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Bajaj Allianz My Health Care

beshak-icon star
3.87/ 5
Claims Experience:
4.5
4.54/5
Customer Service:
4.6
4.56/5
Product Benefits:
3.5
3.51/5

Introduction to Bajaj Allianz My Health Care

Bajaj Allianz My Health Care is a health insurance policy offered by Bajaj Allianz General Insurance Company Limited. Health insurance is a type of insurance policy that covers hospitalization expenses incurred for any illness, accident, or injury. It acts as a protective shield for savings and healthcare, so you and your family can live a happy, fulfilling life. With Bajaj Allianz’s My Health Care Plan, you can ensure that you and your loved ones have access to the medical care needed without worrying about the financial burden of unexpected medical expenses. 

beshak ratings
INDIA’S FIRST UNBIASED, CONFLICT-FREE INSURANCE RATING
Verdict: Bajaj Allianz My Health Care

This plan offers several features, with one remarkable highlight being its inclusion of surrogacy and complications expenses, along with coverage for newborn baby medical costs from day one. However, it has to be noted that although it covers hospitalization and other related hospitalization expenses, it doesn't provide comprehensive coverage. Moreover, it imposes sub-limits on specific treatments like cataract, potentially resulting in higher out-of-pocket expenses. Speaking of purchase and claims experience, you are likely to have a pleasant experience with the insurer as they received fewer claim settlement and policy purchase complaints - as per our research.

Pros & Cons: Bajaj Allianz My Health Care

  • arrow Covers surrogacy as well as the complications of assisted reproductive treatment costs
  • arrow Covers expenses incurred towards newborn baby from day 1
  • arrow Covers outpatient department costs, such as medications, tests, consultations, etc.
  • arrow Multiple options available for getting premium discounts
  • arrow Received fewer complaints during policy purchase compared to other insurers
  • arrow Received fewer complaints on claim settlement compared to other insurers
  • arrow Expensive than other products in the market
  • arrow Limitations on the type of hospital room you choose
  • arrow Sub-limits on common treatments like cataract
  • arrow Our study observed their responses on Twitter to be average in comparison to other insurers

Specific Exclusions: Bajaj Allianz My Health Care

01 Dental treatment except for treatment required due to an accident
02 Injury or disease due to war, invasion, act of foreign enemy, and warlike operations (except terrorism)
03 Hearing aids, dentures, spectacles, contact lenses, etc.
04 External equipments of any kind used for diagnosis or treatment
+ Show 4 more

About Bajaj Allianz General Insurance Company Limited

Bajaj Allianz General Insurance Company Limited logo

Bajaj Allianz General Insurance Company Limited is a joint venture between Allianz SE and Bajaj Finserv Limited. With a diverse range of products such as health insurance, motor insurance, pet dog insurance, personal accident insurance, marine insurance, etc., the company caters to individuals across the country's demographics as well as the corporate sector. It was founded in 2000 and is headquartered in Pune, Maharashtra. Mr. Tapan Singhel is the company's CEO and MD. 

Founded in
2000
JV Partners
Bajaj Finserv Limited and Allianz SE
Turnover (GWP)
802.97 Crores
Number of Policies
68,04,744
Number of Claims
7,53,611

Detailed Product Specs: Bajaj Allianz My Health Care

Claims Experience 4.54/5 star green
Customer Service 4.56/5 star green
Product Benefits (10L Sum Insured) 3.51/5 star green
Limits and Exclusions advisor
% of claims settled in less than 30 days
Reflects on the speed of settling valid claims
99.38%
% of Complaints received on overall claims
% customers unhappy with claims experience
0.06%
Claims Incurred Ratio
81.10%
Claim Settlement Ratio (No. of claims)
What % of the claims received were paid?
72.14%
No. of Cashless Hospitals
8,000 +

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Notes

1- The health insurance data was last updated in September 2023. All data has been sourced from product brochures, policy wordings, prospectus, public disclosures (Q1, FY 2023-2024), insurer websites, and the IRDAI website. 

2- The Claims Settlement Ratio data is taken from NL-37, insurer public disclosures (Q1, FY 2023-2024). It is calculated by dividing the number of claims settled by the sum of claims outstanding at the beginning of the year and claims reported during the year.

3- The data related to claim complaints and policy purchase complaints is taken from NL-45, insurer public disclosures (Q1, FY 2023-2024).

4- The Solvency Ratio data is taken from NL-26, insurer public disclosures (Q1, FY 2023-2024).

5- The data related to claims settled within 30 days is taken from NL-39, insurer public disclosures (Q1, FY 2023-2024).

6- The Claims Incurred Ratio data is taken from NL-4 and NL-5, insurer public disclosures (Q1, FY 2023-2024). It is calculated by dividing the Net Claims Incurred by the Net Earned Premium.

7- For now, we have considered the most comprehensive plans from leading insurance companies. We will keep updating the product pages with new plans in the coming days.

8- We have rated only those plans that can be serviced by individual advisors. This is because of our strong belief that health insurance customers need professional assistance from individual advisors before and after purchase. We do not recommend and hence do not rate direct-to-customer health insurance plans or plans where there aren't enough advisors available to service. 

9- Affordability assessment of plans: 

  ・The affordability of comprehensive plans is assessed using premiums for a family of two adults (30 years old) and one child (1 year old) residing in Zone 1 opting for a cover of ₹10 Lakhs. And, the premiums are as of 30th September 2023.

  ・The affordability of Care Freedom Plan is assessed using premiums for a 30-year-old male residing in Zone 1 opting for a cover of ₹5 Lakhs. And, the premiums are as of 30th September 2023.

10- The product benefits section is based on a sum insured of ₹10 Lakhs and only highlights the top benefits and features of health insurance plans. 

11- Only those hidden and special conditions that apply to the benefits and features we have considered are included on the product pages. 

12- The product pages only include the most significant specific exclusions under each plan.

13- The product pages do not include any generic terms, conditions, or exclusions (those that are the same and apply to all health insurance plans).

14- If the policy wording, brochure, or prospectus states that a benefit/feature is available with a specific plan but it is not available online when generating the premium quote, we have not considered that benefit/feature to be available with the plan.

15- The response time on Twitter (Beta) was calculated using a sample set of tweets from February 2023 to August 2023 (analyzed in September 2023).

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