Health Insurance

Health Insurance plans

Niva Bupa ReAssure 2.0 (Gold)

Name: Niva Bupa ReAssure 2.0 (Gold)
Brand: Niva Bupa Health Insurance Company Limited

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Introduction Verdict Pro’s & Cons Specific Exclusions Special Conditions About Insurer Detailed Ratings

Introduction to Niva Bupa ReAssure 2.0 (Gold)

Niva Bupa ReAssure 2.0 (Gold) is a health insurance policy offered by Niva Bupa Health Insurance Company Limited. A health insurance plan promises to pay for hospitalization expenses as well as expenses incurred prior to and after a hospitalization. It acts as a protective shield for savings and healthcare, so you and your family can live a happy, fulfilling life. Niva Bupa’s ReAssure 2.0 (Gold) Plan offers a range of coverage options and allows you to tailor your coverage to meet your specific healthcare needs and budget.

Verdict: Niva Bupa ReAssure 2.0 (Gold)

Along with being cost-effective, this plan also stands out with its unique features and benefits, offering a customized solution for your healthcare needs. One of the notable features is that any unused base sum insured can be carried forward to the next policy year, up to a maximum of 10X the base sum insured. Furthermore, you can also enjoy an unlimited sum insured for the lifetime of the policy after you make your first claim. Besides hospitalization and related expenses, it also covers several costs including those associated with consumables like gloves, oxygen masks, etc. On the flip side, however, there is no option to pay the premium on a monthly basis. Further, according to our research, the insurer has received a higher number of claim settlement and policy purchase complaints. This implies that they have a poor track record with respect to both purchase and claims service.

Pros & Cons: Niva Bupa ReAssure 2.0 (Gold)

Fairly priced in comparison to other products in the market
No restrictions on the type of hospital room you choose
Restoration benefit activates after the first claim, and stays triggered forever
Unused base sum insured carries on to the next policy year, up to a maximum of 10X the base sum insured
Option to automatically increase the cover amount based on previous year's inflation.
Covers health check-up expenses from day 1
Covers non-medical expenses or the cost of consumables such as gloves, oxygen masks, nebulization kits, etc.

Monthly premium payment mode not available
Received higher number of complaints during policy purchase compared to other insurers
Received higher number of complaints on claim settlement compared to other insurers
Our study observed their responses on Twitter to be average in comparison to other insurers

Specific Exclusions: Niva Bupa ReAssure 2.0 (Gold)

01 Injury or illness due to nuclear, radiological emissions, war or war like situations

02 Expenses for screening, counseling or treatment related to external birth defects

03 Dental treatment except for treatment required due to cancer or accident

04 Use of ventilator for a patient in vegetative state (brain dead) without any chances of recovery

Special Conditions: Niva Bupa ReAssure 2.0 (Gold)

01 Under Organ Donor cover, if you donate any of your organs, expenses associated with harvesting the organ from you will be covered

02 Under Domiciliary Treatment cover, peritoneal dialysis and chemotherapy taken at home will be covered

About Niva Bupa Health Insurance Company Limited

Niva Bupa Health Insurance Company Limited (formerly known as Max Bupa Health Insurance Company Limited) is a joint venture between Fettle Tone LLP and Bupa Singapore Holdings Pte. Limited. This standalone health insurance company provides a wide range of health insurance products that cater to the needs of its customers, such as individual health plans, family floaters, top-up policies, etc. It was founded in 2008 and is headquartered in New Delhi, India. Mr. Ashish Mehrotra is the company's CEO and MD.

Founded in

2008

JV Partners

Fettle Tone LLP and Bupa Singapore Holdings Pte. Limited

Turnover (GWP)

1025.99 Crores

Number of Policies

61,36,225

Number of Claims

1,53,167

Detailed Product Specs: Niva Bupa ReAssure 2.0 (Gold)

Claims Experience advisor

Customer Service advisor

Product Benefits (10L Sum Insured) advisor

Limits and Exclusions advisor

% of claims settled in less than 30 days

Reflects on the speed of settling valid claims

99.95%

% of Complaints received on overall claims

% customers unhappy with claims experience

0.49%

Claims Incurred Ratio

65.44%

Claim Settlement Ratio (No. of claims)

What % of the claims received were paid?

85.18%

No. of Cashless Hospitals

10,000+

Notes

1- The health insurance data was last updated in September 2023. All data has been sourced from product brochures, policy wordings, prospectus, public disclosures (Q1, FY 2023-2024), insurer websites, and the IRDAI website.

2- The Claims Settlement Ratio data is taken from NL-37, insurer public disclosures (Q1, FY 2023-2024). It is calculated by dividing the number of claims settled by the sum of claims outstanding at the beginning of the year and claims reported during the year.

3- The data related to claim complaints and policy purchase complaints is taken from NL-45, insurer public disclosures (Q1, FY 2023-2024).

4- The Solvency Ratio data is taken from NL-26, insurer public disclosures (Q1, FY 2023-2024).

5- The data related to claims settled within 30 days is taken from NL-39, insurer public disclosures (Q1, FY 2023-2024).

6- The Claims Incurred Ratio data is taken from NL-4 and NL-5, insurer public disclosures (Q1, FY 2023-2024). It is calculated by dividing the Net Claims Incurred by the Net Earned Premium.

7- For now, we have considered the most comprehensive plans from leading insurance companies. We will keep updating the product pages with new plans in the coming days.

8- We have rated only those plans that can be serviced by individual advisors. This is because of our strong belief that health insurance customers need professional assistance from individual advisors before and after purchase. We do not recommend and hence do not rate direct-to-customer health insurance plans or plans where there aren't enough advisors available to service.

9- Affordability assessment of plans:

・The affordability of comprehensive plans is assessed using premiums for a family of two adults (30 years old) and one child (1 year old) residing in Zone 1 opting for a cover of ₹10 Lakhs. And, the premiums are as of 30th September 2023.

・The affordability of Care Freedom Plan is assessed using premiums for a 30-year-old male residing in Zone 1 opting for a cover of ₹5 Lakhs. And, the premiums are as of 30th September 2023.

10- The product benefits section is based on a sum insured of ₹10 Lakhs and only highlights the top benefits and features of health insurance plans.

11- Only those hidden and special conditions that apply to the benefits and features we have considered are included on the product pages.

12- The product pages only include the most significant specific exclusions under each plan.

13- The product pages do not include any generic terms, conditions, or exclusions (those that are the same and apply to all health insurance plans).

14- If the policy wording, brochure, or prospectus states that a benefit/feature is available with a specific plan but it is not available online when generating the premium quote, we have not considered that benefit/feature to be available with the plan.

15- The response time on Twitter (Beta) was calculated using a sample set of tweets from February 2023 to August 2023 (analyzed in September 2023).

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