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Max Bupa Health Insurance Company has plans to introduce new health insurance plans that will address different insurance needs of customers. The private insurer is working on disease specific insurance products which they would be launching next year.
Dean Pollard, COO of Max Bupa Health Insurance Company said, "The product will cover treatment of specific diseases, mostly linked to lifestyle. However, it's little early to divulge detail about the product," said Dean Pollard, COO, Max Bupa Health Insurance Company.
"The market is growing at 35%. Even then only 3-4% of the total population is being covered. Health insurance market has great potential with 96% population still out of the coverage net. It will be a great achievement for health insurance companies if they are able to cover 45% of the population," he added.
There are 3 standalone health insurance companies in India – Max Bupa Health Insurance, Star Health Insurance and Apollo Munich Health Insurance. While the other two companies have a range of health plans, Max Bupa has only four health plans for its customers.
Star Health Insurance has already launched unique products like Diabetes Safe, which targets diabetic patients affected by Diabetes Mellitus Type II; and Star NetPlus insurance for HIV and AIDS infected individuals.
Max Bupa is now looking to target individuals who are looking for a cover specific to their illnesses. The company is carrying out disease management programmes in order to effectively design this product.
Existing health insurance policies of Max Bupa include Heartbeat Family First, Heartbeat Family Floater, Heartbeat Individual. The insurer had won Best Product Innovation Award for Heartbeat Family First Policy by India Insurance Review Journal in association with Celent. Max Bupa Family First Policy is a unique health insurance plan specifically designed keeping in mind the needs of Indian customers. Under this health plan, one can cover up to 13 family relationships including self, spouse, parents, kids, parents-in-law, grandparents, grandchildren etc. It is a very beneficial plan for people living in joint families as well.
Max Bupa Health Insurance was set up in 2008 and is jointly promoted by Max India and the UK based Bupa Finance. Max India holds 74% stake in the company while Bupa Finance holds the remaining 26%. Max India brings in its local expertise and service excellence in healthcare and insurance; while Bupa brings in its experience in providing health care to over 10 million customers in more than 190 countries.