The Indian health insurance industry since the last year has been bringing out various customer-centric initiatives, to benefit policyholders and insurers. Another such initiative being an add-on cover that you can buy with your base policy. After doing this, you will not be needed to pay any premium for the second year, given the first year of the policy goes claim-free. The company claims it to be the first-of-its-kind feature to be introduced by any insurance company in India.
For instance, the ‘Health 241’ add-on by Edelweiss General Insurance has this feature for its health insurance policy. If this add-on is bought along with the Edelweiss Health Insurance Policy, and the first year goes claim free, the policyholder is covered for free in the second year.
While buying an Edelweiss Health Insurance Policy you can opt for this add-on. This benefit is extended to both individual and floater policyholders. This premium waiver benefit is currently applicable during the first renewal of the policy if there is no claim paid or payable during the first year.
Anup Rau, CEO of Edelweiss General Insurance, says, “India is a price sensitive country where insurance is still considered as an additional expense. Through research, we found out that price continues to be one of the barriers to purchase health insurance. In particular, younger people do not buy health insurance as they believe that they are healthy and unlikely to claim.” He further adds, “The Health 241 add-on is an attempt to show that, if there is no claim in the first year, they can take the next year for granted with us.”
The Health 241 add-on also comes with other additional features and services. For instance, like zero discharge time, guaranteed bed option and zero deposit feature. The company currently guarantees policyholders ‘ZERO’ discharge time for a total of 19 procedures. The guaranteed bed feature ensures that the policyholders will surely get a bed in select hospitals listed under the health insurance policy. With the zero deposit feature, policyholders don’t have to pay the deposit amount at the time of admission in select hospitals. With the add-on, all these benefits of the health insurance policy will be carried onto the claim-free year.
You can choose from 3 health insurance plans – Silver, Gold, and Platinum — with a cover up to Rs 1 crore. You can include up to 8 members of your family, such as parents, parents-in-law, grandparents, and siblings under the individual variant and up to 5 members under the family floater variant. It also covers AYUSH treatment up to 100 per cent of the sum insured, recognizing the emerging trend of alternative therapies like Ayurveda, Homeopathy, and Unani. Daycare surgeries, which form a huge portion of all hospital treatment, are covered for over 388 ailments, up to the full sum insured. Also, treatment for bariatric surgery for weight reduction is included in the policy. The No Claim Bonus increases the sum insured after every claim-free year up to a maximum of 100 per cent, and the policy also covers maternity expenses for two deliveries.
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Source: Financial Express