About Bajaj Allianz General Insurance Company
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 –
|Customer base||More than 11 crore|
|Distribution network||More than 80,000 agents|
|Revenue earned in 1st quarter of FY 2021-22||Rs.2494 crores|
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:
|Inpatient-hospitalization cover||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.|
|Pre-hospitalization cover||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|
|Post-hospitalization cover||Expenses incurred for recovery or post-operative care following treatment and discharge will be covered for a specific period.|
|Day-care cover||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.|
|Ambulance cover||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.|
|AYUSH cover||Ayurveda, Unani, Homeopathy, and Siddha are also included in Bajaj Allianz’s health insurance plans.|
|Domiciliary cover||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.
|Entry age||Adults – 18 years to 65 yearsDependent children – 90 days to 30 years|
|Sum insured||Rs.1.5 lakhs to Rs.1 crore|
|Policy term||1 year, 2 years or 3 years|
|Pre-existing waiting period||36 months|
What is the Procedure for Buying Bajaj Allianz Health Insurance?
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 email@example.com 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 firstname.lastname@example.org.
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.
Popular Health Insurance Companies in India
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