Addressing the unique needs and aspirations of the Gen Z and millennial segment, this product has forward-thinking approach to health insurance. In addition to Lock the Clock benefit which lets customer pay as per the entry-age until the first claim and Booster+ which lets customer carry forward the unutilized base sum insured up to 10X, Aspire has been launched with several additional industry-first benefits to especially appeal to this customer segment. The product incentivizes customers for ‘starting young’ and offers comprehensive parenthood benefit called M-iracle which covers all expenses related to maternity including IVF treatment, surrogacy and more..
It also covers adoption charges. The maternity sum insured available to the customer is dependent the base sum insured plan he/she opts for and keeps adding to the coverage every year up to 10X, since the unused maternity sum insured accumulates as per booster+ benefit. For example, for a 10 lakh base sum insured plan the maternity sum insured available would be Rs 12,000 for the first year, and if no claim is paid, this will become INR 24,000 for the second year, INR 36,000 for the third year and so on. The maternity sum insured for a one-year policy can go up to Rs 25,000 for a 50 lakh/ 1 Crore plan.
The customer can use the accumulated maternity sum insured for maternity related expenses at any time during his policy term either in full or in parts, post the completion of applicable waiting periods. The Plan is introduced with a minimum waiting period of 9 months. In this plan, post maternity, the new born baby too will be covered from day 1 and the plan will provide the new born baby guaranteed issuance.
Commenting on the launch of Aspire, Dr. Bhabatosh Mishra, Director, Underwriting, Products and Claims, Niva Bupa Health Insurance, said, " Acknowledging the alarming lack of coverage of the young population in our country, we conceptualized Aspire with the intent to bring about a change in how people in this segment perceive and utilize health insurance. Aspire stands as a testament to our commitment to innovation, customer-centricity, and the continuous evolution of our offerings to meet the ever-changing demands of the consumer.