Bharti AXA Life Insurance which offers a range of innovative products and services that caters to specific insurance and wealth management needs of customers stated that it has launched a new product namely “Hospi Cash Benefit Rider” that offers a fixed amount in the case of hospitalization or surgery.

The private life insurance firm which is joint venture between Bharti Enterprises and AXA said that the product which is a non-linked regular pay hospital and surgery cash insurance rider can be taken up along with all the traditional products of the insurance firm.

Moreover, Hospi Cash Benefit Rider comprises of a fixed daily pay out in case of hospitalization as well as a further daily pay out in case of admission in ICU.

The product also provides a lump sum in case of undergoing a surgery on an individual policy.

Commenting on this, Sandeep Ghosh, MD & CEO of Bharti AXA Life Insurance said, “A recent study by Public Health Foundation of India revealed that per capita spending on hospitalization went up from 11.20 per cent in 2005 to 22.47 per cent in 2010. This is a cause of great concern as high cost should not be a deterrent for a patient looking for the best possible medical solution.”