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Bajaj Allianz General Insurance Company
Started as a joint venture between Allianz SE, an insurance conglomerate, and Bajaj Finserv Limited, Bajaj Allianz General Insurance began its journey on 2nd May 2001 in India. Since then, this ever-growing general insurance company has spread over 1100 towns and cities all over the country. As the company has taken a customer-centric approach, it has come up with a wide array of general insurance plans including motor, health, travel, and many more to cater to the different needs of the individuals.
To provide the best customer experience to its consumers, the company has recently launched ‘Caringly Yours’ to protect and safeguard its customers in respect to health, home, vehicles, businesses, and so on. Irrespective of the different geographical locations and financial backgrounds, the company has to offer different general insurance products and services, which is not only limited to the insurance solutions at the doorstep, but also it has become easily accessible digitally and through mobile applications.
Key Facts of The Company
Let us have a look at the major facts about Bajaj Allianz in the below table.
|Incurred claim ratio (in the financial year of 2019-2020)||70.74%|
|Number of policies sold (in the financial year of 2019-2020)||577,515|
|Premium underwritten (in the financial year of 2019-2020)||12,779.77 crores|
|Solvency Ratio (March 2020, for general insurance)||2.54|
|Revenue in the first quarter of the financial year 2021-2022||Rs. 2494 crores|
|Cashless claim facility||Available|
|On the spot settlement||Yes, Using Caringly Yours App|
|Motor dealer partners||9000+|
Awards and Recognitions (In the year 2021)
- Certificate of Merit at the 33rd CFBP – Jamnalal Bajaj Awards for Fair Business Practices – 2020-21
- The Best in Future of Work Award for SkillSity in 2021.
- Bagged four prestigious awards at Quantic’s BFSI Excellence Awards, 2021.
- The Best Innovation in Customer Experience – General Insurance-2021 Award at BFSI Tech Innovation Web Conference & Awards.
- Won notable awards at The Digital Technology Senate 2021, organized by Express Computer.
Types of Insurance Plans Offered by Bajaj Allianz General Insurance
Bajaj Allianz General Insurance has come up with a wide array of general insurance policies ranging from Motor Insurance, Health Insurance to Travel Insurance, and many more. Here is the list below that includes all the general insurance plans offered by this company.
Bajaj Allianz Motor Insurance Plans
Be it a car or bike, your motor is one of the most precious possessions of yours, but that also needs protection. A motor insurance plan exactly does so by protecting your motor and you from different types of perils such as accidents, third-party liabilities, death, and many more.
Bajaj Allianz General Insurance has come up with a sack full of different types of motor insurance plans to address the various needs of individuals. Here are the brief mentions of each plan.
This plan is created to safeguard your car from a wide number of perils as it has come up with different types of covers such as loss due to natural calamities, loss due to manmade hazards, personal accident cover, and third party legal liabilities. The plan also presents a wide range of add-on covers to strengthen your policy, like zero depreciation, engine protector, key and lock replacement, consumable expenses benefit, personal baggage, conveyance benefit, and some more. You can also buy this plan for your old or second-hand car and additionally if you are a car owner, third party liability insurance is mandatory as per the Motor Vehicle Act of 1988.
Along with the basic covers such as personal accident cover, third party liability cover, cover against the loss or damages suffered arising out of natural calamities and manmade hazards, this plan has also come up with a wide array of add on benefits to provide you more protection like EMI protection, helmet cover, NCB protects add on, engine protection, personal accident cover for pillion rider and many more. Bajaj Allianz has come up with three variants of this plan and they are – 3-year Long Term Plan, 2-year Term Plan, 1-year Package Plan. You can also insure your old or second-hand bile under this policy and the insured person can easily get instant claim settlement within 20 minutes with Motor On the Spot Service.
Bajaj Allianz Long Term Two Wheeler Insurance
This is a comprehensive two wheeler insurance policy under which you can stay protected up to 3 years along with a bundle of benefits such as any loss arising out of third party liability, cost of damage, or loss, be it due to natural disaster or accidents or manmade hazards. If you want to renew your policy online, there is no need for inspection and the NCB benefit continues. This plan has come up with two variants, namely Long-Term Two Wheeler Insurance (2 or 3 years) and Two Wheeler Insurance (1 year).
Bajaj Allianz Third Party Car Insurance
This is a mandatory and basic car insurance for car owners as per the Indian Motor Vehicles Act, 1988. This plan safeguards you in case of accidental damage to third party property and accidental injury to or death of a third party and offers you cover for financial obligations and legal matters. But this plan does not cover any damages suffered by your car or its belongings in case of an accident and the company is not also liable for theft or destruction of your car or its contents.
