Max Bupa Health Assurance: Lifelong personal accident and critical illness

Senior citizens who complained of being excluded from a personal accident and critical illness policy when they really needed now have an option of lifelong renewal 

Max Bupa Health Assurance is a product with lifelong renewal, a demand that addresses the core need of senior citizens who were refused renewal of personal accident (PA) policy after age of 70, ostensibly due to increased possibility of accidents at an older age. 
Critical illness is another product which excludes customers as early as 50 years; some policies run till age 60 years. Again, critical illness like first heart attack, stroke, paralysis, cancer is likely to strike more after age 60 years—the time when the product is unavailable for customers to cover their risk. Max Bupa Critical Illness cover is a reasonably priced product covering wide range of illnesses with lifelong renewal benefit.
At Moneylife foundation event in Kochi last week, Dr A Noble, a retired principal scientist, talked about PA policy not renewed for him after he reached age of 80 years. He had paid premium for years together, but even after being completely fit, the refusal by the insurance company to renew his policy left him angry and frustrated. Case-to-case renewal after 70 years is done at complete discretion of the insurer. Moneylife Foundation had raised the issue of lifelong renewable PA product in the memorandum sent to the Insurance Regulatory and Development Authority (IRDA) in May 2012. Lifelong renewal of a PA policy should be a norm rather than an exception.
Max Bupa Health Assurance offers a combination of three health covers—PA, Critical Illness and Hospital Cash, with an option to choose all or any of the three covers. The product can be bought between 18-65 years; PA and Hospital Cash are offered to children from age 2-21 years. 
The premium for PA cover is same for ages 18-65 years. According to Sevantika Bhandari, Director-Marketing, “For customers above 65 years of age, the premium for PA cover will vary. We are offering PA, Critical Illness and Hospital Cash under Health Assurance with life-long renewal. In fact, we were the first in the industry to introduce the option of life-long renewal with the launch of our flagship product Heartbeat (Mediclaim) in 2010.” 
Here are the pros and cons:
Advantages – 
Reasonable premium at Rs780 for Rs5 lakh cover for ages 18-65 years. You can get PA policy in the range of Rs500 to Rs800 for same cover, but the Max Bupa product also covers child education benefit of 5% of the Sum Insured (SI) or Rs50,000 per child, whichever is lower and funeral expenses of Rs5,000 in case of accidental death
Maximum entry age is 65 years. Life-long renewal is a welcome step, but it does come at a little price. 
Health Assurance Personal Accident Benefit Table (inclusive of service tax of 12.36%)
Disadvantages – 
The product only covers accidental death, permanent total disability (PTD) and permanent partial disability (PPD). Temporary total disability (TTD) is a good optional feature available in many PA products, but is missing in the Max Bupa offering. TTD usually pays 1% of the SI for 100 weeks in case of disability preventing one from going to work
The list specified for PPD is not comprehensive. It does not cover for loss of fingers, smell, taste, and so on. A general statement like “any other permanent partial disability—percentage as assessed by the doctor”, which is present in many PA products would have helped
Critical Illness is a good product considering the following pros and cons:
Advantages – 
Lifelong renewal
20 critical illnesses like cancer, first heart attack, stroke, paralysis, major burns, coma, kidney failure, open chest coronary artery bypass surgery, etc are covered
Floater option is available for two adults
Very reasonable premium at Rs752, Rs2436, Rs13465 for Rs3 lakh cover (age 27, 42 and 65 respectively)
Pre-existing coverage offered after four years of continuous coverage. Most critical illness products do not cover pre-existing diseases
Disadvantages – 
90 days of waiting period and 30 days of survival period for the policy to pay. Some critical illness products in the market cover with zero survival period





3 years ago

Thanks for sharing. so what the lifelong assure by bajaj allianz, whats the difference between this


3 years ago

thanks for sharing but what is life long assure by Bajaj Allianz.

FDA wants Gutka owners to pay for seized goods destruction

Maharashtra FDA has decided to recover or ask Gutkha manufacturers from whom the goods have been seized to incur expenses of destroying the stocks

Thane: Having seized banned Gutka of over Rs4 crore, the Food and Drug Administration (FDA), which is now faced with the uphill task of destroying the stock, lying at its office in Thane has decided to recover expenses in this regard from concerned parties, whose goods have been impounded, reports PTI.


The FDA office near ESIS Hospital premises in Wagle Industrial Estate has already become a virtual godown to all seized goods with no room to move around.


An FDA official, who is also in-charge of the drive carried out since last four months said that the Konkan division which has the distinction of topping the list of seizures in Maharashtra has a stock of around five tonnes of gutka.


He could not however classify the Gutka and supari-mix stock which the department has seized.


According to sources, the department will incur expenses of Rs26.50 per kg for the destruction of the seized Gutka.


Hence the destruction of the five tonnes of the seized Gutka will cost the department around Rs13.25 lakh. Add transportation cost to it and the expenditure will go high, they said.


According to officials, FDA has identified a facility at Devnar which is approved by the Maharashtra Pollution Control Board (MPCB) for destruction of the seized goods. But now it has decided to recover or ask the concerned parties from whom the goods have been seized to incur these expenses.


However, it is not clear whether the parties have agreed to take up these expenses.


Meanwhile the FDA has written to the civic corporations here seeking their nod to dispose of the seized goods in their dumping yard which needs to be done in the presence of senior FDA officials.


However none of the civic corporations have responded yet.


Moreover land fill is not permitted as Gutka plastic/polythene cover is a banned item for land fill and will give rise to environmental issues.


