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About Individual Health Insurance
As it is said - “A healthy life is a happy life!” Leading a healthy life should be the ultimate goal. After all, that is how you will be able to accomplish your future objectives. But not everything in life goes as planned. Medical uncertainties come without prior warning, which can further lead to hospitalisation and intensive care.
The healthcare facilities in India are getting expensive by the day. During such challenging times, any unforeseen medical emergency can most certainly drain your life savings. But money should never be the priority when it comes to healthcare and seeking immediate medical support. In order to ensure that you and your family are financially equipped to face sudden medical contingencies, you should buy a comprehensive health insurance plan.
Individual health insurance plans available on Finserv MARKETS are highly flexible, and some of the most cost-effectiveness policies in the market. Read on to understand why you should buy an individual health insurance plan. But before that, take a quick look at our instant policy renewal process and health combo plan.
Instant Policy Renewal
Health insurance renewal plays a critical role in securing your health as it helps you enjoy continuity benefits and be prepared for medical emergencies. All you need to do is keep the relevant details ready, which includes your policy number, while you are renewing your health insurance online, and you are good to go.
Health Combo Plan
Finserv MARKETS presents the 'Health Combo Plan', a unique health insurance policy that combines the features of two products, the Health Insurance Base Plan & the Health Insurance Top-up plan.
Now you can manage medical uncertainties & rising health expenses easily, with dual benefits in the form of the Health Combo Plan. Get extensive medical coverage at affordable costs, that too without undergoing any tedious paperwork!
Why Do You Need Individual Health Insurance?
When it is about staying protected against unforeseen medical emergencies, an individual health insurance plan is a must! The need for getting an individual health insurance plan will be better understood by going through the benefits the policy provides. Here, take a look!
- Covers medical costs basis your premium payout including pre and post hospitalization expenses
- Doctor’s fees, laboratory tests, room rent, and surgery costs are also covered under the Individual Health Insurance plan
- Provides financial stability in case you are diagnosed with a health issue
- Enables you to enjoy cashless facilities within a wide network medical facilities
- Lifetime renewal along with tax benefits under Section 80D of the Income Tax Act, 1961.
- You may opt for an individual plan wherein only you are eligible to receive the policy benefits in case of a diagnosis.
Note: For the complete list of exclusions, refer to the PDF in the 'Download' section.
How Does Individual Health Insurance Work
Let us understand the working of an individual health insurance plan with the following example.
You recently purchased an individual health insurance plan for yourself with a coverage of up to Rs. 5 Lakhs. In a few years, let us assume that you are sick and in urgent need of medical assistance. When admitted to the nearest hospital for treatment, the medical and hospitalisation bills rounded up to Rs. 4 Lakhs. Fortunately, your individual health insurance plan will cover the expenses incurred so that you don’t have to worry about the bills.
Now, if you did not have adequate health coverage during this time, you would have to bear the medical expenses from your pocket. So, to avoid putting your financial future at risk, it is time to buy an individual health insurance plan.
Best Individual Health Insurance Plans at Finserv MARKETS
Partner Insurance Company
Partner Insurance Company |
Individual Health Insurance Plan |
Sum Assured Amount (in Rs.) |
Pre- and Post- Hospitalisation |
Waiting Period for Pre-Existing Diseases |
Bajaj Allianz Health Insurance |
Health Guard Plans |
Between Rs. 1.5 Lakhs and Rs. 50 Lakhs |
Pre-hospitalisation cover of 60 days. Post-hospitalisation cover of 90 days. |
36 Months |
Why choose Finserv MARKETS For Individual Health Insurance
Eligibility Criteria for Individual Health Insurance
- Age between 18 years and 65 years, with lifetime renewal
- Entry age for children starts at three months and goes up to 30 years
Documents Required for Individual Health Insurance
Keep the following documents handy while you complete the online process!
- Medical reports (if needed)
- Identity proof
- Date of birth proof
- Address proof
- Income proof
How to Apply For Individual Health Insurance
No rocket science here! Follow 5 simple steps and you’re done.
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Choose your coverage
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Fill form
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Assessment by Insurer
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Complete payment
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Policy Issued
Claim Process for Individual Health Insurance
Filing claims was never so simple. Just follow these steps and you’re done!