Bajaj Allianz Two Wheeler Third Party Insurance
Like the previous one, this is also a mandatory and third party insurance plan at an affordable premium rate. It safeguards the two wheeler owners from unfortunate, unforeseen events like death or bodily injury to the third party due to an accident, third party property damage, personal accident of the owner or driver directly connected with the insured vehicle, and some more. This plan also protects the personal authorized representative of any person who is entitled to protection under this plan. This plan basically provides the covers of financial and legal obligations and thus secures peace of mind.
Bajaj Allianz Commercial Vehicle Third Party Insurance
If you use your vehicle for commercial purposes and want to protect yourself and your vehicle from unfortunate unforeseen events, this plan is ideal for you. This plan offers covers for your employees and the drivers of the vehicles against the accidents related to injury or death to the other people and accident-related damage or loss to the property of the third party. Only commercial vehicle owners having passenger carrying vehicles, Goods carrying vehicles, Miscellaneous vehicles such as tractors, cranes, trailers, etc. are eligible to buy this policy.
Bajaj Allianz Travel Insurance Plans
Whenever you are traveling with your family or alone, be it a vacation, educational tour, or business trip, you are exposed to different types of unforeseen perils that can snatch away your peace of mind. A travel insurance plan offers you a wide range of benefits including baggage-related, medical needs-related, and trip-related, to provide you a hassle-free and smooth tour.
Bajaj Allianz General Insurance Company has come up with a sack full of travel insurance plans to address the different needs of the globetrotters. Here is a list of those plans along with brief descriptions.
Bajaj Allianz Individual Travel Insurance Plan
This is a comprehensive travel insurance plan for individuals that have come up with 3 variants to choose from and they are, Travel Companion Plan, Travel Elite Plan, and Travel Prime Plan. This policy presents a wide array of benefits such as medical and hospitalization cover, evacuation and repatriation, loss or delay of baggage, loss of passport, emergency cash advance benefit, and many more. The special features of this plan are quick settlement of claims and travel trip delay delight for automatic claim settlement.
Bajaj Allianz Family Travel Insurance Plan
Like the individual travel plan, this insurance plan has also come up with three variants, Companion, Elite, and Prime Plan that safeguard you and your family under a single plan when you are on a trip. Along with all the basic covers, this plan also presents some special features that are burglary coverage, trip curtailment cover, and emergency cash benefit. This plan promises to provide emergency customer support anywhere in the world and the company is equipped with a global network of claims servicing partners spread in different parts of the world.
Bajaj Allianz Student Travel Insurance Plan
If you go to a different country for higher studies and want to protect yourself from different types of unforeseen perils, this plan is ideal for you as, apart from the basic covers, it has also come up with some special features for the students, such as emergency dental pain relief benefit, bail bond, compassionate visit, loss of laptop, tuition fees, personal liability, accidental death or disability of the common carrier and many more. It has three types of plans, namely Companion, Elite, and Prime plan and each plan has come up with a minimum of three variants Standard, Silver, and Gold. The plan can be customized as per the requirements of the policy-seeker and the insured person gets instant on-call support, no matter where he/she is in the world.
Bajaj Allianz Domestic Travel Insurance Plan (Bharat Bhraman Insurance)
As the name suggests, this plan is ideal for those who want to explore different parts of India. This plan has come up with a sack full of benefits such as accidental hospital expenses, hospital daily allowance, personal liability, trip cancellation or trip delays, emergency hotel extension home burglary, the compassionate visit by a family member, and many more. This plan has some special features and they are personal accident cover, permanent total disability cover, and child education bonus.
Bajaj Allianz Asia Travel Insurance Plan
This plan provides you protection against the financial and medical emergencies that may arise during your trip to an Asian country, except Japan. The plan has come up with a bundle of benefits such as hijack cover, personal liability, the Golfer’s hole-in-one, emergency cash benefit, and many more and you can also choose a policy term ranging from 1 to 30 days, according to your requirement. This plan has three variants, Companion, Elite, and Prime plan whereas Bajaj Allianz Travel Prime Asia has two types – Travel Prime Asia Flair (coverage up to $15,000) and Travel Prime Asia Supreme
Travel Prime Asia Flair (cover of up to $25,000).
Bajaj Allianz Senior Citizen Travel Insurance Plan
If you want to roam around the world in your golden days, after the age of 60 years, this plan is an ideal one for you as it has come up with a wide array of special features, apart from the basic covers, such as automatic claim settlement, golfer’s hole-in-one, home burglary insurance, quick claim settlement benefit, and call-on support anywhere in the world. This plan has four variants, namely Travel Elite Age, Travel Elite Super Age, Travel Prime Age, and Travel Prime Super Age, and you can customize the plan as per your needs. The Travel Insurance for Senior Citizens is available for all individuals belonging to the age group of 61 to 90+ years and it also offers an Emergency Cash Advance facility to the insured people under this plan.
