Bajaj Allianz launches new health product, gets approval for two under regulatory sandbox

Bajaj Allianz General Insurance Company has launched its standard health insurance product, Arogya Sanjeevani Policy. This product has been introduced as per the guidelines issued by Irdai on January 1, 2020, regarding standard individual health insurance product. The idea behind these guidelines was to offer customers a health insurance policy that has standard coverage and policy wordings across all insurers.

Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance, said the launch of this product will play a crucial role in encouraging people to opt for health insurance. Since the policy wordings are same across all insurers, the main differentiator will be the service you provide to the customer, Singhel said. The product coverage is easy to understand and will be same across all insurers, making it even easier for customers to opt for.

Arogya Sanjeevani will be an annual policy with a sum insured ranging between Rs 1 lakh and Rs 5 lakh. The premium of a new policy will start with Rs 2,400 (excluding GST) and will vary depending on the age of the policyholder and sum insured opted. Policyholders will be allowed to make payment of premium in installments (annual, half yearly, quarterly or monthly) with a lifetime renewal benefit. It covers costs associated with hospitalisation expenses, AYUSH treatment, mental illness, new treatments like stem cell therapy and robotic surgeries, among others. This policy will cover Covid-19 related hospitalisation expenses like all health indemnity policies.

The policy can be purchased for an individual and for a family like spouse, children, parents and parents-in-law under the floater plan. The entry age for this policy is 18 to 65 years and dependent children can be covered between three months to 25 years. It also covers pre-hospitalisation expenses of up to 30 days and post hospitalisation expenses of up to 60 days.

Bajaj Allianz General Insurance has received two approvals as per the recent announcement under the Regulatory Sandbox. This is V-Pay for motor insurance and Total Business Protection for commercial entities. Singhel said the biggest problem for the industry is the fine print which the customer faces, especially at the time of claim sometimes creating issues of trust and they were trying to remove these fine prints to simplify the customer experience.

Under V-Pay (derived from we pay), if a claim happens, the company will go a step further and covered consequential loss related to motor vehicle as well. Also, the add-ons are built in the main policy in a way where the customer will not need to worry about what is covered and what is not covered and this is the main intention behind V-pay. Similarly,‘Total Business Protection’ is an umbrella solution to the evolving needs of commercial entities and offers complete protection to commercial entities by providing an all risk cover option for structure and contents, unlike the standard package products, which are subject to fine print. This policy also offers to cover structure on agreed value basis if the insured occupancy is multi-storey or multi-occupancy and the contents can be covered on new for old basis and first loss basis, which, the company said, are a very unique set of features.