables the customer to get the base sum insured triggered after the first claim, and it remains forever. This means that the customer will always have the same sum insured available to him, even after making claims. On the other hand, Lock the Clock helps the customer save on premiums by locking their entry age until they make their first claim.
Booster+
This revolutionary feature allows the unutilized base sum insured to be carried forward to the next policy year, up to 10x. This ensures that the customer does not lose out on the unused sum insured amount.
Safeguard+
This optional benefit lets the customer claim for all non-payable items as per Non-payables annexure in addition to safeguarding the Booster+ benefit if the claim in a policy year is up to 1 lakh.
Live healthy benefit
This beneficial feature gives a premium discount of up to 30% on policy renewal basis health points earned.
Enhanced coverage
The product provides coverage for hospitalization of 2 hours and above, no capping on room rent and day 1 coverage for diabetes and hypertension.
Other benefits
ReAssure 2.0 also offers Smart Health+ rider - offering unlimited teleconsultations.
Availability and pricing
ReAssure 2.0 is available as an individual, multi-individual and family floater starting from Rs. 5 lakh to Rs. 1 crore for the age bracket of 18 years to 65 years.
Speaking on the launch of ReAssure 2.0, Mr. 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 mentioned, “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”, he added.
Bottom line
The launch of ReAssure 2.0 is expected to bring a much-needed disruption in the health insurance industry. It is a unique product that offers several industry-first benefits and provides complete peace of mind to customers. It encourages customers to start investing for their health and financial security at an early age, thus providing them the opportunity to make the most out of their investments.
With this product, Niva Bupa has addressed the concerns of customers and encouraged them to start investing for their health and financial security at an early age. It provides a win-win situation for customers, both in case of making a claim and in case of not making any claim.