Bajaj Allianz Corporate Travel Insurance Plan
If you need to travel frequently abroad for the business purpose, this plan is best suited for you as safeguards you from different types of conditions and eventualities associated with traveling such as hospitalization, medical needs, trip-related incidents, baggage related events or any other incidental costs at an affordable premium rate. This plan has a wide range of sum insured options, starting from 50000 USD to 5000000 USD. Under this plan, the insured can enjoy the cover for a maximum of 180 days in a year whereas multiple trips can be covered in a year and the maximum duration of each trip that is covered is limited to 30, 45, or 60 days depending upon the plan you have chosen.
As we know Health is Wealth, we need to protect our health at any cost. A health insurance policy exactly does so, helping us to fight the lifestyle diseases, keeping our dearer ones’ health protected, to counter the inadequate insurance cover, to deal with medical inflation and thus securing our savings and also makes our life hassle-free and tensionless.
Bajaj Allianz General Insurance has come up with a sack full of health insurance policies with many unique features to cater to the different needs of the individual. Here is a list of health insurance plans with brief details offered by Bajaj Allianz.
Bajaj Allianz Individual Health Insurance Plan
This is a comprehensive health plan that can cover extended family members on an individual basis and has come up with a wide array of benefits such as AYUSH treatment cover, convalescence benefit, preventive health check-up, daily cash benefit, maternity or newborn cover, bariatric surgery cover and many more. One can enjoy the flexibility to choose between the 3 Plans variant along with the Sum Insured options ranging from 1.5 Lakh to 1 crore. The plan offers you a bundle of additional benefits like wellness benefit, tax exemption benefit, portability benefit, discount offers, and Bajaj Allianz has recently introduced Platinum Plan and Recharge Benefit to protect you more securely.
Bajaj Allianz Family Health Insurance Plan: Health Guard
This is a family floater health plan with a number of benefits to safeguard your dearer ones’ health under which you can avail of the flexibility to choose between 3 Plans variant along with the Sum Insured options ranging from 1.5 Lakh to 1 crore and the policy can be purchased for 1, 2 or 3 years. Under the Family Floater Health Insurance plan, you can cover yourself, your spouse, and up to 4 dependent children. With this plan you can enjoy multiple benefits such as sum insured reinstatement, daycare procedures cover, immediate family cover, road ambulance cover, daily cash benefit, organ donor expenses cover, and many more.
Bajaj Allianz Health Infinity Plan
This is a special health plan to protect you and your family’s health without any sum insured limit with the multiple policy term option such as 1, 2, or 3 years. For this policy, the waiting period is of 30 days, 24 months, and 36months and the selection of a co-payment option is mandatory whereas you have to be an Indian citizen or Non-Resident Indians including PIOs (Persons of Indian Origin) or OCIs (Overseas Citizens of India). Under this plan, the entry age for the adults is from 18 years to 65 years, and for the dependent children the entry age ranges from 3 months to 25 years.
Arogya Sanjeevani Policy
This is a standard and comprehensive health insurance plan to safeguard you and dearer ones’ health that comes with two types, both with a tenure of one year, namely, Arogya Sanjeevani Policy, Bajaj Allianz General Insurance Company – Individual and Arogya Sanjeevani Policy, Bajaj Allianz General Insurance Company – Family Floater. Under this policy, along with the basic covers, you can also avail of a lifetime renewal facility, multiple discounts, free look period, cumulative bonus, and the option to pay the premium in installments that is either in full or in Half Yearly, Quarterly, Monthly. To avail of this policy, one need not to do a pre-policy medical check-up that is subject to the maximum age limit of 45 years.
Corona Kavach Policy
To fight against the contagious coronavirus, Bajaj Allianz has included this corona-specific policy that can be purchased for self and for the extended family including spouse, parents, in-laws, and dependent children. It has multiple sum insured options, ranging from Rs. 50000 to Rs. 5 lakhs and the entry age for the adults is between 18 years to 65 years and for the dependent children, the range starts from day 1 to 25 years. This plan has come up with a bundle of benefits such as Covid-19 hospitalization cover, home care treatment expenses cover, AYUSH treatment benefit, pre and post-hospitalization cover, and cover for expenses of PPE kit, gloves, and oxygen including one add on cover, Hospital Cash that entitles you to .5% of your sum insured for every day hospitalization.
Bajaj Allianz Top Up Health Insurance Plan (Extra Care Plus policy)
If your existing health policy seems inadequate, this plan is there to add extra coverage, which is available on a family floater basis. Along with the basic benefits, it offers emergency ambulance cover, maternity or newborn baby cover, pre-existing diseases cover, day-care procedures cover, and to avail of this plan, one need not to undergo a pre-policy medical check-up that is subject to the maximum limit of 55 years of age. The policy can cover members up to 80 years of age with the lifetime renewability facility.
