HDFC Life announced the launch of HDFC Life Health Assure Plan, an indemnity based health plan assure under two options viz: gold plan and silver plan. The major advantage of this health plan is that it gives the benefit of no claim bonus upto 50% in case of one claim free year and 100% in case of two claim free years. However, total sum assured cannot exceed twice the sum assured at any given point of time.
HDFC Life, which offers range of individual and group insurance solutions, is a joint venture between Housing Development and Finance Corporation Limited (HDFC Limited), a financial institution and Standard Life Plc, a financial service provider in UK. HDFC Ltd. holds 72.37% shares whereas Standard Life Ltd holds 26% shares in the joint venture. Remaining shares are held by others.
Under gold plan, the maximum cover available is Rs. 5 lakh for individual option and Rs. 10 lakh for family floater option and under silver plan the cover available is Rs. 3 lakh for individual and Rs. 5 lakh for family floater.
Under family floater option, in addition to spouse and children, parents as well as parents in law are also covered. This plan also cover maternity expense, but with a stipulation that policy has been effective for atleast 3 continuous years.
This policy is of 3 years tenure during which there will be no change in the premium amount irrespective of the claim and after completion of three years revised premium needs to be paid.
On the negative side, this plan covers only 1% per day towards room rent and 2% per day in case of intensive care unit hospitalization. Further under this plan premium amount does not vary according the cities and the rates are flat across the country. People living in Tier II and Tier III cities and rural areas may have to cough up more money towards premium even though health care costs are comparatively lower.
