Universal Provident to withdraw hybrid health plan

Universal Provident is to withdraw its hybrid health plan from the market.

The Oasis Plan, which included a £15,000 lump-sum serious illness benefit, major medical expenses and a hospital plan component, was a hybrid health cash plan and private medical insurance (PMI) scheme.

Dale Tranter (pictured), assistant group manager at Universal Provident, which is part of Personal Group, said: “Although this plan was good value, we have not had sufficient interest in it. 

“Most employers with private medical insurance want to try and retain that or, if it is beyond their budget, their advisers may direct them towards a cash or major medical expenses plan.

“This is particularly true of advisers that are part of, or appointed representatives of, organisations where the compliance regime is very much geared towards existing products rather than a hybrid plan.

“Furthermore, there is much less of an onus on advisers to look at a product that doesn’t fit into the usual silos, from a relatively small provider in the PMI market, than there is the likes of Axa and Bupa – although that won’t stop us from trying again.”