Care Health Insurance (formerly Religare Health Insurance) announced the launch of its item, Care Shield. The item requires into account increasing inflation, coverage of particular health-related costs as properly as safeguarding the No Claim Bonus (NCB) advantage from lapsing in case of moderate claims of up to 25 per cent of the sum insured.
Anuj Gulati, Founding Managing Director, and CEO mentioned, “Medical costs keep rising each year due to annual inflationary pressures. The ongoing pandemic has only exacerbated the situation. Moreover, there are certain consumables and healthcare items that may be relevant, but are typically excluded by insurance policies.” He adds, “The third factor for policyholders is that their No Claim Bonus benefit could lapse in case of even small claims. Care Shield is an innovative solution that protects our customers from the aforementioned concerns.”
Among some of the highlighted added benefits of the item, the corporation says it also requires into account the increasing remedy charges due to inflation, which impacts the capacity of sufferers to afford health-related care in the future. Therefore, policyholders obtain new policies or raise their current policy sum insured for maintaining the coverage at par with the larger charges arising from inflation.
Once added to a policy, Care Shield increases the sum insured at the time of renewal as per the CPI (Consumer Price Index) inflation price for the preceding policy year declared by the competent government authorities, which guarantees the customer’s policy sum insured is sufficient to meet future remedy costs.
Another function of the item is the Claim Shield. While wellness Insurance policies have a list of 60-plus things such as Belts, Braces, Buds, Crepe Bandages, Gloves, Leggings, Masks, Oxygen Mask, Spirometer, Thermometer, Ambulance Equipment and suchlike, which are commonly consumed for the duration of remedy but frequently not covered in the policy, Claim Shield function offers coverage for these things in case of hospitalization.
With its other function No Claim Bonus Shield – a reward is offered to policyholders for the duration of renewal in case No Hospitalization Claim is registered for the policy in the preceding year. For instance, if a consumer bought a policy on 01 January 2019 and No Claim was registered for the duration of the policy year (among 1st January 2019 to 31 December 2019) then the policy sum insured is hiked by 60 per cent on renewal at no additional price. This function also guarantees that any low-worth claim (<25 per cent of SI) does not lead to an erosion of the accumulated NCB.
Ensuring customers’ access to excellent healthcare, beyond hospitalization, the insurer has integrated preventive wellness verify-ups, wellness, medical professional consultations, diagnostics, and dwelling care.