Bajaj Allianz launches new health product, gets approval for two under the prescribed sandbox

Bajaj Allianz launches new health product, gets approval for two under the prescribed sandbox

 

Bajaj Allianz Non-life insurance company has launched its standard health insurance, Arogya Sanjeevani Polis. This product was introduced according to Irdai guidelines on January 1, 2020 regarding the standard individual health insurance product. The idea behind these guidelines was to offer customers health insurance with standard coverage and policy conditions for all insurers.

Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance, said the launch of this product will play a critical role in encouraging people to opt for health insurance. Since the policy terms are the same for all insurers, the main differentiator will be the service you provide to the customer, Singhel said. The product coverage is easy to understand and will be the same for all insurers, making it even easier for customers to choose.

Arogya Sanjeevani becomes an annual policy with an insured amount ranging from Rs 1 lakh to Rs 5 lakh. The premium of a new policy starts with Rs 2,400 (excluding GST) and varies depending on the age of the policyholder and the amount insured. Policyholders are allowed to pay premium in installments (annually, semi-annually, quarterly, or monthly) with a lifetime extension benefit. It covers costs related to hospitalization costs, AYUSH treatment, mental illness, new treatments such as stem cell therapy and robotic surgery. This policy covers Covid-19 related hospital costs like all health insurance policies.

The policy can be purchased for an individual and for a family as a spouse, children, parents and in-laws under the floater plan. The starting age for this policy is 18 to 65 years and dependent children can be covered between three months and 25 years. It also covers pre-hospital costs up to 30 days and post-hospital costs up to 60 days.

Bajaj Allianz General Insurance has received two approvals according to the recent announcement under the Regulatory Sandbox. This is V-Pay for car insurance and Total Business Protection for commercial entities. Singhel said the biggest problem for the industry is the fine print that the customer is facing, especially at the time of the claim, which sometimes raised trust issues and they tried to remove these fine print to simplify the customer experience.

Under V-Pay (derived from we pay), if a claim arises, the company goes a step further and also covers consequential damages related to motor vehicles. Also, the add-ons are built into the main policy so that the customer does not have to worry about what is covered and what is not and this is the main purpose behind V-pay. Likewise, ‘Total Business Protection’ is an overarching solution to the changing needs of commercial entities and provides full protection to commercial entities by providing an all-risk coverage option for structure and content, unlike standard package products, which are subject to small print. This policy also provides coverage for agreed value structure if the insured occupancy has multiple floors or multiple occupancy and the contents can be covered on a new for old basis and on a first loss basis, which the company believes is a very unique set of functions.

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