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1
Register your claim online
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2
Upload documents online
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3
Claim Assessment
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4
Claim Decision
For information on your health insurance policy, refer to the 'Process' section below.
- Process
- Download
- Emergency Contact
- Cashless Claims
- Claim Intimation
- Claim Reimbursement
- Cancellation Process
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You need to approach the network hospital along with your policy details.
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The network hospital verifies the details provided by you and sends a pre-authorization form to the network hospital.
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The insurance provider verifies the pre-authorization request and informs the network hospital about your policy's coverage. If needed, the insurance provider may send a query letter to the network hospital requesting more details. The network hospital needs to respond to this query with the information requested for.
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Once the network hospital receives approval from the insurance provider, treatment begins. Upon discharge from the network hospital, the final bill along with the discharge papers are sent to the insurance provider. The insurance provider will settle the final amount with the network hospital after deducting co-payment (if applicable) and other consumable expenses.
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Should the pre-authorization request get rejected; you will have to bear all treatment expenses which can be reimbursed later.
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Claim Intimation
- Claims should intimated within 48 hours in case of emergency hospitalization*
- Claims should be intimated within 24 hours in case of planned hospitalization*
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Claims can be intimated on the following platforms:
- Contact the executes at the Call Center- 1800 209 5858 (Main Toll Free) and dedicated health toll free (1800 103 2529)
- Email on health.admin@bajajallianz.co.in
- Branch walk-in at the customer care desk
- Visit the website- https://general.bajajallianz.com/BagicHCM/cstprtl/getCustDtls.do
- Download the Caringly Yours App on App store/Play store
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Following details are required for claim intimation:
- Policy Number
- Name of the Patient
- Hospital Name
- Hospital Address
- Date of Admission
- Diagnosis
- Mobile Number
- Email Id
*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 feasible for the insured or the other individual to file a claim or give notice within the set timeframe.
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Once discharged from hospital, you need to collect all original documents and bills and submit them to the insurance provider.
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The insurance provider initiates scrutiny of all claim-related documents. If additional documents are needed, you will be intimated about the additional documents required.
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Once all necessary documents are received, the insurance provider approves the claim.
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Payment will be released to you based on what is admissible under the insurance policy.
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Company Cancellation
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.
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Customer Cancellation
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%
- Cashless Claims
- Claim Reimbursement
- Other Health Insurance Related Claims
- Links for Claim Settlement Forms
- List of Network Hospitals
- Brochure
- Policy Wordings
Link to redirect customers to links category.
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Cashless Claims Request Form
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Reimbursement Form
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Self Declaration of KYC Document Submission - For Individual Partner
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Non-Medical Expenses List of Exclusions
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Personal Accident Claim Form
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Cashless Claims Request Form
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Reimbursement Form
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Self Declaration of KYC Document Submission - For Individual Partner
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Personal Accident Claim Form
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Non-Medical Expenses List of Exclusions
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List of Network Hospitals
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Health Guard Brochure
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Individual Health Insurance - Gold Plan Wordings
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Individual Health Insurance - Silver Plan Wordings
Need further assistance? Reach out on the Toll-Free Number: 1800-209-5858 to connect with an insurance expert.
Individual Health Insurance: An Overview
Life is uncertain; you never know when a medical emergency may strike and catch you off-guard. Therefore, it is critical that you secure yourself with a Bajaj Allianz Individual Health Insurance plan available on Finserv MARKETS, to deal with such emergencies or unforeseen risks. Also, it is advised that one should buy a health insurance plan when one is young. The premium payable is comparatively less when one is young, and the benefits to be reaped by the policyholder over the long run are very attractive. Hence, millennials should definitely consider buying individual health insurance.
Features and benefits of individual health insurance
- Covers medical costs basis your premium payout including pre and post hospitalization expenses
- Doctor’s fees, laboratory tests, room rent, and surgery costs are also covered under the Individual Health Insurance plan
- Provides financial stability in case you are diagnosed with a health issue
- Enables you to enjoy cashless facilities within a wide network medical facilities
- No-claim bonus (NCB) is added for every claim-free year
Lifetime renewal along with tax benefits under Section 80D of the Income Tax Act, 1961.
Types of health insurance plans
- You may opt for an individual plan wherein only you are eligible to receive the policy benefits in case of a diagnosis.
