Max bupa has a very unique one of its kind product called Max Bupa Family First. Its uniqueness is in its feature of provision for covering 13 relationships of a family in a single plan. Relationships can be parents, in laws, spouse, and kids. I have tried to understand this and presenting you with the review.
Max bupa family first – in shortBasically this is an extended version of family floater policy. In a family floater policies generally the maximum of 2 adults with maximum of 2 kids (some policies cover 3 kids also) are covered but in max bupa family first you can get 13 relationship covered under a single plan. There’s one more difference as compared to floater plans is that in Max bupa family first there are 2 types of cover ,one is individual which is available to every member separately and other is floater which anyone of the member can use after exhausting his own individual cover. This is where company is pitching its USP but as a buyer this should not be the only feature your decision be based upon. Let’s understand the product in detail.
Basic features of Max bupa Family first.
This is what you find in the product brochure. For the explanation and other details of product you need to go through the policy wordings of the product.
Source : Maxbupa family first brochure
1. Individual cover is available up to Rs 5 lakh for each family member plus floater cover is available for up to Rs 15 lakh. These covers can be opted through Silver or Gold plan option which has different features as described above.
2. Hope you are aware that there’s difference in treatment cost between the shared accommodation and single private room. So in Silver Plan Company will only cover the treatment cost related to shared accommodation even though you took Single private room. (read : Managing Hospitalisation cost)
3. Pre and post hospitalisation expenses are covered for 30 days before and 60 days after the inpatient hospitalisation with the limits specified in the product details as above.
4. It covers all day care procedure, which is a unique feature.
5. Maternity benefit under this policy will be available to the adult female insured person only when-
a) The policy is covering at least 3 adult persons including at least one male person
b) After completion of at least 24 months of continuous coverage and company has received at least 3 continuous annual premiums.
c) This benefit can be claimed only twice during the lifetime of the policy.
6. New born baby will be covered from day 1 only if maternity benefit has been claimed and accepted under the policy.
Some “different” features of Max bupa Family first
1. Individual plus floater cover: This is one of its kind features of max bupa family first where there are 2 kinds of cover in a single policy Individual and floater.
2. Health Check-up: On renewal every year each member will be eligible for a health check-up as per the policy schedule and plan eligibility. Only those check-up costs are covered where check-ups were arranged by company into their empanelled hospitals.
This is an uncommon feature as normally health check-up costs are covered after 3-4 years of continuous renewal.
3. Relationship loyalty programme: On renewal of policy every year, company will give shopping or health vouchers of different companies valuing 10% of last year’s premium. This benefit is on continuity of policy and does not depend on the claim made or not.
4. All day care procedures covered: This is again a USP of the product as generally there’s a defined list of procedures which a policy covers.
5. 90 days waiting period : Where other policies puts one year or 2 years waiting period on specific defined illnesses or medical problems, there Max bupa family first has put only 90 days waiting period .
6. Four hours cash less claim response : Max bupa also claims to respond on your cash less claim request with in maximum of 4 hours of claim recieving.
Some Restrictive features of Max bupa Family First
Till now I have covered only the benefits of the max bupa family first policy but now let’s have a look at the restrictions which some people may not like.
- 20% co pay is applicable when a claim is made by insured above 65 years of age.
- Pre-existing condition will be covered after 48 months of continuous renewal.
- There is a waiting period of 24 months on specified medical conditions for the persons above 60 years of age.
- No increase in sum assured as a “no claim bonus”.
Cost benefit analysis of Max Bupa family first
This policy is meant for those who are looking for high end cover. The premium may not suit to those who are looking for a basic policy with hospitalisation benefit. Also the premium has to be seen in concurrence with the benefits like Hospital check-up cost and loyalty vouchers. On the face of it you may find the premium too costly but when the cost of health check-up and discount voucher gets adjusted it looks quite comparable.
Should you go buy Max bupa family first?
- As I said that this policy suits to those who look for high end cover. Those who are in a habit of getting regular health check-up done and make use of shopping vouchers may consider this plan as the premium may not pinch them.
- The restrictions on the Room type and pre/post hospitalisation expenses in silver/gold plan leaves me thinking as I personally don’t like restrictions. I believe that policy should be flexible with no limits/sublimit and let the customer make the choice of room and treatment.
- Though this policy covers even parents and grandparents but the feature of co pay of 20% on claims of member above 65 years of age puts me off. This recalls me the TV advertisement which is coming now days saying “I am ok with it…magar papa”. click to watch .Co pay is everywhere for the insured above 60/65 years but many polices provide exemption if policy was in continuation for last even 1 year. (Read : Health Insurance for parents)
- The feature like complete coverage on all day care surgeries is an attractive one.
Thus like every health insurance policy this also has its own pros and cons. One should decide as per the family composition and requirements. So I leave this thought to you . Keeping in mind the features you have to do the cost benefit analysis yourself and see what suits you best. (Also Read : Religare health Insurance care)
I would love to hear your views and experience on Max bupa Family first .Do share .