Latest news with #BajajAllianzGeneralInsurance
Time of India
13 hours ago
- Health
- Time of India
Policy shift: Health cover rates vary across states
MUMBAI: With healthcare costs varying widely across Indian states, insurers are shifting away from uniform pricing toward region-specific health policies. Bajaj Allianz General Insurance has launched customised state-wise health insurance plans, adjusting premiums and benefits to reflect local medical costs, infrastructure, and regulations. Bajaj Allianz General Insurance's initiative is designed to address inefficiencies in traditional one-size-fits-all pricing. "The idea behind this cover is to increase coverage of the missing-middle by making health insurance more affordable for them," said Bhaskar Nerurkar, head of health administration at Bajaj Allianz General Insurance. "At present, there is an element of cross-subsidy where people in areas with low-cost healthcare end up subsidising for those with higher costs. " Narayana Health was among the first to offer region-specific policies linked to its hospitals. Bajaj Allianz General Insurance takes this further by refining prices at the state level. While policies are sold based on current residence, policyholders can still receive treatment anywhere in the country. "Regional variations in healthcare claims frequency and severity across India are significantly influenced by diverse factors, including the specific causes for hospitalization," said Satish Gidugu, CEO of Medi Assist, the largest third-party administrator. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Scam Exposed: What They Won't Tell You about zero trust! Expertinspector Click Here Undo "The heightened concentration of tertiary and quaternary care facilities and the greater incidence of claims within Tier-1 cities further accentuate these regional disparities." He added that insurers can now leverage improved data accessibility to more precisely customize their offerings. BAGIC's plans cover all states and UTs, factoring in local disease patterns, hospital charges, and govt scheme implementation. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Business Standard
a day ago
- Business
- Business Standard
Bajaj Allianz Launches State-Wise Health Insurance Policies Tailored to Regional Needs
PNN Pune (Maharashtra) [India], June 19: Bajaj Allianz General Insurance, one of India's leading private general insurers, has unveiled a pioneering initiative -- the 'State-wise Health Insurance Policy', a first-of-its-kind health insurance product thoughtfully tailored to address the distinct healthcare realities of each Indian state. More than just another health plan, this product reflects the company's commitment to making quality healthcare truly accessible. Recognising that healthcare needs, treatment availability, and medical costs vary significantly across regions, these policies are customised to align with each state's unique healthcare ecosystem. By factoring in local hospital infrastructure, prevalent health concerns, and affordability levels, Bajaj Allianz has created coverage that goes beyond the traditional one-size-fits-all model, delivering protection that is as personalised as it is practical. Designed with both affordability and accessibility at its core, the State-wise Health Insurance Policy offers comprehensive coverage with premiums customised to reflect each state's specific healthcare dynamics. Available in both individual and floater variants, it serves as an ideal solution for individuals and families alike. With flexible sum insured options ranging from INR 5 lakh to INR 20 lakh, the policy ensures that everyone, from young professionals to senior citizens, can find a coverage plan that aligns with their unique healthcare needs and financial priorities. These health insurance plans offer extensive coverage, including inpatient hospitalisation, pre- and post-hospitalisation expenses, and day care procedures. They also cover advanced treatments such as robotic surgeries and stem cell therapy, ensuring policyholders receive access to modern medical care. The policy includes organ donor expenses as part of the base cover, alleviating the financial burden associated with life-saving transplants. With a lifetime renewal option, the policy guarantees continuous coverage without age restrictions, providing long-term security for individuals and families. To further enhance protection, the plan offers a variety of optional add-ons. The Unlimited Sum Insured Reinstatement feature enables policyholders to restore their sum insured an unlimited number of times within a policy period after making a claim, providing additional security and uninterrupted financial support during medical emergencies. That's not it; the Super Cumulative Bonus rewards customers with up to 200% sum insured for claim-free years, enhancing coverage year after year. For those opting for cashless claims, the Cashless Discount reduces premiums, making the policy even more cost-effective. Additionally, the Accidental Death Cover provides financial security to families in the unfortunate event of a policyholder's accidental demise. Together, these features make the state-wise health insurance policy a comprehensive and customisable solution designed to meet the distinct healthcare needs of citizens across India. These customised product offerings have been rolled out across 25 states and 5 Union Territories, each designed to address the specific healthcare needs of its region. To truly resonate with people across regions, each policy carries a unique name inspired by the local language and cultural context of the state it represents. For example, in states where Hindi is the predominant language, the product is being called "AapKe Liye". Speaking on the launch, Dr. Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance, said, "India's diversity is its greatest strength, and healthcare needs are no exception. With these state-wise health insurance policies--Insurance made for you--we are redefining health insurance by tailoring it to each state's unique medical ecosystem. From treatment costs to disease patterns, healthcare challenges vary across regions, and insurance must evolve to reflect this reality. By offering affordable, feature-rich coverage designed for every Indian, we are making health financial security accessible, relevant, and truly personal. We believe that healthcare security should not be a privilege but a right for every Indian, and this initiative is a step towards making that a reality." To make these policies even more accessible, Bajaj Allianz offers special discounts for family coverage, loyalty benefits, and direct online purchases. The policy also promotes a healthier lifestyle by offering a wellness discount at renewal. To qualify for a 5% discount, customers need to achieve 7,500 steps daily for at least 24 days each month over a minimum of 9 months. If they raise their daily goal to 10,000 steps, they become eligible for a 10% discount. This product also includes an innovative feature called the Festive Bonus. In the event of emergency hospitalisation due to acute illness or accidental injury during a festival week in a policyholder's state, policyholders receive an additional INR 1,000 per day of hospitalisation, up to 10 days in a policy year. Customers can easily purchase these state-wise policies through Bajaj Allianz General Insurance's extensive network of branches, partner banks, agents, and digital platforms. It is also available online at or and via the Bajaj Allianz 'Caringly Yours' mobile app. With the launch of this initiative, Bajaj Allianz is setting a new benchmark in health insurance by making coverage more personal, relevant, and beneficial for every region. By focusing on affordability, state-specific pricing, and comprehensive protection, Bajaj Allianz ensures that everyone in the country can secure the best healthcare coverage without financial strain. About Bajaj Allianz General Insurance Bajaj Allianz General Insurance stands as India's premier private general insurance company. It is a collaborative effort between Bajaj Finserv Limited, India's most diversified non-bank financial institution, and Allianz SE, the world's leading insurer and largest asset manager. Bajaj Allianz General Insurance provides a wide range of general insurance products, including motor insurance, home insurance, and health insurance, along with distinctive insurance offerings like coverage for pet insurance, weddings, events, cybersecurity, and the film industry. The company commenced its operations in 2001 and has consistently expanded its reach to be in close proximity to its customers. Presently, it maintains a presence in nearly 1,500 towns and cities across India. Notably, Bajaj Allianz General Insurance holds the issuer rating of [ICRA]AAA from ICRA Limited, signifying the highest level of assurance regarding the punctual fulfilment of financial commitments. Annexure: 1. J & K -Tuhund Khatir 2. Himachal Pradesh -AapKe Liye 3. Uttarakhand -AapKe Liye 4. Punjab- Tuhade Lai 5. Uttar Pradesh -AapKe Liye 6. Bihar -AapKe Liye 7. Jharkhand -AapKe Liye 8. West Bengal -Apnar Jonyo 9. Tripura- Apnar Jonyo 10. Mizoram- I tan 11. Assam -Aponar Babe 12. Nagaland -Opuni Karoni 13. Manipur -Adomgidamak 14. Sikkim -Tapainko Lagi 15 Arunachal Pradesh -AapKe Liye 16. Meghalaya- Na Ka bynta jong phi 17. Odisha- Apananka Pain 18. Chhattisgarh- AapKe Liye 19. Madhya Pradesh -AapKe Liye 20. Rajasthan -AapKe Liye 21. Kerala -Ningalkkayi 22. Tamilnadu -Ungalukkaga 23. Karnataka- Nimagagi 24. Telangana -Mee Kosam 25. Andhra Pradesh -Mee Kosam 26. Puducherry -Ungalukkaga 27. Andaman & Nicobar -AapKe Liye 28. Goa- Tujya Khatir 29. Lakshadweep- Ningalkkayi 30. Ladakh- Khyed kyi ched du
Time of India
09-06-2025
- Business
- Time of India
Planning to port your health insurance plan? Here are some challenges you should be aware of
