RenewBuy launches customized health insurance plan. Know the details

RenewBuy has launched its first line of customized health insurance products, the RenewBuy Health Wellness program, which focuses on the large uninsured segment outside of tier 1 markets.

The company says the health insurance product is one of the most flexible and customizable policies offered in the industry today. Available in three variants– Gold plan, Silver plan, Wellness plan– it features new age health insurance benefits, from coverage of $2-5 thousand.

Up to 70% off premiums for seniors and up to 50% off premiums for people under 59, maternity coverage with significantly low waiting times. Plans also offer OPD benefits, unlimited phone doctor consultations, free tests, massive discounts on offline OPD consultations, state-of-the-art treatment for very low premiums , unlimited room rates, plus a host of other benefits (subject to certain T&Cs). The plans do not require any health insurance; In addition, they also provide health benefits that are a daily need for today’s consumers, the company said.

Most insurance products provide financial protection for the hospital stay and after the hospital stay. However, regular doctor’s visits, lab tests and drug bills can greatly affect a person’s savings in this day and age; the amount can even be up to 20% of a person’s salary. An in-depth research team has been set up, specifically for the project, to collect in-depth data, on what types of products can help solve the insurance issues in Tier 3 markets and beyond.

Today’s consumers seek OPD benefits, coverage for lab tests and medications, custom premium rates; and this is especially true for consumers in the smallest markets. The purchasing power in small cities differs greatly from that in large cities. As a result, RenewBuy’s Wellness program aims to bridge that gap and has already delivered benefits in pre-hospital and OPD treatments with its newly launched product.

Balachander Sekhar, CEO of RenewBuy said, “Insurance is witnessing rapid momentum over the past two or three years; may be due to changing consumer behavior or emerging risks to health, life, environment, data security. So as an industry, we need to adapt quickly and newer products need to be developed to keep up with the rapid movement.”

“Our first line of health insurance products has been developed, using micro-consumer behavior data and understanding market needs. RenewBuy believes in listening to its insurance advisors and clients to create more for them. We have a team of 1000 insurance advisors, mainly from smaller towns and cities from which we understand the real mass market demand for insurance products. Keeping these in mind, we set out to create the simplest, easiest-to-understand product; 30% cheaper than conventional packages and a permanent solution to out-of-hospital costs,” added Balachander.

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