By M Saraswathy
At a time when standalone health insurance companies are mainly focusing on individual business, Max Bupa Health Insurance has turned its attention to the family floater segment.
Manasjie Mishra, chief executive officer, said: "Instead of taking a policy only for oneself, we are encouraging customers to take a comprehensive cover for their entire extended family." The company recently launched a Heartbeat Family First policy, designed for the Indian joint family and covering up to 13 relationships and five generations. For those buying it, there's also a discount of 20 per cent on the second-year premium.
For Max Bupa, family floaters contributed to about 70 per cent of their retail business in 2012. The rest came from the individual business. Mishra explained all their products - Heartbeat, Health Companion, Health@Companion and Health Assurance - were available for both families and individuals.
The Heartbeat Family First product is a mix of individual cover and family cover. While each covered under the policy has a certain cover to himself or herself, the other sum is distributed among all the other family members. For instance, if it is a Rs 5+15 lakh cover, each member of the family covered is eligible for up to Rs 5 lakh and the remaining Rs 15 lakh is available jointly for all. Therefore, if an individual incurs a medical expense of Rs 7 lakh under this policy, Rs 5 lakh would be taken out of his individual limit and the other Rs 2 lakh out of the family pool of Rs 15 lakh.