Reliance Life launches Easy Care Fixed Benefit Plan

Reliance Life launches Easy Care Fixed Benefit Plan

April 03, 2013 2:42 IST | India Infoline News Service
Reliance Life Insurance, part of Reliance Capital Ltd, today launched its new healthcare solution ‘Reliance Life Easy Care Fixed Benefit Plan’ for individuals.

The launch was announced by Anup Rau, chief executive officer, Reliance Life.

The new health plan guarantees a fixed rate of premium for five years, even if there is a claim during the policy term. The plan offers an option of paying single premium upfront for the entire policy period of five years.

“Easy Care Fixed Benefit Plan is designed to cover the two major components of health expenses – hospitalization and surgery,’’ said Mr. Rau.

The product is a non-linked, non-participating, fixed benefit hospitalisation and surgical plan that provides fixed pay-outs to the insured at various stages of his/her hospitalization and surgeries, in addition to benefits received from other medical insurance plans.

The individual can opt for the plan between 18 and 65 years of age with guaranteed renewability till 75 years age. The coverage offered by this plan ranges from Rs. 1 lakh to Rs. 5 lakh with a no claim bonus of 5% of the sum assured for every claim-free year, up to a maximum of 20%.

The policy provides guaranteed fixed amount of payment, irrespective of the actual medical and hospital bill, in the event of hospitalization, surgeries, critical illnesses, stay in intensive care unit (ICU) and recuperation.

The plan pays a fixed amount of 1% of sum assured per day from the first day for the minimum duration of 48 hours of hospitalization under its Daily Hospital Cash Benefit (DHCB) scheme. An additional 100% DHCB amount per day is paid to the insured for each day of stay in the ICU.

Besides, a lump sum benefit of 100% of sum insured will be paid to the insured in the event of hospitalization for a minimum period of 24 hours for undergoing 10 major surgeries like hip or knee joint replacement, excision of tissue of brain with craniotomy, coronary artery bypass surgery, liver transplantation and total excision of esophagus and stomach.

The plan offers a lump sum benefit of 100% of sum insured to the insured suffering from ten critical illnesses, including cancer, stroke, loss of speech, Alzheimer and coma. It also provides recuperating benefit of 3% of sum insured to the policyholder for seven or more days of continuous hospitalization for the same injury and disease.

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