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Wednesday, October 24, 2012

Max Bupa Health Insurance: Fixed Benefit Plan


Max Bupa Health Insurance is a fixed benefit health insurance plan that allows policyholder to choose a combination of critical illness cover, personal accident cover & daily hospital cash.

Being a fixed benefit plan, the entire sum insured is paid out on the specified event and it does not cover variable expenses pertaining to the three (3) covers.

Entry age is 18 to 65 years for individuals, but in a family plan, entry age for children is between 2  and 21 years.
Individuals over 45 years need to undergo medical examinations at the cost of company or their own cost.

* The waiting period is of 30 days on hospital cash cover & of 90 days for critical illness cover from the policy issue date. T

* The critical illness & hospital cash covers have a further waiting period of four (4) years for pre-existing health conditions or / diseases.

* The critical illness option covers 20 critical illnesses, including cancer, heart attack, meningitis, anemia, hepatitis & severe damage to liver and lungs.

The cover ranges from Rs. 3 lakh to Rs. 10 lakh.

* Hospital cash cover ranges from Rs. 1,000 to Rs. 4,000 for a maximum of 45 days in a policy year.

* Personal accident cover ranges from Rs. 5 lakh to Rs. 25 lakh. Minimum two (2) days hospitalisation is required to claim this.

*  For a Rs. 10 lakh critical illness cover, the yearly premium charges are between Rs. 2,505 for a 30 year old individual to Rs. 30,051 for a 60.year old individual.

* For daily hospital cash allowance of Rs. 1,000 to Rs. 4,000, yearly premium ranges between Rs. 3,230 and Rs. 10,642, while for Rs. 25 lakh of personal accident cover, premium remains Rs. 3,913 for any age group.

* The premiums for critical illness cover is in line with similar insurance plans available in the market & since there is no maximum renewabllity age limit, you can actually continue the plan beyond 65 to 70 years when the risk is high.

Hospital cash benefit provides limited cover & does not actually cover for hospitalisation bills that might run into many thousands. This cover should not be used a substitute for a comprehensive health insurance policy.But can be a useful addition.

If you have not taken a personal accident cover separately or / as a term insurance rider, then this plan offers the same at competitive price with lifelong renewability. This plan gives cumulative bonus of 5% for every claim - free year, subject to a maximum accumulation of five (5) years.

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