A leading name in the general insurance industry, Bajaj Allianz was formed in the year 2001 as a joint venture between Bajaj Finserv Limited and Allianz SE. Ever since its formation, Bajaj Allianz has been expanding its operations and today the company is spread across locations in India making it one of the largest private insurance companies in the Indian insurance market.
Bajaj Allianz General Insurance Company offers a range of general insurance plans like health insurance, travel insurance, home insurance, motor insurance, pet insurance, etc. It also offers customized coverage solutions for corporates and groups.
Key highlights of Bajaj Allianz General Insurance Company Limited
Some of the key features of Bajaj Allianz General Insurance Company are as follows –
More than 11 crore
More than 80,000 agents
Revenue earned in 1st quarter of FY 2021-22
Awards and accolades won by Bajaj Allianz General Insurance Company Limited
In its journey to become one of the largest insurance providers, Bajaj Allianz has won numerous awards. Some of the most recent ones include the following –
The company received the award for Best Insurer in India 2020 bestowed by the IDC Financial Insights Innovation Awards
Best Customer Experience and Best Brand Experience 2020 by CX Asia Excellence Awards
Bajaj Allianz won the Gold Award in the Outlook Money Awards 2020
In the third edition of the India Insurance Summit & Awards, Bajaj Allianz was recognized as the General Insurance Company of the Year 2020
The IDC Financial Insights Asia Pacific also listed the company among the companies ranked as the Best Insurer in the Asia Pacific region.
The Key Attributes of Bajaj Allianz health insurance plans
The health insurance plans of the company are inclusive in their scope of coverage. Some of the common coverage benefits that are available under most Bajaj Allianz health insurance plans are as follows:
An inpatient hospitalization is a time during which a patient receives treatment for an illness or injury in a hospital. Hospitalization and treatment costs are covered if you are hospitalized for 24 hours or more.
When you incur medical costs for the same illness or injuries like the one for which you are hospitalized, medical costs incurred before hospitalisation are covered for a certain number of days
Expenses incurred for recovery or post-operative care following treatment and discharge will be covered for a specific period.
In medicine, the term “day-care” refers to a treatment that is not performed overnight, i.e. it does not require 24-hour hospitalisation. Treatments of this kind are covered by the plan.
This category includes the costs associated with transporting patients by ambulance to the hospital.
Organ donor cover
The cost of the donor’s hospitalization and subsequent surgery would also be covered by your insurance policy.
Ayurveda, Unani, Homeopathy, and Siddha are also included in Bajaj Allianz’s health insurance plans.
Often, patients are hospitalized at home due to a lack of hospital beds or medical complications. Health plans from Bajaj Allianz cover these hospitalizations too.
Free health check-ups
As a Bajaj Allianz policyholder, you are also entitled to free health check-ups at regular intervals, so you can monitor and assess your health.
No claim bonus
If you don’t raise a claim in your Bajaj Allianz health insurance policy in a policy year, you earn a no claim bonus.
Exclusions under Bajaj Allianz health insurance plans:
Bajaj Allianz health insurance plans have certain exclusions wherein claims are not paid. The exact exclusion list can be found in the policy wordings. The following items, however, are typically excluded:
When you purchase a policy, any pre-existing conditions that exist at the time of purchase will be excluded for a specified period
In some cases, after a waiting period of two years, certain illnesses and treatments might be covered. Among the examples are fissures, piles, joint replacements, cataracts, etc.
Ailments that occur within 30 days after purchase are not covered by the insurance.
Neither cosmetic surgery nor weight loss surgery is covered by the policy.
A claim that is due to war, nuclear threats, mutiny, rebellion, or similar reasons are excluded.
In addition to adventure sports and hazardous activities, crimes and claims resulting from them are excluded from coverage.
Suicides, self-inflicted injuries, or abuse of alcohol or drugs are not covered.
Treatments that don’t follow the doctor’s advice or that are not scientifically backed are not covered.
You cannot get reimbursed for lenses, hearing aids, spectacles, etc.
Health plans offered by Bajaj Allianz
Bajaj Allianz offers different types of health insurance plans for different coverage needs. The most popular plan of the company that is offered by PayBima is Health Guard. Let’s have a look at the policy –
1. Health Guard
An all-around health insurance policy, Health Guard offers customisable coverage benefits so that you can design the plan of your choice. The highlights of the policy are as follows –
Three coverage variants: The plan has three coverage variants of Silver, Gold and Platinum. While the Silver variant is the basic variant, the Platinum variant is the most premium variant. You can choose a variant as per your coverage needs as each variant comes with its own set of coverage features and sum insured options.
