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MaxBupa Introduces New Microinsurance Plan

Posted on Feb 02, 2011 by Sergio Ulloa ()

India's MaxBupa has entered the microinsurance healthcare market, with a group plan called Swasthya Pratham. The joint venture between the British United Provident Association (BUPA) and locally based insurer Max India has introduced the new health insurance product specifically to cater for the low-income, vulnerable element of Indian society. MaxBupa's newly launched affordable health insurance plan is designed for individuals and families living in rural and semi urban regions of India. The new health plan is fundamentally aimed at providing cover for the hospitalization of policyholders, with the ability to enhance the range of cover with additional benefits including allowances and waivers to meet individual needs. Swasthya Pratham was introduced by MaxBupa to address the health needs of the rural and semi urban population of India, with the mirco health insurance product created to cover direct and non-direct medical costs which patients may face. MaxBupa's Swasthya Pratham plan will cover direct medical costs such as fees for consultations, laboratory tests, medicines and hospitalization and non-direct medical costs such as transportation and food in the case of hospitalization. Additional indirect costs can be covered, including loss of salaries. Additional features of Swasthya Pratham include access to MaxBupa's network of hospitals and healthcare facilities eliminating long waiting periods for patients and cashless treatments; supplementary provisions are available for maternity and accidental death coverage. Swasthya Pratham is available for individuals from the age of 3 months to 65 years, with a wide scope of insured options. The cost of coverage ranges from Rs. 5,000 (US$110) to Rs. 30,000 (US$660) with family policies available between 10,000 (US$220) to Rs 30,000 (US$660). Initially the mircoinsurance products will be offered to Indians living in West Bengal, Bihar, Rajasthan and Madhya Pradesh, with future expansion across India planned BUPA entered the Indian health insurance sector in April 2010 when it teamed up with locally based partner Max India - initially releasing its flagship product the 'Heartbeat Health Insurance Policy'. The renowned British insurer's Indian venture has gained a strong market position in the Indian health insurance industry since its inception and competes with other insurers such as Apollo Munich Health Insurance, Bharti AXA General Insurance and Star Health and Allied Insurance. The Indian insurance industry has developed over recent years with the expectation that the market will expand in line with the prodigious growth in the general economy now being experienced. The scope for domestic and international insurers operating in India is immense as the country is the second most populous in the world, with rising standards and wealth creation. However, there are still millions of Indians remaining relatively poor and living on low incomes. Mircoinsurance has been designed to satisfy the needs of people living in these conditions providing health insurance cover for the most vulnerable members of society by offering health security and protection from the financial burden of potentially high medical costs. Globally the mircoinsurance market is estimated to be worth US$40 billion for the insurance industry due to the massive worldwide population of approximately 2.6 billion people, which remain in the low income category. It offers insurers huge scope for the generation of new premiums and simultaneously fulfills a social need in protecting those vulnerable elements of society with an insurance product which safeguards them financially from unforeseen medical circumstances. Insurance Companies Mentioned: MaxBupa MaxBupa IndiaMax Bupa Health Insurance is a 74:26 joint venture between Max India Limited and UK-based Bupa. Bupa is a leading private healthcare provider with more than 10 million customers worldwide and over 60 years experience in the health sector. The Max India Group has expertise in both health and insurance related services including hospitals, clinical research and life insurance. Star Health and Allied Insurance Star Health and Allied Insurance IndiaStar Health and Allied Insurance is a specialist health insurance provider and was the first stand alone health insurers in India. Star Health and Allied Insurance provides health, accident, student, travel, and life insurance. Apollo Munich Health Insurance Apollo Munich Health InsuranceApollo Munich Health Insurance Co. Ltd. (previously known as Apollo DKV Insurance Co. Ltd) is a joint venture between the Apollo Hospitals Group and Munich Health. Apollo Munich Health Insurance provides health, personal accident and travel insurance. Bharti Axa General Insurance Bharti AXA General InsuranceBharti AXA General Insurance is a joint venture between Bharti Group and AXA Group. Founded in July 2007 in Bangalore, India it now has over 40 branches across India offering a variety of insurance products for retail, commercial and rural customers.
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