HDFC Life launches new health insurance product

India Infoline News Service | Mumbai |

Amitabh Chaudhry, MD & CEO, HDFC Life said, Customer centric product innovation has been our prime focus at HDFC Life.

HDFC Life, India’s leading life insurance company, announced the launch of its new health insurance product – HDFC Life Health Assure Plan,aimed at providing a comprehensive health cover. The plan offers reimbursement of medical expenses incurred in a hospital and is available in two variants – Gold Plan and Silver Plan. The plan allows coverage for families on floater cover basis, covers 200 day care procedures, Pre and Post Hospitalization Benefit and offers a host of other benefits.


Commenting on the launch, Amitabh Chaudhry, MD & CEO, HDFC Life said, “Customer centric product innovation has been our prime focus at HDFC Life. In line with our philosophy, we are proud to announce the launch of Health Assure – a health insurance plan that will provide long term protection to our customers while offering a 50 per cent no claim bonus.”  


“Health Insurance is growing at a CAGR of more than 30% and with current total market size of about Rs. 14,000 crores. This market is expected to show robust growth and is projected to be more than Rs. 30,000 crores in size over the next 5 years. I firmly believe that these are conservative estimates for India considering the growing economy, rising income levels, increased health awareness and easier access to healthcare services. HDFC Life has been offering its services in health insurance segment for a long time and offers cover for surgical care and critical illnesses. The addition of the Health Assure Plan will strengthen HDFC Life’s product offerings in this segment,” he added.


HDFC Life Health Assure plan’sGold Variant offers comprehensive mediclaim cover with added benefits of Hospital Cash, Wellness and Maternity Benefit (for family cover). The plan comes with a 3-year premium guarantee, which means that the premium remains same even if you claim. The Multiplier benefit increases the Annual Limit by 50% after one claim free year and doubles the annual limit after two consecutive claim free years.  


The plan comes with an entry up to 70 years and with no exit age providing assurance of a lifelong renewability. Customers have the flexibility to customize the plan, and can be opted as an Individual or Family floater. One may cover spouse, children, both parents and parents- in- law under family floater option. HDFC Life, through TPA has a tie-up with over 4,500 hospitals for cashless claims.


Plan Details:


Plan Option
Sum Insured
Individual
Family Floater
Minimum
Maximum
Minimum
Maximum
Silver
3 Lakhs
3 Lakhs
3 Lakhs
5 Lakhs
Gold
5 Lakhs
5 Lakhs
7 Lakhs
10 Lakhs


Age* at entry (Yrs.)
Policy Term
Premium Frequency
Minimum
Maximum
18 for adults and policyholders
70
3 Years Renewable
Single OR Annual
91 days of dependent children



Benefits include the following as per plan option selected


Inpatient Hospitalisation Benefit


Day Care Benefit


Pre and Post Hospitalisation Benefit


Emergency Ambulance Benefit


Donor Expense Benefit


Multiplier benefit


Hospital Cash Benefit for sundry expenses


Wellness benefit (health checkup vouchers to all insured lives under this plan)


Maternity Benefit


Tax Benefits:


Premiums paid under this plan are eligible for tax benefits under Section 80D of the Income Tax Act, 1961, subject to the provisions contained therein.

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