Niva Bupa Released Rise Health Insurance Plan
One of India’s top independent health insurers, Niva Bupa Health Insurance Company Limited (formerly Max Bupa Health Insurance Company Limited), has introduced “Rise,” a health insurance plan intended to increase access to high-quality healthcare for the country’s “Missing Middle.” ‘Rise’ is poised to revolutionize accessibility and affordability in health insurance with a number of sector-first features that offer value and flexibility.
What is RISE health Insurance?
“Rise” was created following a thorough consumer immersion with middle-class consumers in India’s big and small cities to learn about their requirements, tastes, and way of life. Due to a shortage of quality primary private health care, the discussions revealed that members of this group have seasonal incomes and are searching for concrete benefits to manage their health. Based on these findings, Niva Bupa has developed a cost-effective, personalized health insurance plan that gives clients complete coverage in addition to the choice of receiving care in a government hospital or a private network facility. This, along with the ability to pay premiums whenever it’s convenient for them and unlimited digital consultations, makes ‘Rise’ an ideal health insurance plan for this particular customer niche.
According to the October 2021 NITI Ayog research, the “missing middle” demographic in India is made up of people who make too much money to be eligible for government-sponsored health programs but not enough to pay for a private health insurance premium. This group, which consists of around 40 crore Indians and includes a sizable section of the middle class, is especially at risk during medical emergencies since they must pay for expensive medical care without having enough insurance. Many members of this group turn to borrowing money or spending all of their resources to pay for medical bills because they lack access to reasonably priced health insurance, which causes long-term financial instability.
In order to improve healthcare results, avoid medical debt, and promote economic stability in India, it is imperative that the “missing middle” have greater access to reasonably priced health insurance. With carefully tailored benefits, “Rise” aims to close the coverage gap for India’s “missing middle” and specifically appeal to this market.
Key Featured of Niva Bupa Rise Health Insurance Plan
Flexi-Pay Benefit:
A sizable section of India’s workforce is working in the unorganized sector, earning irregular monthly salaries as self-employed people, small business owners, daily wage earners, and gig workers. For the first time, flexi-payment has been made available for the purchase of health insurance coverage in order to make it more affordable for this group. Customers can begin their policy by paying a token 20% of the total premium amount and make the remaining payments at any time during the policy’s term. They get a bigger discount the sooner they finish the payments.
Example: To begin the policy, the customer must pay INR 2000 (20% of 10,000), which is the token amount. The remaining premium can be paid at any point during the policy’s term. The total premium is INR 10,000. The consumer only needs to pay INR 400 each month (5% of the remaining INR 8000 premium) to maintain the policy’s validity.
Smart Cash Benefit:
Even if a consumer wants to receive free care at a government hospital, the plan still provides them with anything. After submitting his discharge summary from the government hospital, the customer can receive a guaranteed cash payout of INR 5,000 from Niva Bupa to cover their post-treatment costs if they choose not to go to a private hospital and do not file a claim under the “Rise” policy.
Return Benefit:
‘Rise’ is introducing yet another first for the industry: 50% of the customer’s whole premium paid will be returned as an additional sum insured over the base sum insured. Therefore, the buyer will receive INR 5,000 back as additional sum covered for a premium of 10,000. This sum will accrue over the course of a lifetime, with an annual 10% bonus added to the total. This ‘Return’ Sum Insured will not be subject to any waiting periods or exclusions.
Customers can consult with general practitioners at any time, from any location, in an infinite number of times thanks to the product’s unrestricted digital consultations in 16 vernacular languages. Customers can change their room type category, eliminate the INR 50,000 cap on contemporary treatment, and raise the limit to the basic sum insured, among other optional perks, with “Rise.”
Dr. Bhabatosh Mishra, Director-Underwriting, Products & Claims, Niva Bupa Health Insurance, commented on the introduction of Rise, saying, “At Niva Bupa, we are dedicated to providing creative solutions that meet our clients’ changing demands. In addition to helping close the insurance gap for India’s Missing Middle, Rise supports IRDAI’s goal of having insurance for everyone by 2047. By guaranteeing that health insurance is flexible, reasonably priced, and suited to the requirements of our underprivileged population, this plan gives people and families access to both financial stability and medical care.”
Rise is a cost-effective health insurance plan that covers a wide range of medical costs, such as all treatments requiring more than two hours in the hospital, home care and domiciliary care, and expenses for 60 days before and 180 days after hospitalization.
Plans will feature zone-wise pricing ranging from as low as INR 6,416 to INR 8,669 for a 35-year-old individual with a 10 lakh sum covered. These plans are offered in Individual, Multi-member, and Family floater forms.
With ‘Rise,’ Niva Bupa is transforming health insurance into something more rewarding, flexible, and easily accessible than it has ever been, giving every Indian the assurance to seek the greatest medical care without worrying about the cost.
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