Buying stocks? Pay attention to trends in women’s interests and habits

The rise of women and women empowerment has big ramifications on the economic future of India and developing markets. Marico, SKS Microfinance and TTK Prestige are stocks influenced by women

Did you know that 64% of all purchases are influenced by women, and this is particularly in developing economies such as India? Did you know that a whopping $4.3 trillion is earned by women in the US? This is expected to increase by $5 trillion in the future, and the number is expected to grow bigger. Such is their importance of women in decision-making in households. According to Boston Consulting Group, one billion women now participate in the workforce globally and they now control 50% of the wealth in the US. Globally as many women attend university as men as more females take up education to empower themselves. In a new thematic report, Espirito Santo Securities has highlighted the importance of women and, within the context of women empowerment and importance in society and life, the investment avenues where women are influential.

Some of the key sectors where women play an important role are food, apparel, financial services, healthcare, consumer durables, telecom services and real estate. We will be focusing only on Indian aspects of the report as well as the three companies mentioned where women have a key role—Marico, SKS Microfinance and TTK Prestige.

In India, there have been several rapid strides in women empowerment. While emerging markets are yet to catch up with developed countries, the emergence of women, over here, as a new force to reckon with will have wide-reaching ramifications. The next few decades will be important as more women contribute to the workforce and economy. This will change industries and the economic landscape significantly over the next few decades and catch up with developed countries such as Norway and US.

In fact, some of the top business leaders in the Indian workforce today are women. The CEO of ICICI Bank is Chanda Kochhar.  The CEO of Axis Bank is Shikha Sharma. Naina Lal Kidwai is the group general manager and country head of HSBC India, part of the global banking juggernaut—HSBC. Indra Nooyi is currently the head of PepsiCo, one of the world’s largest soft-drinks conglomerates. Kalpana Morparia is the CEO of JP Morgan India. And these are not small companies by any means—they are big if not huge. And there are more, not just in business but in other spheres of life as well—political, social and even sports—everywhere. Their profile is rapidly increasing and has implications not just from societal point of view but also economic standpoint.

What has been the driver of this remarkable empowerment in India? The key drivers of have been improvement in wealth, lower fertility, higher education, access to information and technology, according to Espirito Santo.  

Economic liberalisation meant more television channels and newspapers. As more women tune to cable TV, they come to know about the world view and cultures in different parts of the country. In fact, in India, “informal education”, among the rural folks, has been a powerful tool for the women’s empowerment. According to Robert Jensen and Emily Oster, cable TV may lead to changes in attitudes towards women, even without targeted interventions.

The other key factors for women empowerment has been health and education. It has been established that women outlive men and better health and lower fertility rates meant more women entering the global workforce. Despite endemic marriages at young age, especially in rural India, women have been able to delay motherhood. The awareness of sexual practices and family planning amongst many families has been instrumental in lowering fertility rates. According to Espirito Santo, “In 2011, Emerging Market Women (EMW) were still getting ‘married’ significantly earlier: 47% of 20-24 year old Indian women were already married/in union before the age of 18. Despite this, women have been able to delay motherhood. This was the key catalyst for women to start joining the workforce.”

One of the most heartening aspects of the report has been increased optimism for women and their daughters’ place in the future. More believed that the future generation holds bright. A 2011 report by Nielsen, according to Espirito Santo, reports that roughly “77% of the women in emerging economies believe that the future will be brighter for their daughters and wanted to share more responsibilities in life decisions”. This is a markedly huge shift in optimism and empowerment in women over the years. Much of it has been helped by education and technologies.

Consider the following graphs. Women are not only key decision makers, but also understand the power of education in empowering daughters for the future. As you can see, more than half of the women in the survey wanted to spend money towards education—far more than developed countries. Secondly, the role of technology has made nearly everything accessible to them for improving their lives—particularly the television. Television has exposed them to newer cultures and way of life, and also exposed them to role models and such.

Within the context of women empowerment, which companies are influenced by women? Espirito Santo has come up with three companies, namely Marico, TTK Prestige and SKS Microfinance as companies where women play a key role in their profitability.

TTK Prestige

We had put a write-up on Espirito Santo’s forecast on TTK Prestige earlier. Check here ( to see what they have to say about the company’s future prospects. According to the company, it is reported that an astounding 90% of its buyers are women! Since our report, it has downgraded the fair value to Rs3,000 and put it as neutral but remains bullish over the long term.


Marico is a fast-moving consumer good company, and owner of the flagship brand—Parachute Oil. According to Espirito Santo, Marico is a good pick because, “more Indian women entering the workforce and increasing their discretionary spending power, they are increasingly buying aspirational beauty products. Married working women are also looking for meals that reduce their workload and offer nutritional alternatives, like oats for breakfast and branded edible oil.” However, the brokerage is neutral on the company, with fair value at Rs214.49.

SKS Microfinance

The company had been in the limelight throughout much of last year, mostly for all the wrong reasons, particularly politicking amongst the brass. However, Espirito Santo feels that it is past all that now. It said, “The last six months the company has not only left the Andhra crisis behind it, but has also raised Rs.263 crore of capital, which should be enough to take care of its capital requirement for the next couple of years.” It lends micro-loans to the poor, mostly through self-help groups (SHGs) who are largely constituted by women. With the Reserve Bank of India (RBI) initiative to step in and regulate the sector, the industry can expect better numbers. Espirito Santo believes it is a BUY and with fair value being Rs143.87.


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