Max India and UK-based healthcare company, Bupa have launched Max Bupa Health Insurance, a standalone health insurance company having an initial capital investment of Rs150 crore. Max and Bupa hold 74 per cent and 26 per cent stake in the joint venture which plans to invest Rs700-750 crore over the next five years.
Operations would start from Delhi, Mumbai, Bangalore, Chennai, Hyderabad and Pune, Max India chairman Analjit Singh said while announcing the joint venture in New Delhi yesterday. By the end of the year the insurance company also plans to launch operations in Jaipur, Surat and Ludhiana, he added.
The amount of insurance cover would range from Rs2 lakh to Rs50 lakh.
The product would offer several features including maternity coverage, total coverage of new born baby up to the age of one year under family floater policy and single age band pricing.
Singh said it would be a totally different product from what other health insurance companies offer and structured along a new approach towards health insurance in India that would cover individuals and families without any age bar.
Elaborating on the product Singh said it would be available to personas across all ages right from newborns to a persons sixty years and over which would be the innovative feature of the product. He said it would provide for expenses including inpatient treatment, pre-and post-hospitalisation, maternity and childcare benefits with regular health checkups. Moreover, unlike the other long insurance products there will be year- on- year contracts with the customers, he said.
He said that providing quality would be the company's prime focus and moreover the company would deal directly with customers without third party administrators.