NivaBupa 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.