Bajaj Allianz Criti Care Policy
This plan is specially designed to cover 43 types of critical illnesses including cancer, both early and advanced stage. It is available on an Individual Sum Insured basis wherein each family member will have his/her own separate Sum Insured and the sum insured options ranging from 1 lakh to 1 crore. Along with the basic covers, this plan has come up with a wide array of additional benefits such as cancer reconstructive surgery, cardiac nursing, dialysis care, physiotherapy care, sensory care, wellness discounts, long-term policy discount, and online discount.
Bajaj Allianz Critical Illness Insurance Plan
As the name suggests, this plan is made to cover 10 critical illnesses and it can cover the entire family members, including children above the age of 6 years. This plan is flexible enough to offer you the option to increase your sum insured at the time of your policy’s renewal and to avail yourself of competitive premium rates. The insured person can avail of the payable benefit once he/she is diagnosed with a critical illness and the sum insured options ranging from Rs. 1 lakh to Rs. 50 lakhs for the age group 6 years to 60 years and for the age group of 61 years to 65 years, the range is from Rs. 1 lakh to Rs. 5 lakhs.
Global Personal Guard
This is an innovative, industry-first comprehensive global cover offered by Bajaj Allianz to safeguard you and your family from accidental death and/or injury. The plan offers a sack full of benefits such as hospitalization expenses, adventure sport, fracture cases, emergency ambulance cover, travel expenses, lifestyle modification benefit along with many other additional benefits including air ambulance cover, child education benefit, coma cover, EMI payment cover, hospital cash benefit, cumulative bonus facility, and etc. This plan can be opted for 1, 2, or 3 years and the insured person can have the flexibility to choose from the sum insured options ranging from Rs 50,000 to Rs 25 crore on the basis of his/her income.
Bajaj Allianz Senior Citizen Health Insurance Plan
This plan is specially designed keeping in mind the needs of the senior citizens and the plan can be customized as per the needs of the policy-seeker. It has come up with a wide range of benefits such as pre-existing illness cover, waiver of co-payment, cumulative bonus, pre and post-hospitalization cover, ambulance cover, free health check-up facility, and so on. The plan can be purchased by individuals up to the age of 70 years and one can enjoy a family discount of 5% for each member of your family covered under this policy.
M-Care Health Insurance Policy
If you want to protect yourself and your family from mosquito-borne diseases like dengue, malaria, chikungunya, Zika Virus, etc. this policy is best suited for you as it promises to keep you protected from 7 vector-borne diseases. The policy has also come up with different other facilities such as cashless facility, lifetime renewal option, free look period of 15 days, and 20% discount facility. One can choose from the sum insured options of a minimum of Rs. 10,000 and maximum Rs. 75,000 and the entry age for the adults ranging from 18 years to 65 years and for the dependent children it starts from 0 days.
Saral Suraksha Bima
This is a standard and personal accident policy that provides accidental death cover, permanent total disablement, and permanent partial disablement along with the facility of cumulative bonus, entire family cover, and premium payment in installment option. Saral Suraksha Bima has also three add-on covers to offers and they are temporary total disability, hospitalization expenses due to an accident, and an education grant for the child. Under this plan, the minimum sum insured is Rs.2.5 lakhs and the maximum sum insured is Rs.1 Crore and it is an individual basis annual policy.
Tax Gain Insurance Plan
This health insurance plan not only safeguards you from the financial expenses arising out of medical emergencies but also helps you to save money with its tax-saving benefits and there are no restrictions on the waiting period for this plan. Under this plan, you can avail of the OPD, hospitalization benefits, health check-up benefit, ambulance cover, cashless facility, waiver of co-payment benefit, consumable expenses cover, and many more. Anyone up to the age of 75 years can avail of the policy and this plan can be personalized and customized for the senior citizens at their convenience.
Bajaj Allianz Home Insurance Plans
As a house provides you shelter, you also need to protect it from different types of dangers it is exposed to. A home insurance policy exactly does so by protecting your valuable house from natural disasters, manmade hazards, third party liabilities, burglary, and many more.
Bajaj Allianz General Insurance has come up with two home insurance plans that can provide you and your home along with its contents, the maximum protection.
Bajaj Allianz My Home Insurance Policy
This plan provides you with a sack full of covers such as loss or damage to building, loss or damage to the contents of the house, loss or damage to the portable equipment anywhere in India, jewelry and valuables cover, burglary cover, curios, works of arts and paintings cover. Under this policy, you can also opt for different add-on covers such as loss of rent cover, temporary resettlement cover, key and lock replacement cover, ATM withdrawal robbery cover, lost wallet cover, dog insurance cover, public liability cover, and employee’s compensation cover. For this policy the eligible individuals are who are homeowners, owning a property that is not more than 50 years old can and tenants living in rented accommodation, as well as others who do not have homeownership.
