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RenewBuy launches custom-made medical insurance plan. Know the small print

3 min read
Up to 70% lower premiums are offered for senior citizens, and up to 50% lower premium for people till 59 years, maternity cover with significantly low waiting period. (iStockphoto)

RenewBuy has launched its first line of custom-made medical insurance product, RenewBuy Health Wellness plan with a concentrate on the massive uninsured phase past the tier 1 markets.

The medical insurance product is among the most versatile and customizable insurance policies provided within the trade at this time, the corporate stated. Available in three variants– Gold Plan, Silver Plan, Wellness Plan– the product has new-age medical insurance advantages, starting from a protection of ₹2-5 lakhs.

Up to 70% decrease premiums are provided for senior residents, and as much as 50% decrease premium for individuals until 59 years, maternity cowl with considerably low ready interval. The plans additionally supply OPD advantages, limitless physician on telephone consultations, free lab checks, heavy concession for offline OPD consultations, fashionable remedy beneath very low sum insured, no room lease capping, together with an array of different advantages (beneath sure T&C). The plans don’t require any medical underwriting; moreover, in addition they supply wellness advantages, which is want of the hour for at this time’s customers, stated the agency.

Most insurance coverage merchandise supply monetary safety for hospitalization and post-hospitalization. However, common physician visits, lab checks and medication payments can closely influence one’s financial savings in at this time’s date; the quantity may even go upto 20% of 1’s wage. An in-depth analysis staff had been set-up, particularly for the mission to garner knowledge insights, on what sort of merchandise may also help resolve insurance coverage points within the Tier 3 markets and past.

Today’s customers search for OPD advantages, covers for lab checks and medicine, custom-made premium charges; and this goes very true for customers within the smallest markets. The buying energy in smaller cities is vastly completely different from metro cities. Thus, RenewBuy’s Health Wellness plan goals to bridge that hole and has launched a bunch of advantages in pre-hospitalization and OPD remedies with the newly launched product.

Balachander Sekhar, CEO, RenewBuy stated, “Insurance is witnessing a fast-changing momentum within the final two-three years; be it with the altering client conduct or rising dangers throughout well being, life, atmosphere, knowledge safety. Thus, as a sector, we have to adapt quick, and newer merchandise have to be developed to maintain upto the quick motion.”

“Our first line of medical insurance merchandise has been developed, utilizing micro client conduct knowledge and understanding market wants. RenewBuy believes in listening to its insurance coverage advisors and prospects, to create extra for them. We have a panel of 1000 of our insurance coverage advisors, primarily from smaller cities and cities from whom now we have understood, the actual want for the mass market when it comes to insurance coverage merchandise. Keeping these in thoughts, we got down to create the best product that’s straightforward to know; 30 p.c cheaper than the standard plans and everlasting resolution to non-hospital prices,” Balachander added.

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