Following the tradition of breaking exclusive news on health insurance products (We were the first to break news of L&T's Health Insurance product, Tata AIG's MediPrime, Apollo Optima Restore, and ICICI Lombard's Complete Health Insurance) we provide you another exclusive news. Remember, you read it first at Medimanage.com.
As discussed earlier in this blog, Fixed Benefit Health Insurance Plans, work very well as supplementary covers to the core health insurance product. Max Bupa is launching its first Fixed Benefit Plan - Health Assurance, on Tuesday, 10th July 2012. (Read more about Fixed Benefit Plans here)
Salient Features of Max Bupa Health Assurance
- Offers 3 Benefits in one policy, Critical Illness (20 Illnesses), Personal Accident and Hospital Cash Benefit in one Single Policy.
- Sum Insured options as follows
- Critical Illness Cover upto Rs. 10 Lakhs. (3, 5, 7.5 Lakhs, 10 Lakhs)
- Personal Accident Cover upto Rs. 25 Lakhs (5, 10, 20, 25 Lakhs)
- Hospital Cash Cover upto Rs. 4000 per day (1000/day, 2000/day, 3000/day, 4000/day)
- Double Cash Benefit for ICU upto 7 Days.
- You have choice to choose any of the 3 benefits in any combination, and any sum insured.
- Family Floater and Individual Options
- Entry Age - 18 Years to 65 Years. (Children cannot be covered under Critical Illness)
- Policy is Renewable for Lifetime. There is no Cover ceasing age.
- Option of Tenure: One and Two Years.
- No Medical Test required for Critical Illness upto 10 Lakhs for people below 45 years.
- Free Look Period of 15 Days.
- 5% No Claim Bonus, upto a maximum of 25%.
- 80D Benefits for Premium under Hospital Cash, and Critical Illness.
Some Initial Points to note, before signing up.
- Personal Accident does not cover Temporary Total Disability, which is generally covered under a Comprehensive Personal Accident Plans at a weekly benefit of Rs. 5000 to Rs. 10000 depending on the plan and the Insurance Company chosen.
- 4 years waiting period for Pre-existing ailments.
- Critical Illness
- 90 Days Initial Waiting Period , and standard 30 days survival period - for Critical Illness
- Hospital Cash
- 30 Days Initial Waiting Period.
- 24 Months waiting period for specified ailments.
- Maximum Cover for Hospital Cash is 45 Days.
- Minimum 2 Days of Hospitalization required.
- 50% Coverage for Children in Hospital Cash
- Personal Accident
- 50% or Rs. 10 Lakhs, whichever is lower - Coverage for Spouse
- 25% or Rs. 2 Lakhs, whichever is lowe - Coverage for Children
Product Benefit Chart:
A family of 4, Self - 35 yrs, Spouse - 34 yrs, Kid 1 - 5 yrs, Kid 2 - 3 yrs
Cover For Sum Insured Premium (Incl Tax)
Critical Illness (20 Illnesses) Self Rs. 5 Lakhs Rs. 1545
Hospital Cash (45 Days) Family Rs. 2000 per Day Rs. 3341
Personal Accident # Self Rs. 25 Lakhs Rs. 3914
# Covers Accidental Death, Permanent Total Disability, Permanent Partial Disability. Does not provide weekly benefits of Temporary Total Disability
Total Premium amounts to Rs. 8800/-
Comparing this with other similar standalone plans:
Critical Illness of Bharti Axa General with 20 Illnesses would cost Rs. 1644/-
Hospital Cash is not available in Floater with any of the Hospital Cash products in the market, and hence we cannot compare Hospital Cash premiums.
Personal Accident, with similar covers, from Apollo Munich for Self would cost Rs. 2921/-
If you are looking at buying one convenient package, by which you are done with a bunch of supplementary covers you wanted, this is a convenient plan. The best part is, that it is modular, you can combine the benefits, the way you want, or dont want. It would have been great if Personal Accident portion also covered Temporary Total Disability, in the same premium :) , making this plan all comprehensive solution to supplementary coverage.
Please also have a look at Tata AIG Wellsurance - Executive, which is another good supplementary package (without Personal Accident, but with excellent lumpsum Surgical Benefits). The premium is in the similar range, Rs. 8367, provides you Critical Illness cover for 9 ailments, lumpsum benefits on Major Surgeries, Hospital Cash of Rs. 3000 per Day. It does not cover Personal Accident, though.
And yes, this product reminds me of an old product from Bajaj Allianz called Star Package (which brings Critical Illness, Hospital Cash, Personal Accident, Health Insurance, Home Insurance etc. in one package. However, Star Package is somewhat outdated (It is almost 6-7 years old, older than Max Bupa's existence in India :) ), as it provides very low coverages in Critical Illness (Maximum Cover of Rs. 3 Lakhs), and Personal Accident (Maximum Cover of Rs. 5 Lakhs), and hence it is not an option at all. High time this plan is upgraded.