BWI: Max New York Life Insurance Launches ‘Healthy Family’ Floater Plan

Press release from Business Wire India
Source: Max New York Life Insurance
Monday, June 01, 2009 02:15 PM IST (08:45 AM GMT)
Editors: General: Consumer interest; Business: Advertising, PR & marketing, Banking & financial services, Business services; Healthcare
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Max New York Life Insurance Launches 'Healthy Family' Floater Plan
A First of its Kind Health Insurance Plan for the Entire Family Including the Ones Expected

New Delhi, Delhi, India, Monday, June 01, 2009 -- (Business Wire India) -- Max New York Life Insurance, one of India's leading life insurance companies, today introduced 'LIFELINE Healthy Family' a health insurance plan, the most comprehensive long term insurance coverage for hospitalization, surgeries and critical illness for the entire family under one single policy.

With the launch of 'Health Family' Max New York Life also became the first and the only company to offer benefits for congenital disorder. It also introduces some other significant firsts and bests to the industry.:

- Highest number of Hospitalisation Days and Daily Cash limits
- Highest number of critical illness covered
- Health insurance coverage for the longest duration - 10 years
- No upper limit on the family size
- Yearly increases on surgical benefits, even after claims
- Guaranteed renewability till the age of 75 years
- Relevant and segmented benefit for parents

"We are excited to offer this comprehensive health insurance solution for the entire family that responds realistically to their needs which are far from being met. With the growing incidence of diseases due to lifestyle changes, health insurance is recognized as one of the primary protection needs for all the members of the family," said Max New York Life Insurance Senior Vice President & Head - Health & Retirement - Sumit Rai. Announcing the launch of 'Healthy Family', Sumit Rai added: "With a complete and comprehensive portfolio of Health Insurance solutions backed by best in class services we have emerged as a leader in setting quality benchmarks. Max New York Life works on the principle of trust and imparts the same values to its Agent advisors. We work closely with our customers and the process of aiming to provide relevant solutions for their needs begins with understanding them better and recognising their needs."

About Healthy Family

The need of the hour is for a health insurance plan that not only takes care of ones health insurance, but also takes care of his family. Taking care of this need Max New York Life introduced LifeLine Healthy Family - the Most Comprehensive Health Insurance Plan.

Key Benefits:

Comprehensive health cover - Covers hospital cash, surgery and critical illness for the whole family under one plan.

Coverage of Congenital disorder - Max New York Life is the only life insurer to offer this benefit. This benefit covers medically listed necessary surgical procedures required to correct congenital defects in a child born to a mother who is continuously covered for a period of 12 month under the policy. The benefit is part of the Surgical Sum Assured and will form a part of the Primary floater. Repeat surgeries would be allowed subject to the sum assured limits applicable.

Highest number of Hospitalisation Days and Daily Cash limits - Through Healthy Family, the family insured is entitled to 100 days of coverage in the policy year and 500 days during the policy term. Also the family is entitled to fixed daily cash benefits in case of hospitalization of Rs. 1000/- per unit and Rs. 2000/- per unit in case of ICU requirements.

Coverage for 10 years - To close the existing gap of long-term health insurance for the entire family, Healthy Family provides health insurance cover for a period of 10 years with an option to renew premiums in a block of 5 years.

No upper limit on the family size - The policy also offers no limitations on the number of children that can be covered under one policy whether biological or adopted.

Highest number of surgeries covered and Yearly increases on surgical benefits, even after claims - Healthy Family entitles coverage in more that 430 surgeries and an increase of 5% (simple interest) on the surgical cash benefit each year.

Highest number of critical illness cover in the industry - Healthy Family covers 38 critical illnesses, which is the highest in the industry.

Guaranteed Renewability till the age of 75 years - Healthy Family guarantees renewabality of the policy till the age of 75 years even if a member of the family has faced major or critical illness.

Relevant and segmented benefit for parents - Since older members of the family are more susceptible to falling ill, to ensure that the family does not suffer from inadequate cover in case the benefits have been availed, parents in the family have been provided with segmented benefits which will ensure separate payout in case of hospital, surgical and critical illness payouts.

Premium calculation for each life to arrive at the final premium for the entire family - Each individual of the family is assessed individually to arrive at a cumulative premium. Through this offering the company has have also tried to address the existing concern of defined premiums irrespective of family health conditions. This means two different families with the same number of members and age may have different premium amounts based on individual health conditions.

About Max New York Life

Max New York Life Insurance Company Ltd. is a joint venture between Max India Ltd., one of India's leading multi-business corporations and New York Life International, the international arm of New York Life, a Fortune 100 company. Max New York Life Insurance, incorporated in 2000, is one of India's leading private life insurance companies. The company offers both individual and group life insurance solutions. It has established a wide distribution network across India. Through its wide network of highly competent life insurance agent advisors and flexible product solutions, Max New York life Insurance is creating a partnership for life with its customers in India to facilitate them to achieve more.


CONTACT DETAILS
Arpan Basu, Max New York Life Insurance Company Ltd, +91 9818083556, arpan.basu@maxnewyorklife.com
Priya Badshah, Max New York Life Insurance Company Ltd, +91 9820248172 , priya.badshah@maxnewyorklife.com
Aparna Sankaran, IPAN, +91 9899957559, aparna.sankaran@ipan.com
Garima Arora, IPAN, +91 9891221255, garima.arora@ipan.com

KEYWORDS
CONSUMER, MARKETING, BANKING, BUSINESS SERVICES, HEALTHCARE

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