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Bajaj Allianz Critical Illness Plan

The health risks are already on a rise and when it comes to life-threatening diseases like kidney failure, cancer, heart attack – it can be nerve wrecking for anyone. Financial support during such times can prove to be life-saving. Bajaj Allianz, with its critical illness health plan, ensures financial security of hundreds of households in India against many acute illnesses.  To address the concerns of such people, critical illness policies have been developed.

What All Cover Ages Are Provided Under A Critical Illness Insurance Plan?

Critical Illness insurance by Bajaj Allianz provides coverage against 10 Critical Illnesses, as specified in the policy documents. The payment will be made in lump sum if the insured is diagnosed with a listed critical illness as mentioned in the policy documents.

Bajaj Critical Illness Plan 

A critical illness is a life-threatening health condition in which the insurance company pays the sum assured in lump sum for the medical treatment required for the same. The cost of treatment for a critical illness is much higher than other disease in India and abroad, which is why buying a critical illness plan is a wise call.

The plan details are listed below for your reference –

Features & Benefits ·         Avail quick and hassle-free in-house claim settlement facility

·         Covers 10 major critical illnesses

·         Anyone starting from 91 days to 80 years of age can be covered by the plan

·         Lifelong renewability is possible

·         Survival period of 30 days is mandatory

·         Payment of sum assured is made in lump sum to the proposer

·         Organ donor expenses/hospitalization expenses incurred on surgery for organ transplant shall be covered within India & abroad (this is based on the amount of sum assured)

·         You can save tax up to Rs. 60,000 against the annual premium as per Sec. 80/ D of the Income Tax Act

·         Health CDC benefit in which you can settle claim easily through app

Illnesses covered ·         Cancer of specified severity

·         Major organ transplantation surgery

·         Kidney failure in which patient needs regular dialysis sittings

·         Stroke with permanent symptoms

·         Persisting limb paralysis

·         Multiple sclerosis with permanent damage

·         Open Chest CABG (Coronary Artery Bypass Surgery)

·         First heart attack (myocardial infarction)

·         Aorta graft surgery

·         Primary pulmonary arterial hypertension

Exclusions ·         Any disease that is diagnosed during the initial 3 months from the policy inception date

·          Treatment/hospitalization required for pregnancy related complications, childbirth and reproductive procedures

·         Diseases or health ailments resulting war like conditions, rebellion, nuclear attacks, act of foreign enemy and terrorist activities etc.

·         Treatment of life-threatening diseases like HIV/AIDS and other sexually transmitted infections/diseases

·         Self-inflicted injuries and treatment required due to mental conditions like depression, anxiety and psychological disorders

·         Hospitalization/damage resulting from drug overdose, alcohol consumption and any other intoxication

·         Anyone actively serving in military, air-force or naval operations

·         Any type of occupational diseases

·         Any natural calamity like hurricane, earthquake, storm, volcanic eruptions etc.

·         Check policy documents for detailed exclusions

Sum Assured (Rs.) ·         Anyone between the age group of 6 to 60 years can purchase the policy ranging between Rs. 1,00,000 to Rs. 50,00,000

·         Elderly people between the age group of 61 to 65 years can purchase the policy ranging between Rs. 1,00,000 to Rs. 5,00,000

What are the Perks of Having a Bajaj Critical Illness Insurance Plan?

  • Because of an impressive claim settlement history of Bajaj Allianz, you do not need to fret about the claim process and payment
  • The fiscal year 2016-17 witnessed more than 4 lakh insurance policies being issued successfully by the insurance company
  • As per the company records, the average claim settlement time is only 60 minutes
  • There are more than 5700 hospitals in their network where you can avail cashless claim settlement facility
  • Bajaj Critical Illness Insurance Plan can be easily purchased and renewed online

 Have a look at the Pre-policy Medical examination Criteria?

  • Pre-policy medical screening is based on the age, sum assured opted and the any pre-existing medical condition declared in the proposal form
  • The pre-insurance medical screening will be done at the panel hospitals or diagnostic centers
  • The medical test reports will be validated for 30 days from the date of medical screening
  • The pre-policy medical check-ups in the empanelled diagnostic centers shall be reimbursed to the proposer; this depends on the acceptance of proposal and policy issuance

What is Health CDC – Claim by Direct Click?

  • Using the Bajaj Allianz Insurance Wallet, you can raise claim requests up to Rs. 20k through the mobile app. It is one of the most convenient ways to help you make claim requests.
  • You simply need to upload the necessary documents and you will receive updates regarding your claim status through the app itself.
  • This paper-less claim process saves you from running pillar to post – thus saving you both time and money.

Easy Cancellation Process

To cancel your insurance, Bajaj Allianz will give you minimum 15 days and a written notice. If there has been no claim request during that period, then your premium shall be refunded on pro-rata basis for the unexpired policy period.

If you want to cancel the insurance, then you must give the insurer 15 days of written notice. In case no claim has been made by you, then the insurance company will refund the premium on short term rates as mentioned in the table below- this refund will be for the unexpired policy premium-

Period On Risk Rate of premium refunded
Up to 30 days 75% of yearly rate
Up to 90 days 50% of yearly rate
Up to 6 months 25% of yearly rate
After 6 months Not applicable

 Tax Exemption Benefits of Bajaj Critical illness Plan

Along with health insurance cover, you can get maximum tax exemptions of Rs. 60000 as per Section 80/D of the Income Tax Act, 1961. The annual premium amount that you pay can reduce your overall tax deduction.

  • For those who are below the age of 60 years and are paying insurance premium for their spouse, children, parents and self,, the tax deduction limit for them is kept at Rs. 25k per year.
  • Those who are paying insurance premium for their senior citizen parents (who are above 60 years of age), can get tax exemptions of Rs. 30k every year
  • Those who are aged less than 60 years but their parents are above 60 years, can get tax benefit up to Rs 55,000 per annum against the premium paid for them
  • Those who are 60 plus and pay annual premiums for their parent’s insurance policy can avail tax saving benefits of Rs 60,000. This benefit can be availed only if the premium payer remains a taxpayer after 60 years of age.