Coronavirus (COVID-19) cases have been multiplying by the day. As India faces a potential lock-down of businesses to curb the spread of this deadly virus, the healthcare industry is trying to provide more support to the common people.
In the face of such panic, you obviously will look for ways to protect your loved ones. It will be a relief for you to know that if you have purchased Family Health Insurance at Finserv MARKETS, the COVID-19 treatment expenses will be taken care of by your policy.
As per the new instructions declared by the IRDAI, your family health insurance policy will cover the hospitalization expenses and medical costs incurred during the treatment of the coronavirus disease. It also covers expenses for the treatment during your time in quarantine.
This facility is available to all the existing as well as new customers buying health insurance plans at Finserv MARKETS online.
Having said that, it is also very important to follow all the necessary precautions enlisted by the health authorities of India.
If your policy is about to expire, renew it instantly and keep yourself and your family safe in case any such emergency medical situations were to arise in future.
Renewing health insurance is as important as buying one on time. Just a few easy steps and your renewal policy will reach you. Get your family health insurance policy renewed and enjoy continuity benefits. Experience the one-click renewal process today!
Life is quite unpredictable. The only thing that matters the most is good health for you and your loved ones in every aspect. But, life-threatening illnesses and emergency hospital visits arise anytime, anywhere. During such times, you cannot solely depend on your life savings to overcome the medical expenses. This is when health insurance plans for you and your family come to play.
Due to a rise in medical inflation and an increase in work-life imbalance, having a health insurance plan is necessary. However, it is better to take a health plan for family at an early stage in life. The reason being, you pay low premiums, and a single plan covers you and your loved ones as well. Moreover, as you grow older, buying health insurance might need medical checkups, longer waiting periods for pre-existing illnesses, and the insurer might exclude some important diseases. Hence, getting health insurance when you are younger is a wise financial choice.
But we know that not everyone understands medical and financial terminologies. You, too, will have your fair share of doubts regarding family health insurance, especially if you are single and yet to start a family.
Let us solve some common doubts regarding family health insurance plans with the help of illustrations.
Ramesh, along with his wife and one child plans to seek health insurance. Now, he can purchase individual health plans for each family member – wherein he will have to pay premiums for three people differently.
However, he can simply cover himself and the remaining two family members, all under a single policy – family health insurance. It not only becomes easier to manage the plan, as it is a single policy but also becomes an affordable option for Ramesh.
Janhavi recently got married. In a few years, let us assume she plans to have a baby. In this situation, having taken a family health insurance plan in advance (before getting married) will benefit her in multiple ways. She will not only be paying low premiums, as she took the policy early in life, but can also seek maternity benefits when needed.
Along with this, the family health insurance plan also provides coverage of approx. INR 25,000 for normal delivery and INR 35,000 for cesarean section.
Besides, children of the age between 90 days and 30 years can be added under the plan.
Sometimes, a health insurance plan for family can be an excellent financial investment. Especially for those in their early 20s, they can seek family health plans to avail of tax benefits and provide extra medical coverage to their parents.
For instance, Ketki, who is 22 years old, has recently started working in a multinational company. Now, she can seek family health insurance for herself and include her parents in it. This way, she can avail tax deductions under Section 80D of the Income Tax Act, 1961. Also, later in life, when she decides to start a family, she can add her spouse and children in the plan by simply paying extra premiums thereon.
As your parents grow old, health issues are going to rise. Similarly, infants and toddlers are bound to fall sick more often. Therefore, if you are someone who just had a baby and have old parents to look after, your hospital visits might be frequent. Also, you cannot always rely on your savings to overcome the medical expenses incurred.
On the other hand, if you plan to purchase individual health insurance plans for each of them, the premiums would be costly. This is because the individual plans are mainly based on the age of the policyholder. In such a situation, a health insurance plan for family comes in handy, as all your loved ones are covered under a single plan.
Choosing an appropriate family health insurance plan is an overwhelming task. But what must a good health insurance plan cover? Here are a few things that your family health should include.
Covers expenses incurred during organ donor treatment.
Applicable on the same illnesses with 100% coverage of the sum insured.
Coverage for Ayurvedic/Homeopathic hospitalization across the country for up to INR 20,000.
Provides convalescence benefit up to INR 7500 for more than 10 days of continuous hospitalization.
Free health check-up at least once in 3 years (even if you made any claims or not).
Covers expenses incurred due to treatments and diagnosis, ICU charges, fees of specialists, medical consultants, and practitioners.
Coverage includes costs incurred during pre and post hospitalization.
