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 a forward-thinking approach to health insurance.
According to the last (fifth) edition of the National Family Health Survey (NFHS-5), the data of which pertains to the period between 2019-21, only 30 percent of women aged 15-49 and 33 percent 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. 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 purchases 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 the Lock the Clock benefit which lets customers pay as per the entry age until the first claim and Booster+ which lets customers 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 to ‘start young’ and offers a 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 cesarean section as well as delivery by surrogate mother. It also covers adoption charges. The maternity sum insured available to the customer is dependent on 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, after the completion of applicable waiting periods. The Plan is introduced with a minimum waiting period of 9 months. In this plan, post maternity, the newborn baby too will be covered from day 1 and the plan will provide the newborn baby guaranteed issuance.
Some other industry-first benefits in Aspire include:
- Future Ready – This benefit will ensure that the future spouse is protected 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 the policy level and not at the 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 the insured takes a 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 to the base sum insured but also to the maternity sum insured.
- 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 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.
About Niva Bupa Health Insurance (Formerly known as Max Bupa Health Insurance)
Niva Bupa Health Insurance Company Limited is committed to offering every Indian the confidence to access the best healthcare – ‘Zindagi Ko Claim Kar Le’. A JV between Fettle Tone LLP (an affiliate of True North Fund VI LLP), a leading Indian private equity firm, and the UK based healthcare services expert, Bupa Singapore Holdings Pte. Limited. Niva Bupa has currently has over 200 offices in the country. It additionally offers health insurance through its 20 bank partners spread across 45,000+ branches.
Niva Bupa currently covers 10 million lives and has 10,200+ hospitals as part of its network where customers can avail cashless treatment. The Company has been empowering consumers since 2010 with innovative products and solutions across all age groups in urban & rural markets. It is one of the fastest-growing health insurance companies with an annual average of 90%+ claim settlement ratio. With an employee base of over 7500 people, Niva Bupa is an ‘Employer of Choice’ with a strong value-based culture and a sustainable business model to build a healthier future.