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Bajaj Allianz Health Insurance Benefits
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Bajaj Allianz is one of the top companies in India that offers cost-effective, practical and high-quality health insurance policies. The company has been serving individuals across the nation with their ideal insurance plans for many years. It has a variety of health insurance packages to meet the diverse needs of individuals. The company perfectly ensures the policyholders are able to undergo high-quality medical remedies without compromising anything crucial. Now, let us have a look at the Bajaj Allianz health insurance benefits in a broader aspect and discuss it below.
Bajaj Allianz Health Insurance Benefits
Bajaj Allianz offers extensive health insurance coverage to insured individuals and their families against various illnesses and conditions. If you are a student, salaried personnel or pensioner, the Bajaj Allianz health Insurance policy is a fantastic choice to go for.
These are the benefits of Bajaj Allianz health insurance plans:
1. Cashless Treatment Option
As a part of the Bajaj Allianz health insurance plan benefits, policyholders can receive cashless medical treatment by visiting any of the numerous network hospitals of the company. As medical emergencies can happen at any time, securing cash to start treatment is not ideal for anyone. So, with Bajaj Allianz Health Insurance, policyholders will not have to pay from their own wallets as the insurance provider will take care of those expenses once the insured submits a cashless claim. Policyholders can submit such a claim by contacting the insurance desk at the network hospital. Bajaj Allianz has tied up with around 8K hospitals for cashless treatment. This is a great Bajaj Allianz health insurance benefit that you can easily get.
2. Lifelong Policy Renewal Option
Once you purchase the annual Bajaj Allianz health insurance policy, you will have the option to renew it every year before its expiry so that you can enjoy continued health insurance coverage for a long period. You can make any necessary changes, additions or removal at the time of the policy renewal to fit your coverage needs.
3. Free Health Check-ups
It is generally recommended to have frequent health check-ups to prevent any underlying diseases or to know about any health complications before it turns serious. So with Bajaj Allianz Health Insurance, the policyholder can have their health assessments done without bothering about paying the medical bills.
4. Tax Exemption
Policyholders can get tax benefits by paying the premium amount of their Bajaj Allianz health insurance policy in India. As per section 80D of the Income Tax Act, individuals can get a significant tax exemption. The tax exemption benefit is applicable to both individual and family health insurance policies. Policyholders under 60 years can get tax deductions of up to INR 25,000 annually for health insurance premiums paid for themselves, their spouse and their dependent children. On the other hand, senior citizens can get tax deductions of up to INR 50,000 per year.
5. Cumulative Bonus
One of the great benefits of Bajaj Allianz health insurance is the cumulative bonus, which is offered for all health insurance products. If the policyholder hasn’t made any claims in the preceding year of the coverage plan and renews the health insurance policy without a pause, the Sum Insured or SI will then have a 5% increment for the first year and a 10% increment for the following claim free renewals from there on. The company has an upper limit for this SI increment, which is set at a maximum value of 50%.
6. Daily Hospital Cash Option
Under the health insurance coverage policy, the policyholder can claim the benefit of daily hospital cash, which is a set amount of money offered by the insurance company. This fixed sum is provided for a limited period and can be used to secure suitable lodging for the policyholder’s caretaker or family member, whoever is in charge. This option is only offered with the Individual Health Guard Plan, Family Floater Health Guard Plan, and Health Care Supreme Plan.
7. Hassle-free Claim Settlement
With Bajaj Allianz health insurance plans, you can get easy claim settlement by contacting the company’s highly professional and efficient staff, who will guide you through the procedure swiftly. This hassle-free claim settlement is one of the vital Bajaj Allianz health insurance benefits that you can experience with this policy. The company also has a high claim settlement ratio (CSR), which is the ratio of the total number of insurance claims settled and the total number of insurance claims filed within a year. The CSR of Bajaj Allianz health insurance for the fiscal year of 2019-20 doesn’t specify the claim settlement time frame. Still, the company has claimed to have settled about 98.61% of claims within the period of fewer than 3 months, and about 0.97% of claim settlement took between 3 to 6 months.
8.Health Prime Rider
Select Bajaj Allianz health insurance plans come with an optional Health Prime Ride offering benefits of tele consultation cover, doctor consultation cover, annual preventive health check-up cover, etc.
The Bottom Line
Health insurance has become one of the most crucial aspects of an individual’s life in the modern-day era. With the growing overall expenses, high cost of living and lofty medical bills, having healthcare is a massive saviour that provides peace of mind and eases various financial jabs that may befall during a medical emergency. These are some of the many reasons to own health insurance in India, and Bajaj Allianz health insurance is an excellent choice.
Bajaj Allianz Health Insurance Benefits FAQs
1. What is the convalescence benefit under the Bajaj Allianz health insurance policy?
The convalescence benefit under the Bajaj Allianz health insurance policy allows the policyholders to claim a yearly payout of INR 5,000, which is only valid if the insured party has to undergo continuous hospitalization for 10 days or more.
2. Does my Bajaj Allianz health insurance plan cover ambulance charges?
Yes, one of the included benefits of Bajaj Allianz Health Insurance is the coverage for ambulance charges incurred while transiting to or returning from the hospital.
3. What are the general exclusions under the Bajaj Allianz health insurance policy?
There are a few exclusions under the Bajaj Allianz Health Insurance policy for diseases and medical expenses that arise from the conditions mentioned below;
- War.
- Coverage for dental treatment unless it involves a critical traumatic injury or cancer.
- Cosmetic or plastic surgery.
- Harms and injuries to oneself intentionally.
- Cost of external medical devices or appliances such as hearing aids, crutches, spectacles, artificial teeth, etc.
- Coverage for medical treatment received outside of India.
4. How does the BMI affect my Bajaj Allianz health insurance policy?
BMI stands for Body Mass Index, the ratio of an individual’s height and weight. If the BMI of an individual exceeds the normal limit, policyholders will have to pay a higher premium for the health insurance policy.
5. Can I get a cashless treatment option under a non-network hospital with my Bajaj Allianz health insurance policy?
No, the cashless treatment facility is one of the Bajaj Allianz Health Insurance plan benefits, which can only be availed if opted for a network hospital of the insurance company. Individuals will have to make payments for medical bills on their own if admitted to a non-network hospital and can then apply for a reimbursement claim by providing the necessary documents.