Coverage for bariatric surgery: All three variants of the policy allow coverage for bariatric surgeries needed to correct morbidly obese weight. The coverage is allowed up to the sum insured that you choose.
Convalescence benefit: If you are hospitalised for a continuous period, you get a lump sum convalescence benefit. This lump sum benefit is paid in addition to your medical costs. The amount depends on the plan variant that you have selected.
Recharge benefit: The Recharge Benefit is available under the Platinum Plan wherein the sum insured is recharged if it gets exhausted on a previous claim. This ensures that you don’t run out of the sum insured even when you have more than one claim in the same policy year.
Maternity coverage: Maternity coverage is available under both the Gold and Platinum variants. The coverage allows childbirth under both normal and C-Section deliveries. There is a coverage limit that depends on the variant that you select
Daily cash for accompanying an insured child: If a minor insured child is hospitalised and a parent accompanies the child to the hospital, a daily cash benefit is paid per day of hospitalisation to meet the corresponding non-medical costs. The coverage is allowed under all plan variants and the coverage limit depends on the variant and the sum insured that you choose.
Adults – 18 years to 65 years
Dependent children – 90 days to 30 years
Rs.1.5 lakhs to Rs.1 crore
1 year, 2 years or 3 years
Pre-existing waiting period
What is the procedure for buying Bajaj Allianz Health Insurance Policy?
PayBima.com makes it easy for you to purchase health insurance policies of Bajaj Allianz by following these steps:
Choose the health plan that best fits your needs: Visit PayBima’s official website by clicking the link above to find the most suitable plan for you under ‘health insurance’.
Detailed information must be filled out: PayBima will ask you to complete a form containing the requested medical and personal information to calculate your premium based on your eligibility and coverage requirements. You must supply the following information: name of dependents, sum assured, age, gender, pin code of your location, and contact information. The policy can also be purchased with a personalized consultation from PayBima.
Comparison of plans: PayBima will display all the plans that suit your coverage and eligibility requirements after receiving all the details. You will also be able to see Bajaj Allianz’s health insurance plans. The coverage of the plans and their premiums can be easily compared, so you can find the policy that is right for you.
Fill out the online form: You would have to fill out a proposal form by providing your details correctly after you have finalized your policy. Please provide accurate details when you fill out the proposal form to avoid any issues at the time of claiming.
You’ll need to pay the premium: Purchasing health insurance policies end with the payment of the premium. As long as you don’t make any adverse declarations about your lifestyle habits or medical history in the proposal form, the insurance company will issue you the policy instantly.
A medical screening might be needed: Certain factors, such as your age, lifestyle, medical history, and coverage, may require you to undergo pre-entrance health screening. In cases of high health risk, pre-entrance health screening is required for safety measures. Medical screenings can be obtained at any of the insurer’s network hospitals after which the policy would be issued.
The process of renewing Bajaj Allianz health insurance policy
PayBima’s website makes it possible to purchase and renew health insurance policies. The coverage you currently have will continue as long as you renew your policy on time with Bajaj Allianz.
If you provide your policy number and other information, you can renew your health insurance policy online. During renewal, you can review your plan details and make any necessary changes. The premium amount might change if you make changes in the coverage. PayBima can be contacted via email at firstname.lastname@example.org or via telephone at 1800 267 67 67 for more information about renewing your Bajaj Allianz health insurance plan.
What is the process for filing a claim for Bajaj Allianz Health Insurance?
A claim for Bajaj Allianz health insurance can be made through PayBima in a very simple and easy manner. Following is a description of the process:
Locating network hospital: In addition to reimbursement, Bajaj Allianz General Insurance also offers cashless claim facilities. If you wish to avail of the cashless claim facility, you must first locate the nearest network hospital via the insurance company’s website. On the insurance company’s website, you can find a list of the hospitals with which it has a relationship.
Admission: Your ID card and health card can be presented after locating the nearest networked hospital as proof to get admitted. You should also inform the company of your claim to get it registered.
