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About Individual Health Insurance

It is said that ‘a healthy life is a happy life!’ Especially in today’s world, healthy living should be your ultimate goal. After all, that is how you will accomplish your dreams and future objectives. But not everything in life goes according to plan. Medical emergencies can come knocking without prior warnings and require treatment, hospitalisation, and intensive care during recovery. Therefore, having a comprehensive health insurance plan ensures that you and your family are covered for their medical needs.

The cost of quality healthcare facilities in India is off the roof. During such challenging times, an unforeseen medical contingency can most certainly drain your life savings. While most of us will agree that money should not be a priority in life, its insufficiency can limit your access to best-in-class healthcare facilities.

Individual health insurance plans at Finserv MARKETS are highly flexible and are some of the most cost-effective policies in the market. Let us take a quick look at the different individual health insurance plans available on our platform.

Top Individual Health Insurance Plans at Finserv MARKETS

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 choose Finserv MARKETS For Individual Health Insurance

Trusted Companion

Come join a family of 100+ million customers and allow us to take care of your financial needs.

Swift Claim Settlement

The claim settlement facility is quick with no third-party involvement.

Reinstatement Benefit

Unlike other health insurance companies in India, we offer reinstatement benefit for the same illness even if your sum insured is exhausted.

Tailor-made insurance plans

Customise your individual health insurance plan as you want so that your medical needs are fulfilled.

Extensive Coverage

Get the best healthcare at 6500+ empanelled hospitals across India and plans that offer coverage from Rs. 1.5 to 50 Lakh.

Need for Individual Health Insurance Plan

When it comes to financial protection against unforeseen medical emergencies, an individual insurance plan is a must! The need for getting an individual health insurance plan is better understood with an example.

Illustration: You recently purchased an individual health insurance plan with a coverage of Rs. 5 lakh. In a few years, let us assume that you fall sick and are in urgent need of medical assistance. When admitted to the nearest hospital for treatment, the medical and hospitalisation bills round up to Rs. 4 lakh. Fortunately, your individual 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 best to buy an individual health insurance plan.

Besides this, individual health insurance plans offer several benefits, which include:

  • Covers medical costs based on your premium payout, including pre- and post-hospitalisation 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 of 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 you are eligible to receive the policy benefits in case of a diagnosis.

Individual Health Insurance Coverage

From daycare procedures to in-patient hospitalisation, individual health insurance plans available on Finserv MARKETS offer coverage against several medical issues. Choose the most ideal health insurance plan to stay protected.

  • Coverage of up to Rs. 50,00,000

    One of the best among insurance providers in India - offering a sum insured of up to Rs. 50,00,000.

  • Reinstatement Benefit

    A standout USP among competition - this plan offers a 100% reinstatement of the sum insured in case you need treatment for the same illness post policy exhaustion.

  • Ayurvedic/Homeopathic Hospitalisation

    We offer the highest individual health insurance coverage for ayurvedic/homeopathic hospitalization in India, up to Rs. 20,000.

  • Bariatric Surgery Cover

    The policy offers coverage up to Rs. 5,00,000 for bariatric surgery.

  • Organ Donor Benefit

    A health insurance exclusive – there is no sub-limit on organ donor treatment expenses.

  • Free Health Check-up

    Get a free health check-up once in 3 policy years, even if you've made claims.

  • Maternity Benefit

    For sum insured between Rs. 3,00,000 to Rs. 7,50,000 get coverage up to Rs. 15,000 for normal delivery and up to Rs. 25,000 for cesarean section.

  • Pre- and Post- Hospitalisation

    Under this plan, get coverage for medical expenses incurred 60 days prior to immediate hospitalisation and 90 days after hospitalisation.

  • Convalescence Benefit

    For more than 10 days of continuous hospitalization, this good health insurance plan provides Rs. 5,000 for sum insured up to Rs. 5,00,000 and Rs 7.500 for sum insured up to Rs. 7,50,000 – the best among competition.

  • Ambulance Charges

    This plan offers coverage of up to Rs. 20,000 for ambulance charges per policy year.

  • Daily Cash Benefit

    In the event of hospitalization, this medical health insurance plan provides daily cash benefit for 10 days per policy year. The amount is capped at Rs 500 per day.

  • Cumulative Bonus

    Get an increment of 10% to 100% on the base sum insured for every claim-free year.

  • Cataract Surgery Cover

    For each year, get 20% of the sum insured, up to Rs 1 lakh per policy year.

  • Newborn Cover

    Apart from providing medical insurance coverage that takes care of the mother, this plan provides coverage for new born babies too.

Individual Health Insurance Exclusions

 Things that are not covered in individual health insurance plans are as follows:

  • Diseases contracted within the first 30 days of buying the health insurance.

  • Expenses incurred for treating the insured for use of abusive substances, alcoholism, and drugs.

  • Medical expenses incurred when in-patient care is neither warranted nor supervised by a qualified medical practitioner/nurse.

  • Plastic surgery in any form; unless necessitated for treatment of accidental bodily injury, burns, or cancer, which must be approved by a medical practitioner.

  • Expenses for use of external medical equipment at home. This includes equipment used for Sleep Apnoea Syndrome (C.P.A.P), Continuous Peritoneal Ambulatory Dialysis (C.P.A.D), and oxygen concentrator for bronchial asthmatic condition.