Coverage of up to INR 25,000 for normal delivery and INR 35,000 for cesarean section.
Every good policy will have certain limitations. Here’s what is not covered under family health insurance plans –
Any medical issue or complication that existed before seeking coverage or for which the doctor recommended care or treatment.
Routine physical or other examinations where there is no objective indication of impairment of normal health.
Medical expenses after the health plan expire.
Routine physical or other examination where there is no objective indication of impairment of normal health.
With so many family health insurance plans available in the market, choosing the right plan can be overwhelming. So, what makes us the right choice for you and your loved ones? Let’s find out.
We are the entrusted financial partner for 100 million+ customers all over India. It’s time you join the family too.
No third party involved, no delays and a claim settlement rate of 94% - why wouldn’t you choose us?
Is your sum insured exhausted? Well, don't worry! You can get reinstatement benefits for the same illness.
Get a family insurance plan that is best suitable for you and your family’s medical needs. Moreover, Bajaj Allianz Family Health Insurance is a flagbearer for Bariatric surgery in India.
You get medical coverage from INR 1.5 Lakh to INR 50 Lakh. We also have over 6000+ network hospitals across India.
No rocket science here! Follow 5 simple steps and you’re done.
People usually avoid taking health insurance due to longer claim processes. But filing claims with us is straightforward. Just follow these steps, and you are done.
For information on your health insurance policy, refer to the 'Process' section below.
*Note: Relaxations in the timelines mentioned above may be considered in the extreme cases of hardship where it is proved to our satisfaction that under the circumstances in which you were placed, it was not possible for you or any other person to give notice or file claim within the prescribed time limit.
The insurance provider may cancel your insurance policy providing a written notice 15 days prior to cancellation date. If no claim has been made, a refund of the premium for the unexpired policy period shall be provided on a pro-rata basis.
Your insurance policy will be cancelled for reasons such as non-disclosure of material facts, misrepresentation, fraud and non-cooperation.
As a customer, you may cancel your insurance policy by providing a written notice 15 days prior to cancellation date. If you've made no claims, the insurer will refund short-term rates for the unexpired policy period as per the rates detailed below.
|Period of Risk||Premium Refund - 1 Year Policy Period|
|Exceeding 15 days but less than 3 months||65.00%|
|Exceeding 3 months but less than 6 months||45.00%|
|Exceeding 6 months but less than 12 months||00.00%|
|Period of Risk||Premium Refund - 2 Year Policy Period|
|Exceeding 15 days but less than 3 months||75.00%|
|Exceeding 3 months but less than 6 months||65.00%|
|Exceeding 6 months but less than 12 months||45.00%|
|Exceeding 12 months but less than 15 months||30.00%|
|Exceeding 15 months but less than 18 months||20.00%|
|Exceeding 18 months but less than 24 months||00.00%|
Link to redirect customers to links category.
Need further assistance? Reach out on the Toll-Free Number: 1800-209-5858 to connect with an insurance expert.
Follow these steps to renew health insurance for family –
Visit us online
Enter policy details as requested
Enter personal information as required
Review the new policy before agreeing to the terms and conditions
Proceed to make an online payment
After successful payment, your policy will be renewed and functional to avail all the health insurance benefits in no time
Family is your #1 priority, and choosing the right family health insurance plan can thus be overwhelming. Hence, we believe that Bajaj Allianz Family Health Insurance at Finserv MARKETS is your best chance to secure the medical needs of your loved ones.
You must be wondering what makes Bajaj Allianz Family Health Insurance unique. Here are a few features offered by the policy –
Multiple Sum Insured Options: The sum insured ranges between INR 1.5 Lakh and INR 50 Lakh, with two plan variants for you to choose from
Covers Your Loved Ones: Health insurance plan for family will cover you, your spouse, and dependent children or parents
Daycare Procedures Cover: Any medical expenses arising due to the treatment of listed daycare procedures or surgeries is covered under this plan
Reinstatement Benefit: In case you exhaust your sum insured and the cumulative bonus (if any), the insurer will reinstate it
Road Ambulance Cover: You can easily avail emergency ambulance services for up to INR 20,000 (during hospitalization or discharge)
Daily Cash Benefit: A cash benefit of INR 500 per day, for up to 10 days during each policy year will be payable as accommodation expenses for one parent/legal guardian to stay with the minor insured under the health plan. Moreover, there is no capping on room rent and ICU charges.
For additional benefits and wider coverage, you can also opt for a health insurance top up plan over and above your basic family health policy by paying a minimal premium.
If you are still contemplating whether you need family health insurance or not, read on. You can save taxes on your Bajaj Allianz Health Insurance available on Finserv MARKETS. Consider the following table for better understanding.
