Max Bupa Family Health Insurance Plan -Money Saver
Considering the ever-rising healthcare expenses and the rising cases of medical emergencies, insurers have started offering different health insurance plans with distinctive features and extensive coverage. Top-up health insurance policy is one such type that boosts the basic health insurance coverage, by backing it up in case the basic cover gets exhausted. One such plan is the Max Bupa Money Saver Policy.
What is Max Bupa Money Saver Policy?
The Max Bupa Money Saver Policy is a health insurance plan offered by the Max Bupa Health Insurance Company. This policy is an outcome of the merger of two plans Max Bupa Health Companion plan and Max Bupa Health Recharge plan.
The Max Bupa Health Companion plan is an advanced health insurance plan offered by Max Bupa that comes with the family floater and individual basis. Also, based on the Sum Insured (SI) amount, this plan is divided into 3 categories, which are as follows:
- Silver category
- Gold category
- Platinum category
The Health Recharge policy by Max Bupa is essentially a pocket-friendly and comprehensive top-up plan that is ideal for those who want to provide medical coverage for themselves as well as their family members at low and flexible premium rates. Under this plan, a policyholder can cover himself/herself, spouse, and a maximum of up to 4 children.
The insured has to select an annual deductible amount from a range of options, and the plan is only activated after this deductible amount has been paid.
The Max Bupa Money Saver Plan, created from the Health Companion plan, offers all its benefits and comes in these 2 variants and 3 categories. It also has all the features of the Health Recharge plan.
Thus, this plan gives the policyholder dual benefits of the Health Companion, and Health Recharge plans on payment of a single premium amount, on a yearly, half-yearly, quarterly or monthly basis. The premium rates are also affordable as compared to other plans from Max Bupa.
Features of Max Bupa Money Saver
Some of the key features of the Max Bupa Money Saver Plan are as follows:
- health insurance – This plan has been designed by combining 2 separate health insurance plans, namely Health Companion and Health Recharge, which offers all the advantages and benefits of both these plans.
- Many options are available in a lot of options that an individual can choose from as per his/her medical requirements. It comes in both the individual and family floater variations. Bachelors can opt for the individual floater with low premium rates, and people with families can choose the family floater. All family members, including the policyholder, are covered under a single policy and get equal coverage.
- Flexible Sum Insured: The policy comes with various SI options ranging from Rs 10.5 lakh to 1 cr.
- Policy renewability – This plan offers the Lifelong Renewability option, as there is no upper age limit for policy renewal.
- No TPA involvement – TPA refers to Third Party Administrators. There is no TPA interference while raising claims or during claim settlements. It offers direct claim settlement when the patient is admitted to one of the hospitals in the Max Bupa hospital network.
- Auto Restoration – This plan offers auto recharge of Basic Sum Insured (BSI), in case the available sum insured is exhausted by the insured while raising a claim.
Benefits of Max Bupa Money Saver
Some of the prime benefits of the Max Bupa Money Saver Policy are mentioned below:
- Tax benefits – The policyholder is eligible for tax exemption and deduction for this policy, as mentioned under Section 80D and 10D of the Income Tax Act, 1961. The tax on the premium amount to be paid is relieved as per Section 80D of ITA.
- Cashless benefits – This plan offers cashless hospitalization, provided that the insured or the family member (in case of family floater) is admitted to one of the hospitals under the hospital network of Max Bupa.
- Medical checkups – Under this plan, the policyholder and his/her family members (if applicable) are eligible for free complimentary medical checkups on an annual basis, for every claim-free year.
- Domiciliary and Daycare treatments – Max Bupa Money Saver Plan pays for more than 100 Daycare treatments and also provides coverage if the insured or any family member requires home/domiciliary treatment.
- Emergency Ambulance – Under this policy, emergency ambulance services are covered for a maximum amount of Rs 1,500 per visit.
- Hospital Cash benefits – This plan offers cash, in the form of a lump-sum payment, for every day during hospitalization for various ancillary and medical expenses, including in-patient charges. The minimum amount is Rs 1,000 per day, which can go up to Rs 4,000 per day.
- Hospitalization benefits – It offers comprehensive coverage, as in all hospitalization expenses, including doctor's consultation fees, nursing fees, cost of drug medicines and consumables, hospital room charges, etc. are covered under this policy.
- Pre and Post-hospitalisation Cover: Also, pre-hospitalization charges, up to a maximum of 30 days and post-hospitalization charges, up to 60 days are covered by this plan.
- AUSH Treatment Cover: Alternative treatment expenses are covered such as Ayurveda, Unani, Homeopathy, Siddha etc.
Exclusions of Max Bupa Money Saver Policy
The policy exclusions of Max Bupa Money Saver Plan are mentioned below:
- Treatment for sleep disorders or insomnia
- Pre-existing illness will not be covered up to 3 years
- Initial 30 days waiting period for claiming the policy, except for an accidental claim
- 24 months waiting period to be served for covering some specific listed illness
- Alternative treatments, OPD treatments (except daycare)
- Psychosomatic or psychiatric treatments
- Treatments for alcohol, drug or substance abuse, and rehabilitation, convalescence
- Birth control treatments assisted reproduction medical procedures
- Genetic or hereditary disorders or conditions
- Injury or disease inflicted during any unlawful activity or during wars, riots, strikes, invasions, nuclear attacks, etc.
