Kuvera.in, an online investment platform has added health insurance as its latest offering on its portal. Kuvera users can now buy a comprehensive health insurance cover that is 35% cheaper on an average than any comparable retail health policy. The product is in a test phase on the company’s website and is available on a standalone basis for a closed loop of customers in its first phase. The health insurance plan will be made open to all users very soon around October 1. Kuvera has launched the health plan with Bharti Axa as the provider. Users can either avail a standalone individual cover, or a cover for the family in multiple combinations to ensure a comprehensive family-oriented health cover. Before we look at the price difference, let’s understand the plan first.
How is Kuvera Health Protect structured?
Kuvera Health Protect follows a group policy structure where Kuvera is the master policyholder and Bharti AXA is the underwriter(insurer). This is the same structure as that of an employer-provided health insurance where the group comprises of Kuvera users.
The difference here being, that unlike your employer-provided group health cover that ceases when you change jobs, Kuvera Health Protect continues to provide you coverage as long as you choose to stay enrolled in the program.
What does Kuvera Health Protect cover?
Kuvera Health Protect has three elements. Kuvera user may add any one or two elements depending on his need. “If a user is only interested in opting for ‘Daily cash allowance’ benefit, s/he is free to add it. Buying a base cover is not mandatory. Likewise, a user may only opt for top-up. Or, a user may also go for a comprehensive plan depending his or her need,” says Gaurav Rastogi, CEO, Kuvera.in .
The three elements are as below:
1) Group Health Assure: This is a base cover that provides cashless protection in case of medical emergencies.
2) Super Top Up: An add-on cover. It kicks in after the base cover limit is exceeded.
3) Daily Cash Allowance: An add-on fixed benefit solution. It provides you a daily cash allowance for each day of hospitalization. Hence, it helps to take care of expenses occurring outside the base policy.
How much is the price difference?
Kuvera offers the health insurance plan at at average 35% lower cost than any comparable health insurance policy. “For a 31 year old couple, we have checked different permutations and combinations, the premiums on our platform are around 20 % to 35% lower. In some weird combinations, the premiums went down by almost around 50%,” says Gaurav Rastogi.
Here’s the price difference:
Kuvera offers 35% lower premiums. How?
The premium are lower than retail health insurance since the underwriter is pricing the risk for a large group of individuals. “There is no broker or agent involved and, this enables you to save further on commissions that would otherwise be payable,” says Gaurav Rastogi. The idea is to add more and more value to our users, he adds.
Who is eligible?
Individual and the family members who are below 65 years of age and resident in India can be covered. Also, the individual should have invested a minimum of ₹5,000 across mutual fund, gold, US/Indian stocks or SaveSmart in his or her Kuvera account to opt for Kuvera Health Protect.
Features of Kuvera Health Protect
- No room rent capping: Get a single A/C room across all hospitals chains in India.
- No treatment capping: There is no capping on any specific treatment. Everything is up to sum insured.
- No co-payment: You don’t have to shell anything on any treatment. Absolutely zero cost sharing.
- 30-day settlement guarantee: Accepted claims will be settled in 30 days else get 2% monthly interest on claim.
- AYUSH covered: Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homeopathy will be covered up to full sum insured.
- Lowest waiting period: Get your pre-existing and specific illness covered within 2 years.
- Daily cash expenses: Get up to ₹10,000 a day to cover out of pocket expenses during hospitalisation.
- Cashless claim settlement: Kuvera users will get access to the entire network of hospitals empanelled with Bharti Axa for cashless claim settlement. Bharti Axa has over 4,500 hospitals under its network.
- The plan covers Cover 19 after 30 days of policy issuance.
- Premium paid towards the plan is eligible for income tax deduction under Section 80D.