PGDM 2009-2011

Corporate Finance Project 2009:

Non – Life Insurance

Course Facilitator – Pawan Jain Term II
Submitted by: Ben C Kurian 2009067 Janit Yadav 2009088 Karan Sood 2009090 Chandani Beri 2009102 Chandni Caul 2009103 Hitansh Vij 2009110 Ashish Jose Kavi 2009116

Aditi Goel 2009117 Ayush Bindal 2009120 Neha Patet 2009317
Non Life Insurance Meaning of Insurance Insurance provides financial protection against a loss arising out of happening of an uncertain event. A person can avail this protection by paying premium to an insurance company. A pool is created through contributions made by persons seeking to protect themselves from common risk. Premium is collected by insurance companies which also act as trustee to the pool. Any loss to the insured in case of happening of an uncertain event is paid out of this pool. Insurance works on the basic principle of risk-sharing. A great advantage of insurance is that it spreads the risk of a few people over a large group of people exposed to risk of similar type. Definition Insurance is a contract between two parties whereby one party agrees to undertake the risk of another in exchange for consideration known as premium and promises to pay a fixed sum of money to the other party or to indemnify the other party on happening of an uncertain event. (General Insurance). The party bearing the risk is known as the 'insurer' or 'assurer' and the party whose risk is covered is known as the 'insured' or 'assured'. General insurance only pays out when an insured event occurs. It includes:
• • • • •

home insurance (contents and/or buildings) car insurance travel insurance private medical insurance

accident, sickness or unemployment insurance to protect your income, mortgage or loan payments (also called 'Payment protection insurance')

Now we are analyzing various non life insurance schemes offered by following companies ICICI Lombard Insurance 24x7 Reliance General Insurance United India Insurance Bajaj Allianz Insurance Iffco-Tokyo General Insurance

Home insurance, also commonly called hazard insurance or homeowners insurance is the type of property insurance that covers private homes. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one's home, its contents, loss of its use (additional living expenses), or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home. It requires that at least one of the named insured occupies the home. The dwelling policy (DP) is similar, but used for residences which don't qualify for various reasons, such as non-occupancy or age.

Point of comparison Policy Key Benefits

Reliance General Insurance Reliance Home Protect 1. Comprehensive cover: Provides cover for a large no. of items including valuables, glass items, electronics, etc.

ICICI Lombard Insurance 24x7 Home Insurance 1. Comprehensive Cover: Covers both structure and contents of your home.

Bajaj Allianz

United India Insurance Householders Policy 1. Comprehensive Cover: A wide variety of household items are covered which includes even the liability to third party.

IFFCOTOKIO Home Suvidha 1. Comprehensive Cover: Provides comprehensive protection for your household assets, interests, liability, family members, etc.

House-Holders’ Insurance Policy 1. Comprehensive Cover: A single policy covers all the risks related to home.

2. Flexibility in choosing the cover: The policy is pretty flexible in the sense that you can choose the amount of cover and contents of home that you would like to be covered.

2. Flexibility in choosing the cover: There is a provision for optional covers. eg. Terrorism and additional expenses of rent for alternative accommodation. You also have a choice to choose alternate covers.

2. Flexibility in choosing the cover: There is availability of customized cover option. Also, related items get covered under respective sections.

2. Flexibility in choosing the cover: Benefits under four or more sections can be chosen in case the householder is exposed to any of the given contingencies.

2. Flexibility in choosing the cover: You can choose the amount of cover with no maximum limits for sum insured under any section of the policy.

3. Attractive Discounts: Discount is offered on the premium depending on the no. of covers chosen. There is also a possibility of high discounts if you chose large no. of covers or if you have a favorable claim history.

3. Attractive Discounts: The company provides 15% discount on 3 years home insurance policy and a 25% discount on 5 years policy.

3. Attractive discounts and affordable rates: There are benefits on sectional discounts which will reduce the premium. Also, the complete coverage can be done at reduced costs with no strain on pockets of insured.

3. Attractive Discounts: There is a provision for premium discount if six or more sections are covered by you.

Point of Reliance compariso General n Insurance Policy Coverage 1. Fire and Allied Perils: Covers the structure and contents of your home, against fire and other natural and manmade disasters including earthquake.

ICICI Lombard Bajaj Allianz

United India Insurance

IFFCO-TOKIO

1. Natural & man-made calamities: The calamities covered are:

- Fire - Riot, strike & malicious damage - Explosion & implosion - Earthquake - Lightning - Storm, cyclone, 2. Burglary and tempest, tornado, Housebreaking: hurricane, flood Cover against the & inundation loss or damage to - Damage due to the contents of impact by your home vehicles against burglary - Missile testing and operation housebreaking. - Subsidence, landslides and rockslides 3. All Risk Cover: - Leakage from All risk cover to automatic your jewellery Sprinkler and valuables installations anywhere in - Aircraft India. damage - Bursting and/or 4. Domestic overflowing of Mechanical and water tanks, Electrical apparatus and Appliances: pipes. Coverage to electrical and mechanical 2. Burglary and appliances in theft cover: The your home contents of your against home are also mechanical and covered against electrical loss due to breakdown. burglary or an

1. Fire & allied perils: Building & contents Covers not only property, but also contents.

2. Burglary & Theft: Covers loss of house hold contents and expenses Incurred due to damage caused on incidence of house-breaking & theft.

1. Building and contents: Fire, lightning, Acts of God, Riot and Strike, impact, explosion of gas in domestic appliances, overflow of water tanks. 2. Burglary, House breaking and Theft.

1. Fire and Allied Perils: Your residential building as well as various types of contents is covered against fire, explosion, bursting/overflowing of water tanks, riots, strikes, malicious damage, earthquake, flood, cyclone, landslide etc.

3. Jewellery & Precious Items: All risk coverage for jewellery and precious stones.

3. Jewellery and Valuables - Any accidental loss/damage Plate Glass Any accidental loss/damage.

2. Burglary and other Perils: Covers the same properties as in Fire and Allied Perils Section against housebreaking, burglary, robbery or dacoity.

4. Plate Glass: Coverage against accidental breakage of glass.

4. Baggage While on travel, any accidental loss/damage.

3. All Risk: Covers valuable items such as jewellery, items of gold, silver and other precious metals or stones, watches, clocks, photographic equipments, etc.

5. Domestic Appliances: Covered against any electrical or mechanical breakdown.

5. Domestic Appliances: Any accidental loss/damage entirely due to electrical/mechani cal breakdown.

4. Fixed Glass and Sanitary Fittings: Covers accidental breakage of fixed glass and sanitary fittings in your premises.

6. TV, VCR, Audio System.

5. Electronic Equipment: Covers loss or damage to electronic equipments like

ACCIDENT INSURANCE PROVIDED BY DIFFERENT COMPANIES Reliance general insurance Personal Accident Policy Accidental Death, Permanent Total Disability, Permanent Partial Disability, Temporary Total Disability ICICI Lombard Personal Accident Policy Accidental Death, