Bajaj Allianz Life, one of India’s leading life insurance company, has entered into the health insurance segment by launching Nationally a critical illness cover ‘Bajaj Allianz Life Health Care Goal’, here on Monday.
Under this plan, a family of up to 6 members can be covered under one policy in one premium and it covers 36 critical illnesses, including deafness, heart valve surgery and kidney failure requiring regular dialysis, Company CEO and Managing Director Tarun Chugh said at a press conference on the occasion.
Genetic and mental disorders would not cover under this plan, he said under this plan – lump sum benefit to help meet any additional expenses and benefit amount doesn’t depend on hospital bills, he informed.
The plan has other unique features designed to help Indians manage most of the expenses arising due to critical illnesses, he said we are happy to introduce a robust critical illness product where an entire family can be covered under a single policy, to ensure that our customers are able to focus on getting better rather than worrying about the expenses associated with the illness.
Unique the plan titled Bajaj Allianz Life Health Care Goal, Mr Tarun said a policyholder can cover his entire family (up to six members) under one policy with one premium. Each individual in the family will be covered by a separate sum assured (family: self + spouse + children).
A claim made for one member does not reduce the sum assured of others, and minimum premium for individual was Rs 3,000 for Rs 10.50 lakh cover while a premium of Rs 53,000 provides maximum cover up to Rs 50 lakh for a family, he said.
Bajaj Allianz Life Health Care Goal comes with the Return of Premium feature, he said at the end of policy term, the company returns all the premium paid towards the policy, in case no claim has been made in the policy (comes with two variants of the policy).
Referring to Waiver of Premium, he said this is applicable in all the four variants of the product.
Under the family variant, in case the policy holder having a permanent total disability due to accident, or suffer a critical illness or is deceased, then the company will waive away all the future premium payments, he added.