- Medical expenses incurred for HIV/AIDS/STDs or related medical condition treatment.
- Cosmetic, reconstructive or aesthetic surgeries or treatments, Weight loss or obesity treatments or programs
- Congenital conditions or conditions
- Unproven or experimental medical treatments
- Dental surgeries and treatments
- Wellness, nature cure, health hydros clinics, etc.
- Eye or eyesight related treatments or other optical services
- Neurodegenerative, neurodevelopmental or behavioral disorders or conditions
Eligibility Criteria to Buy the Max Bupa Money Saver Plan
The eligibility criteria for Max Bupa Money Saver are as follows:
Minimum Entry Age
91 days – children
18 years – adults
Maximum Entry Age
25 years – children
65 years – adults
Maximum Number of Members
4 – children
2 – adults
Pre-policy Medical Screening
Not applicable for this policy
Policy term options
1, 2, 3 years
Individual basis, family floater
Free Look Period
Initial Waiting Period
After 3 years
Claim Process for Max Bupa Money Saver Combo
The claim process for Max Bupa Money Saver Policy is quite a simple and hassle-free process. Max Bupa offers a direct claim settlement process since; it does not allow any TPA involvement.
There are 2 types of claims, which are Cashless claims and reimbursement claims. As mentioned above, cashless claims are only applicable if the patient is admitted to a hospital under the insurer's hospital network, whereas reimbursement claims are applicable for other conditions.
In case of a cashless hospitalization, the insurer directly settles the bills with the hospital authority. Cashless hospitalization can also be utilized through this method.
- In case of any medical situation, emergency or not, the policyholder has to let the insurance provider know of the situation as soon as possible. The period within which the insured is advised to intimate is 24 hours in case of unplanned or emergency hospitalization and 48 hours in case of planned hospitalization.
- The pre-authorisation letter needs to be filled and submitted to the insurer seeking permission for cashless facility.
- The insurer will convey its decision to the hospital within a stipulated time. Once approved, the cashless facility can be availed.
In case of a reimbursement claim, the insured has to pay the hospital bills by own initially and register the claim later. All required documents including the medical report, discharge certificate, test reports etc, need to be submitted along with the claim form. After verifying everything, the insurer settles the claim.
Renewal Process of Max Bupa Money Saver Policy
Max Bupa Money Saver Combo's renewal process is as simple, hassle-free, and easy as its claim process. The policyholder just has to retain and produce the following details while renewing a policy:
- Policy Number
- Name and age of the policyholder
The policy can also be renewed through 2 ways – online or offline. For the online method, one can visit Paisawiki.com and go to the renew option and make the appropriate payment. In contrast, for the offline method, one has to repeat the above process, but has to visit a nearby branch office.
How to Buy Max Bupa Money Saver Policy?
There are 2 methods through which an individual can purchase Max Bupa Money Saver Combo, which is as follows:
- Online method – This method is the simpler of the 2 and can be done with the comfort of home. It only requires a working PC or smartphone with an internet connection. An individual can visit the official website of Paisawiki, select the Max Bupa plan, fill up the application form, upload the required documents, and make the payment online.
- Offline method – This method is old-fashioned and is somewhat troublesome. One has to visit the nearby branch office of Max Bupa to buy the plan. The individual has to ask for an application form, fill it up, submit the applicable documents, and make the payment to purchase the policy successfully.
Required Documents to Buy the Max Bupa Money Saver Plan
The documents that are required to be submitted with the insurer while applying for the Max Bupa Money Saver Policy are mentioned below:
- ID proof – KYC or non-KYC documents
- Address proof – Any official document having the applicant’s address
- Age proof – Birth Certificate
- Income Proof – Salary Slip
Ans: Yes. The plan comes in 2 variants, which are family floater and individual. As the name suggests, the individual plan is ideal for bachelors, unmarried people or those are with no families. It offers wide coverage for low premium amounts. Also, the sum insured options are more for the individual floater variant than the family floater variant.
Ans: The different add-on benefits of the Max Bupa Money Saver are mentioned below:
- Vaccination benefits – Coverage for vaccination charges in case of animal bites (pre-specified in policy terms and conditions)
- Non-allopathic treatment charges
- OPD benefits – Coverage against Out-patient treatment and procedure expenses
- Top-up policy on an annual aggregate basis – Wide range of deductible options ranging from a minimum of Rs 1 Lakh to Rs 10 Lakh
- Cooling off period
- Pre-existing medical conditions or disorders
- International Cashless benefits – Cashless facility is available in certain hospitals outside India.
Ans: Some of the optional riders offered by the insurance company for the policy are as follows:
- Critical or Terminal Illness Rider
- Personal Accident Rider
- Hospital Cash Benefit
Ans: Some of the reasons for buying the Max Bupa Money Saver Policy are as follows:
- This plan is made up of 2 separate health insurance policies – Health Companion and Health Recharge.
- It offers benefits to both the plans.
- It is ideal for those who want comprehensive medical coverage at affordable premiums, for those who want to enhance their coverage without investing anything extra.
- This plan offers flexibility, as in SI value, Policy term options, etc.
- The insurer promises 30-minutes cashless claim-settlement with no TPA intervention.
- A wide range of cashless network of 4800+ hospitals etc.
Written By: Paisawiki - Updated: 12 February 2021