industry’s first health insurance policy with unlimited sum insured
- Choose Sum Insured of health insurance policy on the basis of per day room rent
- In-patient Hospitalization Treatment without any Sum Insured limit
- Policy can be taken for 1 year, 2 years or 3 years
Pune: Bajaj Allianz General Insurance, India’s leading private general insurer today launched ‘Health Infinity’, which is industry’s first individual health insurance policy that provides unlimited Sum Insured (SI). With this policy, the company aims to not only make health insurance an attractive proposition, but also give customers a product without any restrictions on SI to avail quality medical treatment in times where we are seeing steep increase in medical costs.
Under Health Infinity, a person can choose coverage limit according to the per day room rent options which range between Rs. 3, 000 – Rs. 50,000. Based on the chosen option, s/he 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% is applicable as opted by the customer at the time of purchasing policy. This co-payment is applicable only on the claim amount which exceeds 100 times room rent and not on the total claim amount.
This policy covers in-patient hospitalization treatment without any sublimit and can be bought for a period of 1 year, 2 years or 3 years. The premium of this policy will vary depending on the age of the proposer, per day room rent opted and the co-payment option availed. For example, for a 40 year old person the premium for a Rs. 10,000 per day room is approx. Rs. 14,600/- plus tax.
Commenting on the launch of Health Infinity, Mr. Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance said, “Our strong belief that a health insurance policy with adequate coverage leads to higher life expectancy of individuals, and this drives us to continuously innovate in insurance service space. 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.”
Health Infinity will cover pre hospitalization medical expenses of 60 days, post- hospitalization of 90 days, road ambulance expenses up to Rs. 5000 per hospitalisation and day care procedures as listed in the policy document. The company will also offer wellness discount, family discount and long term policy discount depending on policy terms and conditions.
Though this policy, you could also opt for individual sum insured for your spouse, dependent children and parents as per applicable premium rate based on age of each family member. The entry age for this policy is 18 years – 65 years and for dependent children it’s 3 months – 25 years. Pre-existing diseases are covered after 36 months. Under Health Infinity, insured can avail preventive health check up at the end of every 3 consecutive policy years. Moreover, no pre-policy medical tests are required for up to 45 years of age in case of a clean proposal form.
Illustration explaining the co-payment if claim amount exceeds per day room rent limit:
Mr. Amit has opted the policy with room rent limit of Rs. 5000 per day with 20% co-payment option. He meets with an accident and incurs expenses of Rs. 750,000 during the hospitalization. He has opted for a private room with per day room rent of Rs. 4000, which is within the room rent limit opted.
As per the policy condition there is no co-payment up to 100 times of room rent limit, in this case there is no co-pay up to Rs. 500,000.
Over & above Rs. 500,000, 20% co-payment would apply for additional claim amount of Rs. 250,000.
Total amount payable by the insurer is Rs. 7 lakh.
|Room rent opted- Rs. 5000. 100 times of 5000= 500,000||5,00,000|
|Amount exceeding 100 times room rent limit of 5,000||2,50,000|
|Policy co-payment applicable on 250,000. (final admissible amount exceeding 500,000)||20%|
|Policy co-payment applicable on 250,000||50,000|
|Total amount payable by insurer||7,00,000|