  • Cosmetic treatments, including surgery for change of gender.

  • Medical expenses incurred wherein the purpose of hospitalisation is diagnostic, i.e. to conduct laboratory examinations, X-ray, and other medical investigations.

  • Costs incurred for purchase of contact lenses, spectacles, hearing aids, artificial limbs, crutches, dentures, artificial teeth, and other orthopaedic treatments like K-wires and plates.

  • Intentional self-injury but not related to alcoholism and drug abuse.

  • Circumcision, unless required for treatment of accidental injury or illness.

  • Expenses incurred for inoculation/vaccination; unless it is part of post-bite treatment or if it is recommended by the treating doctor and deemed medically necessary.

  • Conditions that are directly/indirectly associated with/caused by Human Immunodeficiency Virus (HIV), or variant/mutant viruses, or any syndrome/condition that is referred to as AIDS.

Note: For the complete list of exclusions, refer to the PDF in the 'Download' section.

 

Now, before we proceed with the application process for individual health insurance plans at Finserv MARKETS, let us do a quick comparison of the two policies available on the platform.  

Comparison of Individual Health Insurance Plans at Finserv MARKETS

Here’s a quick overview of what’s covered in the individual health insurance plans.  

 

Bajaj Allianz Health Guard Plan

Aditya Birla Activ Assure Diamond Plan

Eligibility Criteria

Entry Age: Child - 90 days to 30 years

Adult - 18 to 55 years

 

Policy Term: 1 year, 2 year, 3 year

 

Sum Insured: Rs. 1.5 Lakhs to Rs. 50 Lakhs

Entry Age: Child - 91 days to 25 years

Adult - 18 to 55 years

 

Policy Term: 1 year, 2 year, 3 year

 

Sum Insured: Rs. 3 Lakh to Rs. 25 Lakhs

No. of Network Hospitals

6500+

7500+

Pre- and Post-Hospitalisation Cover

Daycare Treatment Cover

Pre-Existing Illnesses

( Waiting Period: 36 months)

(Waiting Period: 48 months)

Reinstatement Benefits

OPD Cover

X

X

Maternity and Newborn Benefits

X

Personal Accident Cover

X

X

How to Apply for Individual Health Insurance Plans?

No rocket science here! Follow 5 simple steps and you’re done.

  • Choose your coverage

  • Fill form

  • Assessment by Insurer

  • Complete payment

  • Policy Issued

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 

Claim Process for Individual Health Insurance

Filing claims was never so simple. Just follow these steps and you’re done!

  • 1

    Register your claim online

  • 2

    Upload documents online

  • 3

    Claim Assessment

  • 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
  • You need to approach the network hospital along with your policy details.

  • The network hospital verifies the details provided by you and sends a pre-authorization form to the network hospital.

  • 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.

  • 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.

  • Should the pre-authorization request get rejected; you will have to bear all treatment expenses which can be reimbursed later.

  • 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*

  • 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

  • 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.

  • Once discharged from hospital, you need to collect all original documents and bills and submit them to the insurance provider.

  • The insurance provider initiates scrutiny of all claim-related documents. If additional documents are needed, you will be intimated about the additional documents required.

  • Once all necessary documents are received, the insurance provider approves the claim.

  • Payment will be released to you based on what is admissible under the insurance policy.

  • 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.

  • 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.

  • Cashless Claims Request Form
  • Reimbursement Form
  • Self Declaration of KYC Document Submission - For Individual Partner
  • Non-Medical Expenses List of Exclusions
  • Personal Accident Claim Form
  • Cashless Claims Request Form
  • Reimbursement Form
  • Self Declaration of KYC Document Submission - For Individual Partner
  • Personal Accident Claim Form
  • Non-Medical Expenses List of Exclusions
  • List of Network Hospitals
  • Health Guard Brochure
  • Individual Health Insurance - Gold Plan Wordings
  • 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.

Best Health Insurance Plans Available at Finserv MARKETS

Manage all your queries here

  • ✔️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.

Health Insurance Reviews

Health Insurance Reviews

4.2out of 5

5 reviews

Hassle Free Health Insurance Application Process

I have taken an individual health insurance policy to cover myself. The online application process was quite smooth. It is one is the best investment I have made in my career.

Quick Service and Good Product Features

I applied for an individual health insurance policy, it is quite suitable for an individual like me who has just started working. I was satisfied with the inclusions and exclusions and bought a 3 lakh cover for myself. Thank you for your great services.

They Provide The Best Health Insurance Plan

I purchased a Bajaj Allianz individual health insurance plan for myself. The policies are good and completely apt for my needs. Was overwhelmed with their service and with the fact that all key hospitals in my locality are covered under their network.

Secure & Quick Application Process

After a friend recommended, I got an individual health insurance policy from Bajaj Allianz health insurance. I had a really good experience while purchasing the plan on the online platform. The process was explained in detail & the claim process is also very smooth.

Super-fast Claim Settlement

During my recent hospitalization for a minor surgery, I experienced the quick and hassle-free claim settlement process of the Bajaj Allianz individual health insurance policy. My claim request was approved within very less time & I did not have to worry about the hospital bills. Great plan!