When Pune-based Diwan Varma's father had to be admitted to a hospital twice in quick succession, the insurer paid for the first hospitalisation and rejected the second claim, stating that it was for a pre-existing disease not disclosed earlier. While Varma was awarded the claim after escalating the issue to the insurance ombudsman in 2022, he was disillusioned enough to decide to shift to another health insurer. Being frustrated with long claim settlement delays or poor service by your existing health insurance company may not be the only reason you would want to dump your health plan and opt for a new one. You could be stuck with a policy bought over 10 years ago that has a room rent sublimit, co-payment and a very low cover size, or perhaps you'd rather have a plan that offers restoration, OPD and day-care benefits. 'Insurers have introduced many new plans that are not only more affordable, but are also packed with innovative features tailored to evolving consumer needs. Around 64% of customers who opt to port their health insurance policies cite the pursuit of better coverage at similar or lower premiums as their primary reason, especially given the rising medical inflation in India,' says Siddharth Singhal, Head of Health Insurance at Policybazaar. While it is a good idea to shift to a different plan for enhanced benefits, the transition may not always be the quick-fix solution you would expect. Here are some things to keep in mind before taking a decision to find a new health product and insurer. Should you port or migrate your plan? The first step is to know the difference between moving to a new product with the same insurer (migrating) and shifting to a different plan with a new insurer (porting). 'Deciding between migrating and porting depends entirely on your specific requirements, health needs and satisfaction with your current insurer,' says Pankaj Shahane, Head of Health Claims, Digit Insurance. 'Porting may be a better option when one is dissatisfied with the current insurer's claim service, network hospitals, policy features, or pricing structure,' says Bhaskar Nerurkar, Head, Health Administration Team, Bajaj Allianz General Insurance. One may want features such as wellness benefits, outpatient care, and access to newer or modern medical treatments. Should you port or migrate? Know the difference between the two to be able to take the right decision. 'Migration, on the other hand, is a convenient way to shift to another plan, especially when customers are satisfied with the current insurer and want to explore broader coverage,' says Priya Deshmukh, Head Health Products, Operation & Services, ICICI Lombard. This type of transition to a new plan can also be smoother compared to porting due to the maintenance of continuity with the same health insurer. Migrating also comes with a typically lower risk of underwriting rejections. Problems while porting Porting does offer several benefits because, as per Irdai guidelines, continuity benefits such as waiting periods for pre-existing diseases and specific treatments are transferable. Any no-claim or cumulative bonus can also be credited to your new plan. However, there are hurdles you need to be aware of not only to avoid rejection of your proposal, but also to ensure a smoother transition to the new insurer. Restrictive timeline: A big limitation with porting is that you can shift only during the annual renewal of your existing policy, not mid-term. The window for doing this is at least 45 days before renewal and not before 60 days. So if you have just renewed your policy and realise its shortcomings or face a bad customer service experience, you will have to wait another year before switching your insurer. Another big issue is that you cannot port if your policy has lapsed or does so during the process of porting. So make sure you start the process well before your policy's term ends because the evaluation, medical check-ups and underwriting may take a long time as it is similar to buying a fresh insurance plan. Pros & cons of porting Advantages You can get an insurer with better claim and customer service, and hospital network. You can get an upgraded plan with better features, fewer limits, and lower premium. You can get a plan suited to your medical condition and health needs. Waiting period for pre-existing diseases can be carried over. Accrued benefits and bonus can be moved to new insurer. Drawbacks Underwriting risk is much higher and so is the risk of rejection. You may have to pay a higher premium for better features. You may not be able to get a much higher coverage, especially if you have a claim history. You can move to a new insurer only at the time of renewal. Loyalty discounts and rewards cannot be carried over to new insurer. Underwriting: One of the biggest hurdles while porting is the underwriting process. 'Underwriting usually involves a thorough review of the consumer's claim and medical history, which can impact policy issuance. So, if the applicant has a history of a heart condition, the new insurer may impose exclusions or a waiting period for specific diseases, increase the premium, or even decline the porting request,' says Indraneel Chatterjee, Co-founder & COO, RenewBuy. This is true even if a minor new condition, say borderline high cholesterol, is discovered during the medical check-up, since it could indicate a potentially bigger health problem. 