Niva Bupa Health Insurance Company Limited, formerly known as Max Bupa Health Insurance Company Limited, has created a scheme to financially secure the policy owners and their family members in case of death, partial, temporary or permanent disability. Standalone Personal Accident Plan is introduced.
As per the Niva Bupa press release, the policy offers Sum Assured up to 25 times the annual income. The product has been launched with the ‘Live It Up’ campaign which encourages the customers to live life to the fullest.
According to the company, the premium for this plan starts from ₹962 (including taxes) and offers coverage starting from ₹up to 5 lakhs ₹100 million.
One of the key features of the plan is the Temporary Total Disability (TTD) benefit which provides 2% of the Basic Sum Assured per week (maximum Rs. ₹1 lakh per week) to policyholders in case of temporary loss of income following an accident.
The company is also providing TTD at 1% (max.) of Base Sum Assured per week for non-earning members ₹25,000 per week) also. This benefit will also be provided for incidents like coma and burns. The plan also provides debt protector as an added benefit which will save people from the outstanding principal amount of the loan in case of death of the policyholder. This will ensure financial liability and asset protection while providing security to the families.
The company has provided Monthly Need Benefit facility which will cover the cost of immediate household expenses in case of death, Permanent Total Disability (PTD)/Permanent Partial Disability (PPD), coma or burns.
Under this benefit, the scheme will provide additional lump sum amount to provide financial assistance for 3 months after the accident. The scheme has very wide benefits for the family members such as – education for children (up to a maximum of Rs. ₹5 lakhs), wedding expenses of children (up to maximum) ₹10 lakh), benefit for elderly parents (max.) ₹5 lakh), along with providing guidance support like education counseling and placement assistance to the children, so that they can get the right guidance to shape their future, the press release said.
Krishnan Ramachandran, MD and CEO, Niva Bupa, said, “Our intention is to provide peace of mind to our customers and enable them to lead a carefree fulfilling life.”
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