Insurance Plans 561 views March 20, 2020

Bajaj Allianz Family Floater Health Guard Insurance Policy

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

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Key highlights of the Family Floater Health Guard Policy

  1. No Medical Check-up for sum insured up to Rs 10 Lakhs and up to 45 years of age
  2. The plan can be renewed up to the age of 80 years
  3. Medical Check-up is mandatory for the customer above the age of 45 years,
  4. however, the entire cost of the medical check-up is reimbursed by the company
  5. No restriction or limit on room rent or ICU rent
  6. Ambulance cover of Rs 1000 for every hospitalization
  7. 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
  8. Income tax benefit under section 80D of the Income Tax Act, 1961.

Eligibility Criteria of Bajaj Allianz Family Floater Health Guard Policy

The following table shows the eligibility criteria of the Family Floater Health Guard Policy

ParticularsDetails
Sum InsuredMinimum Rs 1.00 Lakhs
Maximum Rs 10.00 Lakhs
Policy TenureMinimum 1 Year
Maximum 1 Year
Age at EntryMinimum 18 Years
Maximum 65 Years
Renewal of PolicyRenewable till the age of 80 years
Policy TypeIndividual, Family Floater
Tax BenefitAvailable under section 80D of the Income-tax Act

The Family Floater Health Guard Policy comes in two variants namely:

  1. Individual: to cover for the medical expenses of an individual
  2. Family Floater: to cover for the medical expenses of a family

The scope of family floater policy is wide. The family floater policy covers:

  1. An individual insured
  2. His or her Spouse
  3. Dependent Children
  4. Dependent Parents

Under the Family Floater policy, the eligibility criteria are as under:

ParticularsDetails
Entry Age for childrenMinimum 91 days
Maximum 25 years
Entry Age for AdultsMinimum of 18 years
Maximum of 65 Years
Maximum members covered6
Maximum Adults covered2
Maximum Children covered4
Sum InsuredMinimum 2 Lakhs
Maximum 10 Lakhs
Rebates and DiscountsFamily Discount
Voluntary Deductible Discount
Pre Medical CheckupDepends 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.

  1. Day Care Treatment: the plan offers medical expense coverage of 130 daycare procedures
  2. 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.
  3. Pre Hospitalization: the Bajaj Allianz Family Floater Health Guard Policy compensates the insured with pre-hospitalization expenses up to 60 days
  4. Post Hospitalization: the plan covers the entire post-hospitalization expenses up to 90 days
  5. Enhancing Sum Assured: You can increase the sum insured at the time of renewal of the existing policy
  6. 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%
  7. 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.
  8. 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-

  1. 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-
  2. payment. Insured can waive off co-payment by paying an additional premium.
  3. In case of suicide attempt
  4. In cases of alcohol or drug abuse
  5. AIDS
  6. Any medical treatment related to Cosmetic, aesthetic or related area
  7. Expenses related to the treatment of Infertility and in-vitro fertilization.
  8. 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.

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