Health insurance company Niva Bupa has introduced a new version of ReAssure. It has been named Reasure 2.0. There are many other special things in this policy as well. Unutilized sum assured is carried forward to the next year
Health insurance company Niva Bupa has launched health insurance policy ReAssure 2.0 on 23 February. Its two major features set it apart from other health policies. First, the unutilized Sum Assured will be carried forward.
Second, the renewal premium amount will take into account the entry age and claim-free period. The ReAssure products currently in the market do not have these features. There are two variants of the new products – Platinum+ and Titanium+. Let us know in detail about their other features.
How much is the premium?
In the Platinum Plus variant, if a person aged 40 years buys a policy with a cover of Rs 10 lakh, then his premium will come to Rs 11,000. This does not include GST. Generally, the renewal premium of health insurance increases on the basis of claim experience. It also takes into account healthcare inflation and your age-band.
What is the ‘Lock the Clock’ feature
This policy has ‘Lock the Clock’ feature. Due to this, the age at which the customer buys the policy is locked in till the customer makes the first claim. It can be understood with the help of an example. If you buy the policy at the age of 35, the annual premium applicable in this band will not change till you make the first claim.
When will the premium amount change?
Suppose you are 45 years old when you make the first claim, it means that you have paid the premium amount for ten years which is applicable for a 35 year old customer. Once you make the claim, you will have to pay the premium applicable to your age at that point of time.
Sum assured carry forward facility also available
In the Booster Plus variant of this product, the policyholder’s unused Base Sum Assured is carried forward to the next policy year. The maximum accumulated sum assured can go up to five or 10 times the base sum assured. The company has said, “The Sum Assured increases on every renewal. It keeps increasing till it becomes 5 times or 10 times of the Base Sum Assured.”
What are the benefits of Forever feature?
ReAssure also has a ‘Forever’ feature. In this, the company promises that after the first claim of the policyholder, he will always have a sum assured which will be equal to his base sum assured.
This can be easily understood with the help of an example. If a customer has a cover of Rs.10. His first claim is of Rs 5 lakh. The Forever feature of ReAssure will be triggered. The customer will always have a separate bucket of additional sum assured of Rs 10 lakh, irrespective of the amount claimed. This can be used for claims in subsequent years.
