Bajaj Allianz is one of the top general insurers in the country with different types of health insurance products in its lineup. Bajaj Allianz Personal Accident Insurance Policy is a personal accident cover that provides financial support following the death or disability of the insured person. In addition to the lump sum payment for death or disability, this policy offers a range of value added benefits like transportation allowance, education benefit, hospital confinement allowance, etc.
Eligibility for Bajaj Allianz Personal Accident Insurance Policy
The following eligibility criteria must be met by people who wish to take Bajaj Allianz Personal Accident Insurance Policy:
- The age of the proposer must be between 18 years and 65 years.
- Dependent children can be covered from the age of 5 years.
- The maximum age of coverage for unmarried/unemployed dependents are capped at 21 years.
- Lifetime renewability benefit is available under this policy under normal circumstances.
- This policy can be taken for self, spouse, and dependent children.
Features of Bajaj Allianz Personal Accident Insurance Policy
Some of the notable features of Bajaj Allianz Personal Accident Insurance Policy can be listed as follows:
- The sum insured amount for this cover is determined based on the income level of the applicant. Capital sum insured cannot exceed 120 times the monthly average income.
- This policy can be taken in three different plan types: basic, wider, and comprehensive.
- This is an annual policy that must be renewed every year to ensure continuous coverage.
- There is a family discount of 10% on premiums for covering 2 or more members of the family.
- The premium rates are determined based on the occupational risk level of the insured person. People who belong to risk class III pay the highest level of premiums.
- Cumulative benefit of 10% per claim free year can be availed subject to a maximum of 50% of the sum insured amount.
- The company allows sum insured enhancement only during the time of renewals.
- The first 15 days of the policy can be used as a free look period where customers have the option of cancelling it if the terms are not satisfactory. This does not apply for renewals.
- There is a grace period of 30 days from the date of expiry to renew this policy cover.
- As per the guidelines of the IRDAI, customers can also avail the portability option without losing out on any of their accrued benefits.
- According to Section 80D of the Income Tax Act, tax relief can be availed for the premium amount paid towards this policy.
Benefits of Bajaj Allianz Personal Accident Insurance Policy
The following benefits are available policyholders under Bajaj Allianz Personal Accident Insurance Policy:
||Extent of Coverage
|Death of the insured person
||Lump sum payment of 100% of the sum insured amount
|Permanent total disability of the insured person (wider and comprehensive plans)
||Lump sum payment of 125% of the sum insured amount
|Permanent partial disability of the insured person (wider and comprehensive plans)
||Lump sum payment up to 70% of the sum insured amount (varies based on the level of damages sustained by the insured)
|Temporary total disability (comprehensive plan only)
||1% of the sum insured amount (up to Rs.5,000) per week
|Transportation of mortal remains
||2% of the sum insured amount subject to a maximum of Rs.5,000
|Children’s education bonus following the death or disability of the insured person
||2% of the sum insured subject to a maximum of Rs.5,000 for up to 2 children
|Hospital confinement allowance
||Rs.1,000 per day for a maximum of 30 days
|Medical expenses due to accidental injuries
||Actual expenses or up to 40% of the valid claim amount (whichever is less)
Exclusions of Bajaj Allianz Personal Accident Insurance Policy
The following list of exclusions apply to this personal accident cover:
- Self inflicted injuries, suicide, or suicide attempt
- Death or disability due to accidents caused while under the influence of alcohol or drugs
- Damages sustained while breaching the law with criminal intent
- Death or disability due to participation in hazardous sports activities
- Any kind of curative treatments or intervention
- Any kind of consequential losses
- Sexually transmitted diseases including HIV and AIDS
- Expenses related to complications arising out of pregnancy and childbirth
- Death or disability arising out of war, invasion, or similar activities
- Death or disability arising out of exposure to nuclear materials and radiation
Following an accidental injury resulting in death or disability, the company must be notified in writing within a maximum of 30 days. The company will require various documents from the claimant before any processing the claims. Some of the documents can be listed as follows:
- Claim form
- Police FIR
- Disability certificate
- Medical report
- Post mortem report (if applicable)
- Death certificate (if applicable)
All these documents must be submitted within a maximum of 30 days from the date of intimation. Once these documents are submitted, the company will start processing the claim request. After verifying the details provided in the claim, the company will provide the claim amount.