- Alternatively, you may choose family coverage wherein you may cover yourself along with your spouse and dependent children under a single policy.
- Several companies offer health coverage to their employees as an additional perk through a group insurance plan.
Individual vs. family health insurance
Unlike in a family floater wherein your entire family is covered under a single plan, an individual health insurance plan only covers you. Premiums for individual health insurance plans are more expensive than the family health insurance plans. However, the following points highlight why an individual health insurance plan is more beneficial.
- The premium of a family floater is based on the age of the oldest member
- When children become adults and migrate to an individual plan, the waiting period and NCB are lost
- For family floater policy, NCB is lost even if only one member files a claim during the year
Why choose individual health insurance from Finserv MARKETS?
A large number of customers trust us for various reasons. Here is why you must choose Bajaj Allianz Individual Health Insurance plan available on Finserv MARKETS.
- A trusted companion for over 100 million customers
- Extensive coverage with more than 6,000 network medical facilities across the country with sum assured between Rs. 1.5 Lakh and Rs. 50 lakh
- Approximately 94% claim settlement ratio without third-party participation
- Customized plans to suit individual needs and requirements
- Reinstatement benefit for the same medical condition even if you have exhausted the entire sum assured
How to apply for individual health insurance?
The entire procedure to apply for a Bajaj Allianz Individual Health Insurance plan on Finserv MARKETS is quite simple, easy and convenient. You just have to fill up & submit the online application form, make the payment and your policy will be issued in no time.
Claim process
Cashless claims
- You need to provide policy details to the network facility. After verification, the hospital will provide a pre-authorization form
- We will verify the form and provide to the hospital, details about your policy benefits and coverage
- The hospital will commence the treatment once we approve the claim
- When you are discharged, the hospital will send the bill along with discharge papers to us and we will settle the claim after reducing the co-payment if any
Claim reimbursement
- Submit all original documents and bills
- Our team scrutinizes the data and may ask for any additional information that is needed
- On receiving all the documents, your claim is approved
- You will receive the payment based on the policy terms and conditions
Manage all your queries here
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✔️Do I need an individual health insurance?
Yes of course, you need an individual health insurance. It is a well-known fact that medical expenses are increasing significantly, and it is hence sensible to invest in a Bajaj Allianz individual health insurance plan, irrespective of your age. The pace at which treatment costs are rising, one hospitalization event can take a huge toll on your savings. Also, there is a noteworthy increase in the number of life-threatening diseases, which makes it essential for every single person to have the best individual health insurance plan available out there. -
✔️What additional benefits do I get if I renew my Bajaj Allianz individual health insurance plans with Finserv MARKETS?
If you renew your individual health insurance policy 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. Also, 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 premium paid for an individual health insurance plan. -
✔️When can I enhance the Sum Insured of my individual health insurance plan?
You can enhance the Sum Insured of your Bajaj Allianz individual health insurance policy only at the time of renewals. The enhancement would be subject to underwriting approval, based on the declaration on the application. -
✔️What are the Sum Insured options available to me under Bajaj Allianz individual health insurance policy?
The following Sum Insured options are available to you under our individual health insurance plans: 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. -
✔️When am I supposed to renew my health insurance plan?
It is best to renew your Bajaj Allianz Health Insurance plan before its expiry date. With our plan you have a grace period of 30 days (after the expiry date of the plan), within which you can renew the plan without having to apply afresh. During this grace period, you will not be covered for any ailments or accidents, but the same plan can be continued. However, it is suggested that you pay your renewal premium while your health insurance is still in force so that you can enjoy the uninterrupted coverage. -
✔️Will I be able to avail medical and premium reimbursements in case my Bajaj Allianz Health Insurance policy gets rejected?
In the event of your policy getting rejected, you can avail premium reimbursements within the next seven working days. However, your medical check-up expenses will not get reimbursed. -
✔️What is preventive health check-up benefit?
If you have held a Bajaj Allianz Health Insurance policy for a continuous period of 3 years, then at the end of it, you are eligible for a free preventive health check-up. Our partner, Bajaj Allianz will reimburse the amount equal to 1% of the sum insured max or up to Rs. 2000/- (whichever is less), for each member, during this block period of 3 years.