Bajaj Allianz Householders Package Policy
This comprehensive plan not only protects your home and its content from a wide range of threats but also safeguards the people who live in it in a single policy at an affordable premium rate. It offers protection to your property, domestic and electronic appliances, and your family against the events of baggage burglary and theft, fire and allied perils, and personal accidents.it is an annual policy with extended coverage and the entry age for the adults is in between 18 years to 65 years and for the dependent children, it starts from 5 years to 21 years of age.
Bajaj Allianz Commercial Insurance Plans
The commercial insurance plan is also known as the business insurance that is ideal for the business owners, organizations as it provides them with the much-needed protection against the financial expenses arising out of natural calamities, manmade hazards, bodily injury, death, loss, or damage to the property owned by the company and third-party liabilities.
Bajaj Allianz General Insurance has come up with a wide range of commercial insurance plans with varied benefits and features to cater to the different needs of individuals.
Bajaj Allianz Property Insurance Plan
If you want to safeguard your business property and its contents from different types of perils and eventualities that your business is exposed to, this insurance plan is best suited for you. The plan has come up with five variants to choose from and they are – Mega Risk Insurance, Industrial All Risks Insurance, Business Interruption Insurance, Burglary Insurance, and Standard Fire and Special Perils Insurance. The company also presents Risk Management Services that help you to take strategic actions to prevent the dangers and to minimize the potential risk factors and thus helps you to take the right actions, periodizing your decisions.
Bajaj Allianz Marine Insurance Plan
This commercial insurance policy is specially designed to safeguard your fleet of commercial vessels and their contents from the event of loss or damage to your goods and assets while they are in transit. The company has also launched Engineering Project Cargo to address the specific needs of your business as it covers loss or damage of components of large civil, production, and infrastructure construction projects and offers Advanced Loss of Profits (ALOP) coverage against the loss of income and profit due to late or non-arrival of the critical components.
Bajaj Allianz Liability Insurance Plan
It is an umbrella third party insurance cover that promises to protect the insured from personal and bodily injury, loss, or damage to the property, which can also be offered through the individual primary policies. This plan has multiple variants to choose from as per your convenience such as Professional Liability Insurance, Clinical Trial Insurance, Workmen’s Compensation Insurance, Product Recall Insurance, Product Liability Insurance, and Public Liability Insurance. The company is fully equipped with an expert team of underwriters and claims and risk consulting expert professionals who always help you to bring out the solutions from the largest business liability insurance challenges.
Financial Lines Insurance Policy
This plan is specially designed for all business owners be it small, medium, or large businesses to help them to maintain a linear financial line and to cope up with the financial losses that a company may suffer. This plan has come up with five variants to cater to the varied needs of the different business owners and they are – Directors and Officers Insurance (D&O), International Insurance Program (IIPS) for worldwide exposure, Employment Practices Liability Insurance (EPLI), Prospectus Liability Insurance (POSI), and Commercial Professional Indemnity Insurance. The company has lots of experienced and team of underwriters who always remain at your service to provide your business with a hassle-free, financially sound higher graph.
Engineering Insurance and Machinery Breakdown Insurance Policy
Bajaj Allianz has come up with this policy to address the specific need of the engineering and construction industries that safeguard you from all the potential and volatile risks of this industry. The plan has multiple variants to cater to the needs of the individuals such as Erection All Risks (EAR) Insurance, Contractors All Risks Insurance, Contractor’s Plant and Equipment Insurance, Electric Equipment Insurance, Machinery Breakdown Insurance and Boiler Pressure Plant (BPP) Insurance. Under this plan, the company offers Risk Management Services to minimize the potential risk factors to which your business is exposed and thus helps you to take the right decisions at the crisis moments.
Bajaj Allianz Group Mediclaim Policy for Employees
If you want to safeguard your employees and their family’s health, this plan is ideal for you as it has come up with two variants, namely, Group Mediclaim Policy and Group Personal Accident Policy. The Group Mediclaim Policy offers covers for the in-patient hospitalization expenses, OT charges, nursing charges, fees of doctors, surgeons, anaesthetics, expenses for 130 daycare procedures, and many more along with the extended covers for pre-existing diseases and maternity. Group Personal Accident policy offers you a wide range of covers including death cover, permanent total disability cover, permanent partial disability cover, temporary total disability cover, and children’s education bonus benefit.
Other/Miscellaneous Insurance Plans
Bajaj Allianz General Insurance has come up with a wide range of unique policies ranging from the cyber insurance plan, contactless insurance to a pet insurance plan to address every possible need of the individuals. Let us have a look at the miscellaneous insurance plans offered by the company.
Bajaj Allianz Individual Cyber Safe Insurance Policy
If you want to protect yourself from cyber frauds, and cyber-crimes, this plan is ideal for you as it offers a wide range of cyber threats and risks of covers such as identity theft, cyberstalking, malware attack, IT theft loss, phishing, email spoofing, media liability claims, privacy and data breach by third party cover, and cyber extortion at an affordable premium rate. This plan also offers some additional benefits like counseling services and IT consultant services cover. This annual cyber insurance plan can be customized as per your needs and age and can be purchased by anyone who is above the age of 18 years.