Pre-authorization Claim form: To receive a cashless settlement of a health claim, you must submit a pre-authorization claim form. The insurance company’s website provides the form for downloading, or you can avail of it from the hospital. The pre-hospitalization form should be submitted at least three to four days before a planned hospitalization. If you are hospitalized in an emergency you can submit the form within 24 hours.
Cashless approval: Insurers approve cashless facilities based on pre-authorized claim forms. The networked hospital will begin treatment once the insurer approves the claim. The insurance company will handle and pay all the bills related to the treatment.
Reimbursement Claim Facility: If you do not get approval for a cashless claim or you are admitted to a non-networked hospital, then your claim will be settled on a reimbursement basis. The insurance company must be notified in such cases before admission. Following hospital discharge, you will be required to settle all the bills, for which you can receive reimbursement by filling out the claim form and enclosing all the original receipts, bills and medical records. Upon assessing your claim and validating your documents, the company will reimburse you.
Customers of PayBima can benefit from quick and easy claim settlements. For help with your claim settlement, you can contact PayBima at 1800 267 67 67 or email at email@example.com.
To get a successful settlement of a claim, certain documents are required. Included in these documents are:
The claim form, filled and signed
Your bank account details, like a cancelled cheque, for reimbursement claims
Aadhaar Card, PAN Card, Birth Certificate, etc. are all acceptable forms of ID proof of the insured
In the case of cashless claims, a pre-authorization form is required
To claim reimbursement, original medical documents, receipts, consultation notes, prescriptions, and hospital reports must be provided.
Review of Bajaj Allianz General Insurance Company Limited
With more than 20 years of experience, Bajaj Allianz has emerged as a top general insurance provider in the country
The company has established digital offices through which it has reached more than 1000 Tier 1 and Tier 2 cities of India
The combined ratio of the company in the first quarter of the financial year 2021-22 stood at 103.4% which is an impressive figure
The company is tied up with more than 6500 hospitals across India for a speedy settlement of your health insurance claims
The company boasts of a claim ratio of 98% which makes it trustworthy when it comes to its claim settlement.
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FAQs on Bajaj Allianz General Insurance Company Limited
How can I locate a networked hospital in my city?
To locate the networked hospital, you can visit https://www.bajajallianz.com/branch-locator.html, select ‘Find a network hospital’, enter your PIN code or select your city and get the list of hospitals in your area.
What discounts are available under Health Guard?
There is a range of premium discounts available under Health Guard. These are as follows –
# Family discount – 10% if 2 members are covered on an individual basis. 15% if 3 or more members are covered on an individual basis
# Employee discount – 20% for the employees of the company
# Online discount – 5% for buying the policy directly from the company
# Co-pay discount – 10% or 20% if you choose voluntary co-payment
# Long-term discount – 4% for buying a 2-year policy and 8% for buying a 3-year policy
# Room rent capping – 10% or 5% if you opt for a room rent capping
# Wellness discount – 5% to 10% if you practice healthy living
# Zone discount – 20% for buying the policy in Zone B and 30% in Zone C
Which family members can be covered under the policy?
If you buy an individual policy, you can cover self, spouse, dependent children, parents, grandchildren, siblings, parents-in-law, uncles and aunts. On a floater basis, however, coverage is available for self, spouse and dependent children only.
Is there any zonal co-payment?
Yes, there is a zonal co-payment if you pay premiums for a lower zone but avail of treatments in a higher zone. For example, there are three zones in India as per Bajaj Allianz’s pricing policy – Zone A, B and C. If you pay premiums for Zone B but avail of treatments in Zone A, a co-payment would be applicable. Similarly, if you pay a premium for Zone C and avail of treatments in Zones A or B, co-payment would apply. However, if you pay a premium for a higher zone but avail of treatments in a lower zone, no co-payment would apply. So, if you pay premiums for Zone A, you can avail of treatments in Zones A, B or C without co-payments.
Are medical check-ups needed before buying the policy?
If you are aged up to 45 years, no medical check-ups are needed to buy the policy irrespective of the sum insured that you choose. However, if your age is 45 years and above, you would have to undergo medical check-ups for buying the Health Guard plan.
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Gayatri Prabhu, Head-Digital Business at Mahindra Insurance Brokers Limited (MIBL) is one those few digital leaders who has the width and depth that is required to execute an ROI driven holistic digital strategy. She cuts through the noise, identifies the critical levers and leads her team to successful execution of the defined strategy. Her core mantra to win new and retain existing customers is: understand the consumer behavior and craft experiences around it.