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Health Insurance 1365 views March 20, 2020
Bajaj Allianz is a leading health insurance provider in India offering a wide range of insurance products to the customers. The Family Floater Health Guard Policy is a health insurance plan that intends to safeguard the finances by taking care of the medical expenses incurring during the course of hospitalization. Let us understand the unique features and benefits offered by the plan
Key highlights of the Family Floater Health Guard Policy
- No Medical Check-up for sum insured up to Rs 10 Lakhs and up to 45 years of age
- The plan can be renewed up to the age of 80 years
- Medical Check-up is mandatory for the customer above the age of 45 years,
- however, the entire cost of the medical check-up is reimbursed by the company
- No restriction or limit on room rent or ICU rent
- Ambulance cover of Rs 1000 for every hospitalization
- Cumulative bonus i.e. No Claim Bonus of 10% for each claim-free year
Offers additional benefits like a discount on OPD charges or Pathology charges at network outlets - Income tax benefit under section 80D of the Income Tax Act, 1961.
Table of Contents
Eligibility Criteria of Bajaj Allianz Family Floater Health Guard Policy
The following table shows the eligibility criteria of the Family Floater Health Guard Policy
| Particulars | Details |
|---|---|
| Sum Insured | Minimum Rs 1.00 Lakhs Maximum Rs 10.00 Lakhs |
| Policy Tenure | Minimum 1 Year Maximum 1 Year |
| Age at Entry | Minimum 18 Years Maximum 65 Years |
| Renewal of Policy | Renewable till the age of 80 years |
| Policy Type | Individual, Family Floater |
| Tax Benefit | Available under section 80D of the Income-tax Act |
The Family Floater Health Guard Policy comes in two variants namely:
- Individual: to cover for the medical expenses of an individual
- Family Floater: to cover for the medical expenses of a family
The scope of family floater policy is wide. The family floater policy covers:
- An individual insured
- His or her Spouse
- Dependent Children
- Dependent Parents
Under the Family Floater policy, the eligibility criteria are as under:
| Particulars | Details |
|---|---|
| Entry Age for children | Minimum 91 days Maximum 25 years |
| Entry Age for Adults | Minimum of 18 years Maximum of 65 Years |
| Maximum members covered | 6 |
| Maximum Adults covered | 2 |
| Maximum Children covered | 4 |
| Sum Insured | Minimum 2 Lakhs Maximum 10 Lakhs |
| Rebates and Discounts | Family Discount Voluntary Deductible Discount |
| Pre Medical Checkup | Depends on the age of family members and Sum Insured |
What are the key important features of the Bajaj Allianz Family Floater Health Guard Policy?
Family Floater Health Guard Policy offers unique and amazing features which makes it one of the most sought health insurance plans in India. the following is a comprehensive list of important features offered by the plan.
- Day Care Treatment: the plan offers medical expense coverage of 130 daycare procedures
- No Claim Bonus: Under the plan, insured is entitled to receive a 10% of the cumulative bonus (maximum up to 50%) for every claim-free year.
- Pre Hospitalization: the Bajaj Allianz Family Floater Health Guard Policy compensates the insured with pre-hospitalization expenses up to 60 days
- Post Hospitalization: the plan covers the entire post-hospitalization expenses up to 90 days
- Enhancing Sum Assured: You can increase the sum insured at the time of renewal of the existing policy
- Voluntary deductible: the plan allows to opt voluntary deduction from Rs 10000 to Rs 2.50 Lakhs. With voluntary deduction insured can avail discount ranging between 10% to 32%
- Freelook period: if the customer for any reason does not want to continue with the policy then the policy can be returned and request a refund within 15 days. The 15 days timeframe starts from the date of receipt of the policy document.
- Pre-existing medical condition: in case the insured is suffering from any pre-existing medical condition then any claim related to the same can be done after completion of 48 months.
What are permanent exclusions from the Bajaj Allianz Family Floater Health Guard Policy?
The Family Floater Health Guard Policy will not cover any expenses of following conditions-
- In case the medical treatment is not availed from network hospital the insured has to bear 10% of the medical treatment bill as a part of co-
- payment. Insured can waive off co-payment by paying an additional premium.
- In case of suicide attempt
- In cases of alcohol or drug abuse
- AIDS
- Any medical treatment related to Cosmetic, aesthetic or related area
- Expenses related to the treatment of Infertility and in-vitro fertilization.
- Hospitalization in the event of war, riot, strike and nuclear weapons
The above is a comprehensive and non-exhausting list of exclusions. However, it is recommended to read the official policy wording.
Conclusion
The Bajaj Allianz Family Floater Health Guard is a policy for the family and the best way to secure finances. The policy takes care of the entire medical expenses. Overall the Bajaj Allianz Family Floater Health Guard is a decent health insurance plan to safeguard the future of the family.