Bajaj Allianz Extended Warranty Insurance
This plan offers to protect the electronic appliances by providing comprehensive coverage against manufacturing defects, genuine spare parts, and quality services, and wide coverage at value for money costs at a pocket-friendly premium rate, whereas coverage can be up to the invoice amount. This plan is flexible enough to offer you tailored coverage, specific to your needs, including the facility of purchasing your cover within 180 days of the date of invoice and you can also opt for coverage for a period of one, two, or three years as per your convenience. Under this plan, you can also avail of the benefit of free of cost home visit in case of a claim.
Bajaj Allianz Contactless Insurance
Keeping in mind, the recent global pandemic situation, Bajaj Allianz has come up with this unique insurance plan that works in a complete contactless way, without any physical transactions, via digital or virtual means, right from comparing, buying, renewing, changing contact details, managing policies to even making claims. To make this possible, you can use multiple options such as Caringly Yours App, official website, ChatBot, WhatsApp services, missed call facilities, SMS Shortcode, and some more. Your motor, health, cyber, travel, and home insurance policies can certainly be purchased online, only for exceptional cases for certain policies.
Bajaj Allianz Pet Dog Insurance Policy
As pets are very closer to our heart, Bajaj Allianz has come up with a Pet Dog Insurance Policy that ensures the wellbeing of your dog by providing you covers for treatment costs of specified diseases or injuries as well as surgeries, hospitalization or death due to illnesses or accidents, theft/loss or straying of the pet dog benefit, and third party legal liability cover including the legal costs for defending the claim, including the additional covers, no pre-policy medical check-up and vaccination cover. To obtain the policy, the age of the dog must be between 3 months to 4 years for Giant Breeds or 3 months to 7 years for Small/Medium/Large breeds. Under this policy, you can also avail of different other benefits such as lifetime renewability, no waiting period for accidents, and a discount on RFID Tagging.
Government Schemes Offered by Bajaj Allianz
To reach every individual from different social and economic backgrounds of the country, Bajaj Allianz General Insurance has included various government schemes and insurance plans. Let us look below to find the plans along with their brief details.
Pradhan Mantri Fasal Bima Yojana (PMFBY)
Launched in April 2016 by the Government of India, this is a type of crop insurance plan that covers the localized risks of sowing and planting and post-harvest losses. The PMFBY covers major crops of the specific insurance unit that is Food crops including Cereals, Millets, and Pulses, and Oilseeds and Annual Commercial/Horticultural crops, etc. The premium rate for this policy totally depends on the type of the crop and on the geographical location of the land and advanced technology is used for faster and seamless claim procedures.
Pradhan Mantri Suraksha Bima Yojana (PMSBY)
Launched in 2015, this personal accident insurance plan is specially designed for the economically weaker section of the society to provide equitable growth opportunities for rural and semi-rural communities through adequate insurance. People who are between the age group of 18 years to 70 years can purchase this policy and having a bank account is mandatory. Under PMSBY, one can avail of accidental insurance cover at a nominal fee of Rs. 1 per month and death and disability coverage at Re. 12/- per annum.
Weather Based Crop Insurance Scheme (WBCIS)
This is also a type of crop insurance that offers to provide protection to the insured farmers against the financial loss due to crop loss arising out of adverse weather conditions relating to rainfall, temperature, wind, humidity, etc. All the farmers, who have an insurable interest in the insured crop, including sharecroppers and tenant farmers growing the notified crops in the notified areas are eligible for this plan, whereas the farmers who have Seasonal Agricultural Operations (SAO) loans from Financial Institutions will be certainly covered. The WBCIS offers coverage for the Food crops like cereals, millets and pulses, Oilseeds, and Commercial/Horticultural crops.
Why Should You Buy a Insurance Policy From Bajaj Allianz?
As the insurance market is flooded with general insurance companies, it becomes difficult for the policy-seeker to find an appropriate company that can suit their purposes. But, if you can keep in your mind certain parameters, you can easily select the most suitable one for you. After assessing and evaluating all the potential parameters, it has been found that Bajaj Allianz General Insurance can be on your bucket list. Here are mentions of the reasons.
Claim Settlement Ratio – We buy a general insurance plan so that it can support and safeguard us in our most needed time. For that, the claim settlement ratio plays a pivotal role. According to the IRDA Annual Report, the claim settlement ratio of Bajaj Allianz General Insurance is 70.74% in the financial year of 2019-2020, which is way better than many other insurers. So, once you have bought a general insurance plan from this company, you can rely on it.
Network Hospitals – To avail of the cashless facility, the number of network hospitals does matter as, at the time of medical emergency, it is not possible to cover a long distance, and additionally, you need to choose a good hospital as per your requirements. For Bajaj Allianz General Insurance Company, the number of network hospitals is more than 6500, which indicates that you can easily find a network hospital within your vicinity.
