Mumbai:
Bajaj Allianz General Insurance has launched its standard health insurance product – ‘ArogyaSanjeevani Policy, Bajaj Allianz General Insurance Company’.
“This policy will cover Covid-19 related hospitalisation expenses like all our health indemnity policies,'' said Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance.
This product has been introduced as per guidelines issued by the insurnace regulator IRDAI on January 1, 2020 regarding “Standard Individual Health Insurance Product''. The idea behind these regulatory guidelines was to offer customers a health insurance policy that has standard coverage and policy wordings across all 29 insurers who have launched this product since Apr 1.
‘ArogyaSanjeevani Policy, Bajaj Allianz General Insurance Company’ will be an annual policy with a Sum Insured ranging between Rs1 lakh – Rs. 5 Lakh.The policy will be available across all platforms. The entry age for this policy is 18 years – 65 years and dependent children can be covered between 3 months – 25 years. The premium for a policy holder who is between three months to 20 year, for a Rs 5 lakh cover old is fixed at Rs 3,700 while for a policy holder who is 76 yr year and above, it will be Rs 49,000.
It also covers pre-hospitalization expenses of up to 30 days and post hospitalization expenses up to 60 days.
The policy can be purchased for an individual and for family like spouse, children, parents and parents-in-law under the floater plan. This policy will cover costs associated with hospitalisation expenses, AYUSH treatment, mental illness, new treatments like stem cell therapy, robotic surgeries, etc.
Policyholders of this product will be allowed to make payment of premium in instalments (annual, half yearly, `uarterly or monthly) with a lifetime renewal benefit.A grace period of 15 days would be given to the policy holder to pay the installment premium due for the Policy. During such grace period, coverage will not be available from the installment premium payment due date till the date of receipt of premium by the company.
The premium for ‘ArogyaSanjeevani Policy, Bajaj Allianz General Insurance’ will start with Rs. 2,400 (excluding GST) and will vary depending on the age of the policyholder and sum insured opted.
Commenting on the launch of this product, Singhel said, “The launch of this standard health insurance product will play a crucial role in encouraging people to opt for health insurance. Since the policy wordings are same across all insurers, the main differentiator will be the service you provide to the customer. The product coverage are easy to understand and will be same across all insurers, making it even easier for customers to opt for.”
Examples for reference purpose:
• Example 1:If a 35 year old man buys a policy for his spouse (32 years) and a kid ( 5 years) for a Sum Insured of Rs. 5 lakh, the premium of the policy will be Rs13,260 on individual basis and for family floater the premium will be Rs10,920
•Example 2: For a Sum Insured of Rs. 3.5 lakh, a 35 year old individual can buy this policy by paying premium of Rs5,600.
The insured may cancel this Policy by giving 15 days’ written notice, and in such an event, the company will refund premium on short term rates for the unexpired Policy Period.If the policy is cancelled up to 30 days, 75% will refunded, upto 31 to 90 days 50% will refunded,upto 3 to 6 months 25% will be refunded.