Bajaj General Insurance has introduced comprehensive health insurance riders designed to address common policyholder concerns about premium escalation. The insurer's 'Age shield' rider enables buyers to ensure that premium escalation with age will not occur unless there is a claim. This addresses the complaint of policyholders who see their premium being revised as they move into higher age brackets even without any claim history.
The insurer has launched 'My Health Care Plan Edge+' (MHCP EDGE+), a health indemnity product offering sum insured options ranging from ₹5 lakh to ₹5 crore with unlimited reinstatement of the sum insured within a policy year. Available for both individual and family floater options, the product offers lifetime renewability, policy tenures of up to five years, and coverage starting from as early as 3 months of age. The base plan provides comprehensive coverage for hospitalisation expenses including room rent, ICU charges, surgeries, modern treatment methods, AYUSH therapies, and pre and post hospitalisation costs.
The insurer's Smart Tenure feature combines the sum insured across the policy tenure and provides access to a larger overall cover even in the early years. Additional rider options include Global Cover for international treatment, the Health Limitless rider that offers one claim without any annual sum insured limit during the policy lifetime, and the Health Prime rider that includes teleconsultations, diagnostic support, preventive health check-ups, and wellness services. The product also offers global coverage options for both emergency and planned treatments abroad, catering to customers with international healthcare needs. Treatment outside India is not covered by default but can be opted through International or Global coverage options.
MHCP EDGE+ offers several advanced features to minimize unexpected costs, including coverage for hospitalisation expenses, optional consumables cover for non-medical items, and add-ons that reduce deductions at discharge. The plan includes Super Cumulative Bonus that provides a 25% increase in sum insured (up to 100% of sum insured) each claim-free year, with the sum insured able to increase up to 600% during a 5-year policy. Key benefits include Major Illness & Accident Multiplier coverage for medical expenses up to twice the sum insured amount for listed events, Age Shield rider to prevent premium escalation with age, and StepUp Benefit that allows enhancement of existing sum insured to the next available slab without restarting waiting periods.
Dr. Tapan Singhel, Managing Director and CEO of Bajaj General Insurance, emphasized the industry's evolution in health insurance approach. As reported by PTI, Singhel stated that 'Health insurance is steadily moving from a product mindset to a solution mindset', where the focus shifts from covering hospitalisation to supporting customers across their entire healthcare journey. The CEO highlighted that 'MHCP EDGE+ responds to some of the most relevant gaps customers experience today, be it rising medical costs, non-payable expenses, or the need for higher and more adaptable coverage'. This strategic pivot reflects the insurer's commitment to providing comprehensive healthcare solutions rather than traditional insurance products.