Network Garages – Like network hospitals, you need to count on the number of network garages to avail of the cashless facility in case of motor insurance. As per the official website of the company, Bajaj Allianz has more than 6000 network garages that make your job easier to find a convenient network garage within your reach.
Market Share – According to the IRDA Annual Report, the Premium underwritten in the financial year of 2019-2020 of Bajaj Allianz General Insurance is Rs. 12,779.77 crores indicating the financial strength of the company and its capacity to handle any economic crisis in the near future. As per the data, it can be said that, once you have bought a general insurance plan from this insurer, you are totally secured and protected.
Distribution Network – Over the years, Bajaj Allianz General Insurance Company has built a strong distribution network through more than 80,000 agents, over 9000 expert employees, brokers, web aggregators, and major e-commerce platforms. It has partnered with over 240 banks, 9000 motor dealers. The company is always ready to provide you with the best services at your convenience.
Solvency Ratio – The solvency ratio depicts the potential of the company to meet its long-term financial goal. The higher the solvency ratio is, the more the company is capable of paying off the lump sum claim amount. According to the IRDA Annual Report, the solvency ratio of Bajaj Allianz General Insurance Company is 2.54 in the financial year of 2019-2020, which is good enough to rely on the company.
Number of plans – As every individual has different needs, the number of the plan becomes an important parameter along with its variations as the plan has to cater to the different needs. Bajaj Allianz General Insurance has a bundle of different general insurance plans with varied benefits and variations to offer that can serve the purpose to its dynamic consumers. So, it’s a big thumbs up for the company.
Customer Service – The company has kept its door open for its customers 24×7. You can resolve your query offline, online, and even via calling them up. It has offices in more than 1100 towns and cities all over the country. So, whenever you need them, they are always there for you.
Digitalization – To make itself more customer-friendly and consumer-centric, the company has recently launched the ‘Caringly Yours’ app so that the customers can always remain in touch. It has made itself more approachable and convenient through digitalization and mobile applications, going beyond the insurance solution.
How To Purchase Bajaj Allianz General Insurance Plans?
You can buy a Bajaj Allianz General Insurance plan in both ways – online and offline. To avail of a seamless buying process, follow the below-mentioned steps.
You can buy a Bajaj Allianz General Insurance policy from Probus Insurance by following the below steps.
Go to the official website of Probus Insurance and click on the ‘Products’ tab.
Select any general insurance as per your choice and provide the necessary details.
Then, click on the ‘Compare Quotes’ options. There you can find Bajaj Allianz and its premium amount will be displayed before you.
Fill in the form with the necessary details and pay the premium amount.
Upon successful payment, the policy document will be sent to your registered email ID or mobile number.
You can also buy a Bajaj Allianz General Insurance policy online by visiting the official website of the Bajaj Allianz General Insurance Company.
If you are more comfortable with the offline buying process, you can go to the nearest branch of the company. Their experts will guide you through the buying process seamlessly. You can also contact one of the company’s registered and licensed agents to seek their guidance for the buying process. Apart from these, you can also call on the company’s contact number to get instructed and avail of a hassle-free buying process.
Claim Process for Bajaj Allianz General Insurance
Bajaj Allianz General Insurance has come up with both the types of claim process – cashless claim procedure and reimbursement claim process. But for each category of the insurance policies, the claim process might slightly vary. For a better understanding, the claim process is divided into three distinct categories and described. Let us have a look.
Health Insurance Claim Process
To avail of a smooth health insurance claim process, follow the below-mentioned steps.
Cashless Claim: If you want to avail of a complete cashless claim process, get admitted to a network hospital of Bajaj Allianz. Show your health card and valid ID proof. Then, the hospital will verify your submitted documents and will send the duly filled and signed pre-authorization form to Bajaj Allianz – Health Administration Team (HAT). The team will evaluate and assess the documents with the policy benefits and will inform their decision on the claim to the hospital. If no discrepancy is found, your claim will be settled directly to the hospital and you will be notified about it. If your claim is denied, you can apply for a reimbursement claim and you will be notified about the same too.
Reimbursement Claim: If you want to apply for a reimbursement claim, you can avail of the medical facilities in a non-network hospital of the company. Avail of treatment preserve all the documents such as hospital bills, pharmacy bills, discharge certificate, etc., and submit it to BAGIC HAT. The company will verify the received documents and if no discrepancy is found, your claim will be settled within 10 working days via ECS within 10 working days that is subject to the terms and conditions of the company. But, if any further documents are required, the company will notify you 3 times, each 10 days apart (30 days). After receiving sufficient documents and after going through the evaluation and verification process, the company will settle the claim amount within 7 working days via ECS. If your claim is not approved, the company will notify you about the same through a letter.
Motor Insurance Claim Process
If you want to avail of a seamless motor insurance claim process, follow the below-mentioned steps.
