Niva Bupa Health Insurance Introduces “Aspire”, a product for Young India
India 2023: Niva Bupa Health Insurance Company Limited (Formerly known as Max Bupa Health Insurance Company Limited) one of India’s leading standalone health insurers, has introduced its latest product, Aspire focusing on Gen Z and millennials. Addressing the unique needs and aspirations of the Gen Z and millennial segment, this product has forward-thinking approach to health insurance.
According to the last (fifth) edition of National Family Health Survey (NFHS-5), the data of which pertains to the period between 2019-21, only 30 per cent of women aged 15-49 and 33 per cent of men in the age group were covered by health insurance or a health scheme.
While several government initiatives as well as steps taken by private insurers are working towards ensuring adequate health coverage to the larger population of the country, this segment of our population whom we typically qualify as ‘Young Indians’ is still largely not covered by health insurance.
The youngsters today are conscious of their health and invest their time, money and energy to stay fit and in shape. However, when it comes to health insurance purchase to secure their health as well as finances in case of a medical emergency, they don’t feel the pressing need to do so while they are young and less susceptible to needing hospitalization.
In addition to Lock the Clock benefit which lets customer pay as per the entry-age until the first claim and Booster+ which lets customer carry forward the unutilized base sum insured up to 10X, Aspire has been launched with several additional industry-first benefits to especially appeal to this customer segment.
The product incentivizes customers for ‘starting young’ and offers comprehensive parenthood benefit called M-iracle which covers all expenses related to maternity including IVF treatment, surrogacy and more. It provides coverage for antenatal check-ups, gynecologist consultations and other tests, vaccines for the expecting mother, delivery charges – normal or caesarean section as well as delivery by surrogate mother. It also covers adoption charges.
The maternity sum insured available to the customer is dependent the base sum insured plan he/she opts for and keeps adding to the coverage every year up to 10X, since the unused maternity sum insured accumulates as per booster+ benefit. For example, for a 10 lakh base sum insured plan the maternity sum insured available would be Rs 12,000 for the first year, and if no claim is paid, this will become INR 24,000 for the second year, INR 36,000 for the third year and so on.
The maternity sum insured for a one-year policy can go up to Rs 25,000 for a 50 lakh/ 1 Crore plan. The customer can use the accumulated maternity sum insured for maternity related expenses at any time during his policy term either in full or in parts, post the completion of applicable waiting periods. The Plan is introduced with a minimum waiting period of 9 months. In this plan, post maternity, the new born baby too will be covered from day 1 and the plan will provide the new born baby guaranteed issuance.
Some other industry-first benefits in Aspire include:
Future Ready – This benefit will ensure that the future spouse is provided protection from Day 1. If the customer opts for this optional benefit, all waiting periods served by the customer will be passed on to his/her spouse as well. This means that the waiting periods will now be applicable at policy level and not on individual/member level. The future spouse will not need to serve all waiting periods from the start! Moreover, the benefit provides guaranteed issuance to the Future spouse.
Fast Forward – If insured takes multi-year policy and opts for this optional benefit, the combined total base sum insured for 2/3 years will be available to him/her in the first year itself. This benefit is not only applicable on the base sum insured but also on the maternity sum insured. So for example, if a customer takes 10 lakh base sum insured policy providing maternity sum insured of 12,000 for a tenure of 3 years, with fast-forward benefit he will have the base sum insured of 30 lakh and maternity sum insured of 36,000 available to him from Day 1.
Cash-Bag – Accumulate cashback on every claim free renewal in the policy, which can be used to pay the renewal premium, deductibles / co-payment or OPD expenses.
Aspire covers for treatment outside India as well, both with or without co-payment options. It gives customers customized options to select the co-payment limit and get treatment outside India for emergencies or planned inpatient treatments.
Commenting on the launch of Aspire, Dr. Bhabatosh Mishra, Director, Underwriting, Products and Claims, Niva Bupa Health Insurance, said, ” Acknowledging the alarming lack of coverage of the young population in our country, we conceptualized Aspire with the intent to bring about a change in how people in this segment perceive and utilize health insurance.
Aspire stands as a testament to our commitment to innovation, customer-centricity, and the continuous evolution of our offerings to meet the ever-changing demands of the consumer. Each aspect of this product has been meticulously crafted to ensure that every customer is not just covered but comprehensively protected at every stage of their health journey. We believe that Aspire will not only bridge the insurance gap but also redefine expectations, providing our policyholders with unwavering support and peace of mind, he added.”
The launch of Aspire comes at a time when the healthcare industry is poised for its next phase of growth and is marked by a paradigm shift in consumer behavior and expectations. The Aspire health insurance product covers a wide array of features, ensuring that both individuals and families receive extensive protection and financial security throughout their health journey.