'Before deciding to port your health plan, it's important to assess whether the new insurer's offering aligns both with your current as well as future healthcare needs.' BHASKAR NERURKAR HEAD, HEALTH ADMINISTRATION TEAM, BAJAJ ALLIANZ GENERAL INSURANCE Higher cover limits: If you had bought a basic medical plan before Covid and have a low cover of, say, Rs.3 lakh, you may want to secure a bigger cover. While it is possible to enhance your cover while porting, it may not always be a good idea. Even as the new insurer is bound to offer you a plan that is at least the same size as your existing cover, increasing the sum insured may not make it cost-effective for you. It may be better to opt for a top-up or super top-up plans, which offer a much higher coverage at a lower cost. Secondly, the accrued benefits of waiting periods and no-claim bonus will be carried over only to the extent of your existing cover. 'If you had a sum insured of Rs.5 lakh in your old policy and choose to port to a new plan worth Rs.10 lakh, the benefits of the served waiting periods and accumulated no-claim bonus may apply only up to the Rs.5 lakh limit. For the additional Rs.5 lakh, new waiting periods or other terms of the new policy may apply as per the new insurer's guidelines,' explains Shahane. Adds Chaterjee: 'No-claim bonus may not always be transferred directly; some insurers may adjust it in the new sum insured, while some might not. If the insurer does not adjust it, the consumer might need to start accumulating it from scratch.' Loyalty rewards, other features: While benefits like waiting periods for pre-existing diseases can be transferred during porting, any loyalty discounts offered by the insurer or features specific to your policy will not be shifted. So, if you bought the previous plan with a domiciliary hospitalisation benefit because of your specific medical condition, this feature will not be carried over to the new plan, and the policy you pick may or may not offer it as an inbuilt option. Check before porting Before switching insurers, make sure the new plan bridges the medical gaps and addresses the shortcomings in your existing policy. 'Evaluate key factors, such as the insurer's claim settlement ratio, premium affordability, customer service quality and co-payment or sub-limit clauses, and review exclusions or pending waiting periods in your current policy,' says Deshmukh. Specific features: While focusing on an affordable premium and crucial features, make sure the new plan has features specific to your ongoing medical condition or future requirements, say, maternity benefits if you are planning to start a family. 'It's important to assess whether the new insurer's offering aligns with both current and future healthcare needs,' agrees Nerurkar. OPD & day-care benefits: If you have a lifestyle disease or a family history of lifestyle or mental health illnesses, make sure you opt for the OPD benefit since you will use it more than the in-patient hospitalisation. This also covers dental treatments, teleconsultation, diagnostics and physical consultations. Besides, advanced technology means several treatments can be taken as day-care procedures, such as dialysis, chemotherapy, eye surgery, etc., instead of hospitalisation. 'Underwriting usually involves a review of the consumer's claim and medical history.... and the new insurer can impose exclusions, increase the premium or even decline the porting request." INDRANEEL CHATTERJEE CO-FOUNDER & COO,RENEWBUY Restore benefit: This is another feature that serves well due to the rising healthcare and surgery costs. It allows you to fully or partically recharge the sum insured if you exhaust your limit in a given year. Claim settlement ratio: Check whether the new insurer's claim settlement ratio is the same or better than that of your existing insurer as it reflects reliability and efficiency in settling claims. Portability proposal can be rejected due to… Underwriting risk Since porting is like buying a new policy, it is subject to fresh underwriting and if your health condition, claim history, family's medical history or your age poses a significantly high risk for the new insurer, he has the right to refuse your proposal. Non-disclosure If you accidentally or deliberately fail to give information about a pre-existing illness or disease while filling the proposal form, and it shows up during the medical check-up by the new insurer, your proposal is likely to be rejected. Policy differences Portability is allowed only between similar policies. If you want to move from an indemnity plan to a critical illness policy, or from a group plan to an individual plan, the insurer may decline your request. Also, if you want high coverage compared to your existing plan, it can be denied as being an indicator of an impending health issue. Previous cancellation If there is a history of your previous policy being marked for cancellation or being cancelled for non-disclosure or attempt to misguide, the new insurer can decline your portability request. Procedural issues You are supposed to send in porting request at least 45 days before renewal. If there is a delay or if you submit documents with errors or incorrect information, the new insurer can deny your request. Policy lapse If your policy has lapsed or does so during the process of porting, your new insurer can reject the proposal. It can also be denied if your previous policy shows any renewal gaps in the past.
