As per the most recent (fifth) edition of the National Family Health Survey (NFHS-5), covering the period from 2019 to 2021, only 30 per cent of women aged 15-49 and 33 per cent of men in the same age bracket were enrolled in health insurance or a health scheme. Despite various government initiatives and efforts by private insurers aimed at extending health coverage to a broader population, a significant portion of our population, commonly referred to as ‘Young Indians,’ remains without health insurance. Today’s youth are increasingly health-conscious, dedicating their time, money, and effort to maintaining fitness. 

However, the perceived urgency to purchase health insurance is often lacking, as they may not feel an immediate need while young and less prone to requiring hospitalization, even though such coverage is crucial for securing both their health and finances in the event of a medical emergency.

Apart from the Lock the Clock feature, allowing customers to pay based on their entry age until the first claim, and Booster+ which enables carrying forward the unutilized base sum insured up to 10X, Aspire introduces several additional industry-first benefits tailored to this specific customer segment. The product encourages individuals to ‘start young’ and incorporates a comprehensive parenthood benefit known as M-iracle. This benefit covers all maternity-related expenses, including IVF treatment, surrogacy, and more.

M-iracle provides coverage for antenatal check-ups, gynaecologist consultations, tests, vaccines for the expecting mother, delivery charges (normal or caesarean section), as well as delivery by a surrogate mother. It also covers adoption charges. The maternity sum insured depends on the chosen base sum insured plan and accumulates every year, increasing up to 10X due to the unused maternity sum insured under the Booster+ benefit.

For instance, with a 10 lakh base sum insured plan, the maternity sum insured starts at 12,000 for the first year. If no claims are made, this sum increases to 24,000 for the second year, INR 36,000 for the third year, and so forth. The maternity sum insured for a one-year policy can reach up to 25,000 for a 50 lakh/ 1 crore plan. Customers can use the accumulated maternity sum insured for related expenses at any time during their policy term, either in full or in parts, following the completion of applicable waiting periods. The plan includes a minimum waiting period of nine months. Additionally, the newborn baby is covered from Day 1 post-maternity, with guaranteed issuance under the plan.

Additional pioneering benefits in Aspire encompass:

Future ready: This feature guarantees protection for the future spouse from Day 1. Opting for this optional benefit transfers all waiting periods served by the customer to their spouse. Consequently, waiting periods are applicable at the policy level rather than the individual/member level. This eliminates the need for the future spouse to serve all waiting periods from the beginning and ensures guaranteed issuance for them.

Fast forward: When the policyholder chooses a multi-year policy and selects this optional feature, the aggregated base sum insured for two or three years becomes instantly accessible in the initial year. This benefit extends beyond the base sum insured, also applying to the maternity sum insured.

Cash back: Gather cashback with each claim-free renewal within the policy, providing the flexibility to utilize it for covering renewal premiums, deductibles/co-payments, or outpatient department (OPD) expenses.

Aspire extends coverage to treatments outside of India, offering customers the flexibility of choosing between co-payment and non-co-payment options. It provides personalized choices for selecting the co-payment limit, enabling individuals to receive treatment outside India for emergencies or planned inpatient procedures.

Commenting on the launch of Aspire, Dr Bhabatosh Mishra, Director – Underwriting, Products, and Claims, Niva Bupa Health Insurance, said, “Acknowledging the alarming lack of coverage of the young population in our country, we conceptualized Aspire with the intent to bring about a change in how people in this segment perceive and utilize health insurance. Aspire stands as a testament to our commitment to innovation, customer-centricity, and the continuous evolution of our offerings to meet the ever-changing demands of the consumer. Each aspect of this product has been meticulously crafted to ensure that every customer is not just covered but comprehensively protected at every stage of their health journey. We believe that Aspire will not only bridge the insurance gap but also redefine expectations, providing our policyholders with unwavering support and peace of mind, he added.”

The introduction of Aspire coincides with a pivotal moment in the healthcare industry, characterized by an impending phase of growth and a significant shift in consumer behaviour and expectations. The Aspire health insurance product encompasses a diverse range of features, guaranteeing comprehensive protection and financial security for both individuals and families throughout their health journey.

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Published: 16 Dec 2023, 11:13 AM IST