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Health Insurance 480 views July 6, 2021
Bajaj Allianz Tax Gain Plan not only covers medical expenses during, before and after hospitalization but also lets you avail of tax benefits on premiums paid and medical bills. Available on both individual and family floater basis, the Bajaj Allianz Health Insurance Plan covers consumable expenses and provides several other value-added benefits to capture your imagination. Read this page further to know more about Bajaj Allianz Tax Gain Plan.
Table of Contents
Firstly, Bajaj Allianz Tax Gain Plan comes in four variants with each offering hospitalization and OPD expenses under the same policy. The below pointers specify the importance of this health insurance plan. Take a look!
The plan covers several other treatment expenses too that you can check below.
The sum assured and the premium amount of the Bajaj Allianz Tax Gain Plan differ based on the variant you choose. Premiums are also dependent on the age of the policyholder. There are age slabs based on which the premium varies. Let’s check out the same below.
Plan A – Hospitalization Sum Insured of INR 1 lakh
The OPD sum insured for policyholders of different age groups is mentioned below.
Age Group (In Years | OPD Sum Insured (In INR) |
---|---|
18-25 | 3,100 |
26-40 | 2,900 |
41-45 | 2,500 |
46-55 | 1,600 |
The premium for Plan A – INR 4,670
Plan B
The plan covers hospitalization as well as OPD expenses for you and your spouse. While the hospitalization sum insured remains INR 2 lakh, the OPD sum insured remains as shown in the table below.
Age Group (In Years | OPD Sum Insured for Self (In INR) | OPD Sum Insured for Self + Spouse (In INR) |
---|---|---|
18-25 | 6,500 | 5,200 |
26-40 | 6,000 | 4,800 |
41-45 | 5,000 | 3,500 |
46-55 | 3,000 | 1,000 |
The Premium for Plan B – INR 9,345
Plan C
It comes with two different hospitalization sum insured of INR 2 Lakh and INR 3 Lakh. The OPD sum insured varies based on the hospitalization sum insured you choose. Have a look at the table below to understand it better.
C1 Hospitalization Cover of INR 2 Lakh on a Floater Basis
Age Group (In Years | OPD Sum Insured for Self (In INR) | OPD Sum Insured for Self + Spouse (In INR) |
---|---|---|
18-25 | 9,500 | 9,000 |
26-40 | 9,000 | 8,500 |
41-45 | 8,500 | 7,000 |
46-55 | 7,500 | 4,500 |
C2 Hospitalization Cover of INR 3 Lakh on a Floater Basis
Age Group (In Years | OPD Sum Insured for Self (In INR) | OPD Sum Insured for Self + Spouse (In INR) |
---|---|---|
18-25 | 9,000 | 8,000 |
26-40 | 8,500 | 7,500 |
41-45 | 7,500 | 5,500 |
46-55 | 6,000 | 2,500 |
The Premium for Plan C – INR 14,015
Plan D
This variant is exclusively for senior citizens and comes with a floater sum insured of INR 1 lakh. The OPD sum insured for the same is shown in the table below. Take a look!
Age Group (In Years | OPD Sum Insured for Self (In INR) | OPD Sum Insured for Self + Spouse (In INR) |
---|---|---|
56-60 | 13,000 | 11,000 |
61-65 | 12,500 | 10,000 |
65-70 | 12,000 | 9,500 |
71-75 | 11,000 | 8,000 |
The Premium for Plan D – INR 18,690
Note – Premiums mentioned against different plan variants are exclusive of GST.
In case the treatment takes place at a non-network hospital, a co-payment clause of 10% will apply to the claims arising out of the same. It means you will need to pay 10% of the claim amount first before Bajaj Allianz will honour the remaining amount up to the sum insured.
The plan can be issued for 1, 2 and 3 years with the premium payable at any of monthly, quarterly, half-yearly or yearly installments.
The waiting period, as the name suggests, is the time up to which the policyholders won’t get covered for any illnesses/ailments. An initial 30-day waiting period will apply, except for accidental claims, provided they are covered under the policy. In case you have a disease before accepting this plan, a waiting period of 48 continuous months from the date of inception will be in force. Bajaj Allianz has fixed waiting periods for a few OPD expenses. The cost of spectacles will be covered from the second year onward, which means no coverage for the first year. Besides, the policy does not cover the cost of dentures in the first two years. The coverage will begin from the third year, but up to 25% of the OPD limit.
Besides the waiting period, one should know other exclusions too for a hassle-free health insurance journey with the insurer. Let’s see such exclusions below.
The minimum age required at the time of entering into plan variants from A to C is 18 years, whereas the maximum age permitted till maturity is 75 years.
You can cancel the plan by giving a written notice of 15 days to Bajaj Allianz, which will then refund the paid premium for the unexpired policy period. The extent of refund varies based on the receipt of premiums. Take a look at the below table to know the refund you could get upon policy cancellation.
The Extent of Refund for Annual or One-time Lump Sum Premium
Period in Risk | Policy Period of 1 Year | Policy Period of 2 Years | Policy Period of 3 Years |
---|---|---|---|
Within 15 days | As Per the Free Look Period Condition | As Per the Free Look Period Condition | As Per the Free Look Period Condition |
More than 15 days but less than or equal to 1 month | 75% | 75% | 80% |
More than 1 month but less than or equal to 3 months | 50% | 75% | 80% |
More than 3 months but less than or equal to 6 months | 25% | 65% | 75% |
More than 6 months but less than or equal to 12 months | 0% | 45% | 60% |
More than 12 months but less than or equal to 15 months | 0% | 30% | 50% |
More than 15 months but less than or equal to 18 months | 0% | 20% | 45% |
More than 18 months but less than or equal to 24 months | 0% | 0% | 30% |
More than 24 months but less than or equal to 27 months | 0% | 0% | 20% |
More than 27 months but less than or equal to 30 months | 0% | 0% | 15% |
More than 30 months but less than or equal to 36 months | 0% | 0% | 0% |
The Extent of Refund Based on Premium Installment Intervals
Period in Risk (From the Date of Latest Installment) | % of Half-Yearly Premium | % of Quarterly Premium | % of Monthly Premium |
---|---|---|---|
Up to 15 days from the first installment date | As Per the Free Look Period Condition | As Per the Free Look Period Condition | As Per the Free Look Period Condition |
More than 15 days but less than or equal to 3 months | 30% | No Refund | No Refund |
More than 3 months but less than or equal to 6 months | 0% | No Refund | No Refund |