Coronavirus update: Now get unlimited health cover for all family members in a single policy

Coronavirus is making many wonder if their health insurance is sufficient, especially in case of family floater policies in which multiple family members are covered in a single policy. If one member of the family gets infected with the disease, it is highly likely that the rest of the family members will also fall sick. Will the policy coverage be enough in case of multiple hospitalisations? Identifying the need gap, Max Bupa Health Insurance has launched a new health plan -- ReAssure Health Insurance -- which will enable people to make as many claims as required in a year for them or their family members covered under the same policy. The plan is comprehensive which not just covers coronavirus, but also critical illnesses like kidney dialysis or cancer, when patients often need hospitalisation multiple times in the same year.

How ReAssure Health Plan works

A family of four (husband, wife and two kids) are insured with Max Bupa ReAssure policy with Rs 10 lakh floater sum insured. In case one of them gets diagnosed with COVID-19 or any other disease covered in the policy and needs hospitalisation, then he or she can claim coverage up to Rs 10 lakh along with the ReAssure benefit getting triggered. Next claim onwards an additional amount of Rs 10 lakh per claim for as many number of claims as needed will be available for any insured or any illness in the same year. ReAssure benefit will be triggered from the first claim, even if two family members get hospitalised at the same time. "ReAssure benefit provides unlimited reinstatement for same and different illness at no extra cost," says Max Bupa at the product launch.

Although most health plans, especially family floater health plans come with restoration benefit, most of these reinstate the sum insured only after you exhaust the entire sum insured first. Besides, it gets activated only for unrelated illnesses. However, in case of ReAssure, you don't have to exhaust base SI to receive additional SI. The full benefit gets triggered  with the first hospitalisation itself. Secondly, it is available for all diseases and for all family members covered under the policy for as many times as hospitalisation happens in a year, provided the claims are up to the policy coverage.

More features

The ReAssure policy comes with attractive features like booster benefit, which means, in case of no claims for two consecutive years, the sum insured will double itself. If no claim was made during the year, then for the next year the sum insured will increase by 50 per cent. Moreover, in case a claim is made only for COVID-19 in a year, there will be no impact on booster benefit which means sum insured will not be impacted and will still increase by 50 per cent up to a maximum of 100 per cent. Additionally, it also protects booster benefit with no impact if claims in a year are up to Rs 50,000.

The policy also provides 100 per cent coverage of medical expenses, and covers the typical non-payable expenses like personal protective equipment kit, gloves, oxygen masks, conveyance charges and more, under the safeguard benefit. Safeguard benefit also offers inflation protection wherein the base sum insured increases every year on cumulative basis based on CPI inflation rate.

Besides, one will be eligible for health check-up from day one of the policy coverage.

"Each product benefit has been conceptualised with the intent that every customer is adequately covered at any given point in time. At Max Bupa, we acknowledge that people want to be financially secured in these difficult times, hence we have designed a truly cashless product that will ensure there is no financial burden on them once they opt for this policy," says Bhabatosh Mishra, Director - Products, Underwriting & Claims, Max Bupa Health Insurance.

Discounts

The policy comes with a tenure discount of 7.5 per cent on the premium of second policy year for a two-year policy term and additional 15 per cent discount on third year's premium if one opts for a three-year policy term.

There is also up to 30 per cent discount on renewal premium under 'live healthy' benefit that includes taking steps.

Doctors are eligible for additional 5 per cent discount on the premium, while one also gets family discount of 10 per cent if two or more members are covered in an individual policy.

Premium and policy coverage

A customer can buy a policy cover of Rs 3 lakh to Rs 1 crore under this policy. The premiums will vary accordingly. The premium on an individual policy with a coverage of Rs 10 lakh for a 35-year old will amount to Rs 9,590 and Rs 17,262 for an individual policy of self and spouse with age 35 years and 32 years. A family floater policy of two adults and one child with age of eldest member being 35 years will amount to Rs 18,489 for Rs 10 lakh coverage.

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