After the eventuality, register your motor claim online, offline, or by calling on their toll-free number. You need to provide your contact number, engine and chassis number, date and time of accident, description, and location of the accident, vehicle inspection address, and kilometer reading. Once your claim is registered, you will receive a claim reference number to track down the status of your claim. Meanwhile, you can take your vehicle to the garage (network garage for availing of the cashless facility and non-network garage for reimbursement claim process) or have it towed to avoid any further damage. In case of theft, filing a complaint in writing with the police is mandatory and you need to intimate your insurer about the same. If your vehicle is not found within 90 days, ask the police to issue a Non-Traceable Report and submit the report to the company.
On the basis of the nature of the claim (cashless or reimbursement), submit all the required documents, along with the duly filled and signed claim form. For getting all the insurance related information, including the claim related, you can use Bajaj Allianz Insurance Wallet, a mobile app, the one-stop easy app for all your insurance related needs. The company will survey and verify all the documents. If your claim is approved, in case of a cashless claim, the company will directly settle the amount to the network garage. The insured will only have to pay the excesses, as mentioned in the policy wordings, and the depreciation value as informed by the surveyor.
Other Insurance Claim Process
To avail of a hassle-free insurance claim process under Bajaj Allianz, follow the below-mentioned steps.
Inform the insurer as soon as the event happens and register your claim. Send all the required documents along with the duly signed and filled claim form to the given address of the company. In case of theft, burglary, accidents, etc. the police complaint or complaint to the concerned authority is mandatory. Preserve that report for future reference. On the basis of the nature of the claim, a surveyor might be appointed on behalf of the company to assess the damage or loss. Preserve that report too. Then, the company will verify all the documents along with the policy wordings. If found satisfactory, the company will settle the claim amount within the stipulated period, whereas, you only have to pay the excess as mentioned in the policy wordings, and the depreciation value as mentioned in the report of the surveyor. In the case of a cashless claim, if your claim is not approved, you can certainly apply for a reimbursement claim. You will be notified about each process of the claim settlement procedure on behalf of the company.
Frequently Asked Questions
1. How can I renew a Bajaj Allianz Insurance Policy?
You can easily renew a Bajaj Allianz General Insurance Policy by following the below-mentioned steps
Go to the official website of the company and click on the ‘Renew’ tab.
Select the desired policy and click on the ‘Renew Now’ option.
Put the necessary details and click on the ‘View Premium Details’ option
Pay the premium amount to renew and upon successful payment, the policy details will be sent to you.
2. What is the quickest method to settle a motor claim for Bajaj Allianz?
To file and settle your motor insurance claims within 20 minutes, use the company’s On the Spot feature through their ‘Caringly Yours’ app.
3. How many types of motor insurance do the Bajaj Allianz General Insurance provide?
The company provides 4 types of motor insurances and they are,
Third-party/liability only motor insurance.
Commercial vehicle insurance.
4. What is HAT?
Bajaj Allianz has come up with a unique feature to process your health claims faster – Inhouse Health Administration Team, which is known as HAT.
5. Is there any special health insurance for women under Bajaj Allianz General Insurance?
Keeping in mind the special needs of the women, the company has come up with Critical Illness Insurance for Women to cater to their needs if they suffer from any critical illness such as breast cancer, burns, vaginal cancer, and so on.
6. Does travel insurance under Bajaj Allianz cover the costs of the treatments of Covid-19?
Yes, it provides coverage for the expenses arising out of the treatment of Covid-19 taken in a network hospital.
7. Are mental illness and alcohol-related disorders covered by a travel insurance plan of Bajaj Allianz?
It falls under the category of Optional Cover of the travel insurance policy. So, it is totally up to the insured person’s choice.
8. What is a Cyber Safe Insurance Policy?
Keeping the pace with modernization, Bajaj Allianz Cyber Safe Insurance Policy promises to provide you the optimum protection against potential cyber threats and risks such as identity theft, cyber stalking, malware attack, IT theft loss, email spoofing, and many more.
9. My pet dog has a fractured limb. Will the Pet Dog Insurance of Bajaj Allianz cover that expenses?
Yes, it will. However, that is subject to a maximum limit of Rs. 5000.
10. I have forgotten my travel insurance policy at home. What should I do now?
If you have forgotten your travel policy somewhere else, log on to the Bajaj Allianz official website, and enter your customer ID and policy number. Now, not only can you access all your policy-related information, but also Bajaj Allianz allows you to file a claim 24×7 by just providing the necessary credentials.
11. What is Bajaj Allianz Farmitra Mobile App?
This app is a one-stop-shop for the Bajaj Allianz Crop Insurance owners as it intimates them about the weather forecast, crop advisory and crop doc, market price, news related to agriculture, their policy, and claim information, and many more. This app is available in regional language making it more apprehensive for the users.