Health Checkup Exemption
Self And Family
Self And Family + Parents
INR 25,000 + INR 25,000 = INR 50,000
Self And Family + Senior Citizen Parents
INR 25,000 + INR 30,000 = INR 55,000
Self (Senior Citizen) And Family + Senior Citizen Parents
INR 30,000 + INR 30,000 = INR 60,000
You can avail up tax exemption of up to INR 1.4 lakh (INR 60,000 for senior citizens and INR 80,000 for super senior citizens) for specified illnesses.
You can avail tax benefits of up to INR 75,000 for nursing, training, medical treatment, preservation, and rehabilitation of a dependent with a disability. The amount is INR 1.25 lakh in extreme disability cases.
The incorporation of coronavirus as a critical illness is not completely determined but is unlikely. The reason for this is the stringent list of illnesses that insurance companies adhere to. Since the list does not even incorporate certain types and stages of cancer, it is doubtful that coronavirus will make the list. However, in case of permanent lung damage or any other condition caused by the virus, it is likely that a claim for critical illness can be sought.
Here is a two-part list of WHO-recommended suggestions on how to protect yourself from your virus and how to be a responsible citizen should you contract the virus: - Be responsible and cover your own mouth and nose when you cough or sneeze. - Wash your hands with soap thoroughly for at least 20 seconds. - Maintain 3 feet or 1-meter distance between yourself and others in public places. - Avoid stepping out unnecessarily. - Cut social interaction immediately and remain in quarantine. - If you exhibit symptoms and these symptoms persist after medication (while a viral fever responds to antibiotics coronavirus will not), seek medical attention immediately. Additionally, you can call the hospital or your healthcare provider for any queries. - Stay calm and self-isolate first - Do not panic.
A few providers have created insurance policies designed especially for the virus outbreak. However, these still come with numerous terms and conditions for one to fulfill. On the other hand, non-disease specific policies provide coverage for coronavirus, too. For instance, insurance providers like Bajaj Allianz have pledged to cover both pre and post hospitalization expenses for infections like coronavirus.
A health insurance plan for family is one single policy that takes care of the medical expenses of your entire family. The Sum Insured can be used by any member of the family or by everyone covered in the policy, multiple number of times, till the time the limit is exhausted. It is far better than a family Mediclaim policy and is always a good choice.
A health insurance for family available on Bajaj Finserv MARKETS covers self, spouse and up to 4 dependent children.
Children can be covered with either of the parent in a policy but are not covered individually in our health insurance plans. Dependent children from the age of 3 months up to the age of 30 years are covered under our family health insurance plans.
As compared to adults, children are way more sensitive and therefore prone to falling ill a lot more. Since kids tend to fall ill more frequently, it is important for children to be covered under one of the best family health insurance plans. It helps you deal with the medical and hospitalization expenses better.
Yes, you can cover your family residing anywhere in India under one policy. You can use your Bajaj Allianz family health insurance plan in India across all cities and states.
You can enhance the Sum Insured of your family health insurance policy only at the time of renewals. The enhancement would be subject to underwriting approval, based on the declaration on the application.
The following Sum Insured options are available to you under this family health insurance plan: 1) Health Guard Silver Plan: Rs.1.5/2 lakh. 2) Health Guard Gold Plan: 3/4/5/7.5/10/15/20/25/30/35/40/45/50 lakh.
If you renew your family health insurance plan with us without any break and there has been no claim in the preceding year, Bajaj Allianz will increase the ‘Sum Insured Amount’ by 10% of the base sum insured per annum. However, the maximum cumulative increase in the ‘Sum Insured Amount’ will be limited to 10 years and 100% of your first health insurance policy with us. There are tax benefits under the Income Tax Act, 1961 (in India); every taxpayer can avail an annual deduction up to Rs. 50,000 from his/her taxable income for Bajaj Allianz Medical Insurance premium paid for self and dependents in the family.
The best Health Insurance Company, which has no lengthy process to clear the claims. I applied for a Bajaj family health insurance, my policies got renewed immediately, and the claim is also done in a stipulated time.
Posted on 20 Nov 19
Already referred to various family members. I would never change my policy even if I have to pay a few extra bucks. Undoubtedly the best place to get a family health insurance. Thank you so much for your support.
Posted on 29 Dec 19
The Bajaj Allianz health insurance team responded to the initial claim request within hours and the final approval was done in no time. They have customer friendly policies and the customer support team is very good. Overall service was very good, keep it up.
Posted on 11 Dec 19