Bajaj Allianz Sankat Mochan Policy

Sankat Mochan Policy offered by Bajaj Allianz is basically a personal accident insurance policy that offers benefit amounts in case of accidental death of the insured member or if he/she is disabled – temporarily or permanently. Additionally, it covers accidental hospitalisation expenses and offers hospital confinement allowance.

Eligibility for Bajaj Allianz Sankat Mochan Policy

Individuals who wish to purchase this policy have to meet certain age requirements as mentioned below:

• Entry age range for the proposer and spouse: 18 years to 65 years
• Entry age range for children: 5 years to 25 years

Features of Bajaj Allianz Sankat Mochan Policy

Given below are some of the features of the health insurance policy that set it apart from others:

• Policyholders are permitted to renew the policy throughout their lives.
• Each renewal is valid for a period of one year.
• A 30-day grace period is provided from the renewal due date to renew the policy. After completion of the grace period, the renewal request will be processed as a fresh policy request.
• Three coverage options are available – Basic, Wider, and Comprehensive.
  • Basic: Death benefit only
  • Wider: Death benefit + Permanent total disability benefit + Permanent partial disability benefit
  • Comprehensive: Death benefit + Permanent total disability benefit + Permanent partial disability benefit + Temporary total disability benefit
• The insurer allows the policyholder to go through the policy for the first 15 days and return it within that period if unsatisfied with the features to get a refund of the premium paid. However, no claim should have been made during that period.
• Changes in the plan can be made only at the time of renewal of the policy.
• The policy can be cancelled at any time during the period of policy as long as no claim has been made. The premium will be refunded on a short-term rate for the unexpired period of the policy.
• One can port from any other similar personal accident insurance policy to this policy as per the portability guidelines laid down by IRDAI.
• Policyholders can enjoy an income tax benefit as per Section 80D of the Income Tax Act, 1961.

Benefits of Bajaj Allianz Sankat Mochan Policy

The key benefits offered under this policy are explained below:

Extra benefits of Bajaj Allianz Sankat Mochan Policy

In addition to the above-mentioned benefits, the plan also offers the benefits mentioned below:

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Exclusions of Bajaj Allianz Sankat Mochan Policy

If the event for which a claim is raised is related to any of the below-mentioned circumstances, the claim may be rejected:

• Suicide or attempt to suicide
• Accident caused due to intoxication
• Injury resulting from involvement in criminal activity, adventurous sport, motor racing, trial runs, military or air force operations, etc.
• Death or injury caused by certain interventions or curative treatments
• Losses caused by alleged or actual legal liability
• Disablement, injury, or death caused due to a pre-existing condition, HIV, HIV-related illness, or sexually transmitted diseases
• Treatments related to pregnancy or childbirth related complications
• Death or disablement caused by war, a war-like situation, or nuclear energy

Claim Procedure

The procedure to raise a claim under Bajaj Allianz is very simple. The same is explained below:

• One should make a claim under the Bajaj Allianz Sankat Mochan Policy within 30 days from the date of discharge from the hospital.
• In case of death of an insured member, the concerned family member should file a claim within 30 days from the date of death of the individual.
• An insured member who meets with an accident should immediately consult a doctor and undergo the treatment recommended by him/her.
• All steps necessary to lessen the consequence of the injury suffered should be taken.
• The insured may have to be examined by a medical advisor if the same is suggested by the company.
• While filing a claim, all the necessary documents need to be submitted to the insurer as listed in the policy document.
• Typically, the insurer takes 7 days from the day all the documents are submitted to settle the claim. In case there is a delay in payment of the claim amount, the company is liable to pay interest equal to 2% above the bank interest rate prevalent at the beginning of the financial year.