The collaboration between the two companies will allow customers, including expats, of the country's third-largest private sector bank to access better healthcare offered by Max Bupa.
In a statement, the health insurer said it would provide indemnity and fixed benefit products, as well as bespoke variants to customers of the bank. These include:
- ReAssure - a plan that offers unlimited sum insured under the ReAssure benefit which is triggered by the first claim itself. Any one claim can be up to the base sum insured. The booster benefit doubles the sum insured in two claim-free years and the safeguard makes it cashless.
- Health Premia - a health insurance plan, with a sum insured of up to ₹3.
- Smart Health - a health plan that covers high expenses during critical illnesses and provides hospitalisation and accidental benefits.
In August 2020, IHHR reported that the health insurance market in India was growing according to Max Bupa Health Insurance which conducted a survey of 1,700 respondents and revealed that before the Covid-19 outbreak, only 10 per cent of people surveyed were interested in buying health insurance. However, post pandemic, 71 per cent considered health insurance as a necessity to mitigate unforeseen health risks.
Max Bupa conducted two surveys across 11 major Indian markets: one on February (as a pre-Covid reference point) and one in May (as a post-Covid reference point). What’s more, it appears that an increased number of millennials (people aged 27 to 35 years) in India have been spurred to make enquiries about health insurance (63 per cent compared to 59 per cent at the early stage of detection of Covid-19 cases in the country), if for no other reason than to save on medical costs.