Niva Bupa launches Personal Accident Plan to ensure its customers live carefree

Niva Bupa introduced a standalone Personal Accident Plan to financially secure policy owners and their family members in case of death, partial, temporary, or permanent disability.

~With 25 benefits in one plan and coverage upto INR 10 Crore, the product enables customers to live life minus the fear of accidents~

• Temporary Total Disablement (TTD) benefit: Compensates for temporary loss of income by giving 2% of Base Sum Insured per week (maximum 1 lakh per week) if the policyholder suffers temporary total disability (TTD) arising out of an accident.
• Monthly Needs Benefit: Provides additional lump sum amount (0.5% of Base Sum Insured up to INR 50,000 per month) for 3 months after the accident involving death/ Permanent Total Disability (PTD) / Permanent Partial Disability (PPD) / Coma/ Burns.
• Child Support Benefit: In case of Death/ PTD, lump sum payout for Education (up to 5 lakh) and Marriage expenses (up to 10 lakh), along with offering education counseling and placement services assistance to children of the policyholder.
• Loan Protector Benefit: Additional benefit to protect people from the outstanding principal amount of the loan in case of death of the policyholder

New Delhi, August 24, 2021: Niva Bupa Health Insurance Company Limited (Formerly known as Max Bupa Health Insurance Company Limited) – one of India’s leading standalone health insurers, has introduced a standalone Personal Accident Plan to financially secure policy owners and their family members in case of death, partial, temporary, or permanent disability. The plan has been designed with the objective to urge customers to – minus of any fear. True to the concept behind host of unique benefits, the product is launched with ‘live it up’ campaign which encourages customers to live life to the fullest. The Personal Accident Plan offers sum insured of up to 25 times of annual income.

One of the key highlights of the Personal Accident Plan is the Temporary Total Disablement (TTD) benefit which provides 2% of Base Sum Insured per week (maximum of INR 1 lakh per week) to provide financial support to policyholders to compensate for the temporary loss of income that may happen in case of an accident. The company is also providing TTD for non-earning members at 1% of Base Sum Insured per week (maximum INR 25K per week) as well. This benefit will be provided even for incidents such as Coma & Burns. The plan also offers loan protector as an additional benefit which will protect people from the outstanding principal amount of the loan in case of death of the policyholder. This will ensure protection of financial liability & assets, providing security to the families.

In line with Niva Bupa’s customer centric philosophy the company has provided a Monthly Needs Benefit feature that will cover the cost of immediate household expenses in the event of Death, Permanent Total Disability (PTD) / Permanent Partial Disability (PPD), Coma or Burns. Under this benefit, the plan will provide an additional lump sum amount for 3 months after the accident to provide financial assistance. The plan has very comprehensive benefits for family members like - Education for Children (up to maximum INR 5L), Marriage Expenses for Children (up to maximum INR 10L), Benefits for Elderly Parents (up to maximum INR 5L), along with offering guidance support like education counseling and placement assistance to children, so that they get the right guidance to shape up their future.

Commenting on the launch of the new product, Mr. Krishnan Ramachandran, MD and CEO, Niva Bupa, said, “Accidents are very common, and anyone can suffer accidental injuries irrespective of their occupation, age, or health conditions. It could be anything ranging from traffic accidents to an animal bite. According to Ministry of Road Transport and Highways, Indian roads witness 415 deaths per day in accidents, the highest in the world, with 1.5 lakh people killed and more than 3.5 lakh crippled annually.

An accident can be a very threatening event as it impacts the social, emotional, and financial well-being of a family. At Niva Bupa, we care for the health and safety of our customers and their loved ones. Hence, we are launching a standalone Personal Accident plan today with an array of benefits like Death, Permanent Total Disability, Permanent Partial Disability, Child Support, Temporary Total Disability, Monthly Need Benefit, Loan Protector, etc. to make our customers feel protected and secured in case of any mishap. Our intent is to provide peace of mind to our customers and enable them to live a carefree fulfilling life.”

Commenting on the launch Dr. Bhabatosh Mishra, Director - Underwriting, Products & Claims, Niva Bupa said, “Accidents have always been a big cause of concern. Any accident, whether minor or major disrupts the usual routine of the customer. While a minor accident may require bed rest for a few days or weeks, causing a loss of income for that period, a major accident can lead to partial or permanent disability or even death. In such a scenario, the family members not only have to deal with emotional loss but also have to fulfill the financial duties. Keeping this in mind, we have designed a Personal Accident Plan to protect our customer’s financial needs in case of any tragedy.

To ensure ease of understanding, we have further simplified the policy wordings, so that the policy can be easily understood by anyone. This policy will help people to secure families in case of any eventuality.”

The plan covers a wide array of accidents including broken bones, adventure sports or burns. To ensure uniformity, the premiums have been kept age agnostic. The premium for this plan starts from INR 962 (inclusive of taxes) and provides coverage starting from INR 5L to up to INR 10Cr.

About Niva Bupa (Formerly known as Max Bupa)
Niva Bupa, a leading standalone health insurance player in India, is a joint venture between Fettle Tone LLP (an affiliate of True North Fund VI LLP), a leading Indian private equity firm, and the Bupa Group, a leading international healthcare company with a legacy of providing specialized healthcare services for over 70 years.

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