Bajaj Allianz offers unlimited sum insured with new health policy

Mumbai: Bajaj Allianz General Insurance has launched a new health insurance policy that offers unlimited sum to the insured person.

The new policy, which the insurer claims to be an industry first, works on the basis of per day room rent, the Pune-based company said in a statement on Tuesday.

The policy can be taken for one, two or three years, it added.

With the new product called ‘Health Infinity,’ which is an individual health insurance policy that provides unlimited sum to the insured, the company aims not only to make health insurance an attractive proposition but also to give customers a product without any restrictions on the sum insured to avail quality medical treatment, it said.

A person can choose coverage limit according to the per day room rent options which range between Rs 3,000 and Rs 50,000, the company said, adding that based on the chosen option, the insured will be indemnified 100 times of the per day room rent limit, beyond which if the claim amount exceeds, a co-payment of 15, 20, or 25 per cent is applicable.

But this co-payment is applicable only on the claim amount which exceeds 100 times room rent and not on the total claim amount, it said.

The policy covers in-patient hospitalisation and treatment without any sub-limit. The premium depends on the age of the proposer, per day room rent opted and the co-payment option availed.

“As medical exigencies are unpredictable, it is difficult to determine the medical expenses in advance and accordingly opt for a policy. With Health Infinity, we have removed these constraints and introduced a cover for our customers, with unlimited sum insured for the first time in the insurance industry in an attempt to provide them unlimited care and security in the truest way,” Bajaj Allianz Managing Director and Chief Executive Tapan Singhel said.

The policy will cover pre-hospitalisation medical expenses of 60 days, post-hospitalisation of 90 days, road ambulance expenses up to Rs 5,000 per hospitalisation and daycare procedures as listed in the policy document.