Time of India
28-05-2025
- Business
- Time of India
General insurance industry to invest Rs 100 cr annually for next 3-5 yrs in nationwide awareness campaign
The general insurance industry has committed to investing Rs 100 crore each year for the next 3–5 years in a awareness campaign to improve insurance adoption. Backed by the General Insurance Council and regulatory support, the campaign is looking to bridge the gap between insurance availability and its penetration across vast population and diverse geographies. The industry leaders today came together to discuss the need for the campaign- Achha Kiya Insurance Liya- with a vision to increase the insurance penetration which at 1% of the GDP against the global average of 3.3%. Tapan Singhel, MD & CEO of Bajaj Allianz General Insurance , said the industry quietly pays claims when it matters the most, that is at the time of need. 'Last year alone, 2.69 crore families benefited from health claims worth ₹83,000 crore. During COVID-19, the industry paid five times its annual profit in claims, without a single bailout request from the government. Insurance silently cushions people in their most vulnerable moments,' he said. Live Events Drawing a sharp comparison between developed and developing economies and how the two gets affected post a catastrophe, he said, in Florida, when a hurricane hits, the state's GDP goes up, thanks to insurance payouts fueling recovery. 'In India, GDP dips because of underinsurance. This campaign is about changing that reality,' he said. He said that ninsured MSMEs take the biggest hit during catastrophes, dragging GDP down by 1.82%. 'If we plug this leaking bucket, India's 6–7% GDP growth can climb to 10–11%. That's the power of insurance,' he said. Anuj Tyagi, Joint MD, HDFC ERGO General Insurance , stressed the role of digital infrastructure in expanding reach saying that with data from IIB, we can now pinpoint uninsured vehicles on Indian roads. 'This opens the door to precise, data-driven enforcement and outreach,' he said. 'Insurance is the only product needed from birth to death,' said Mayank Bhatwal, CEO of Aditya Birla Health Insurance. 'Whether rich or poor, people don't want to compromise on quality healthcare, and only insurance can make that quality accessible.'
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Business Standard
27-05-2025
- Health
- Business Standard
Is your health policy Covid-ready? Key features you must look for
Check if your health insurance covers home care, tele-consultations, PPE kits, room rent waiver and has sufficient sum insured to deal with Covid-related hospitalisation costs Sanjeev Sinha Listen to This Article With Covid-19 cases in India crossing 1,000, policyholders must assess whether their health insurance policies offer adequate coverage and possess the features required to deal with this threat. Gaps uncovered The limitations of many retail health policies were exposed during the first and second waves. 'These included sub-limits on room rent, and exclusion of non-payable items like PPE (personal protective equipment) kits,' says Bhaskar Nerurkar, head – health administration team, Bajaj Allianz General Insurance. The rigid definition of hospitalisation was another impediment. 'Domiciliary treatment was not commonly covered across plans at the time,' says Siddharth Singhal, head of health insurance,
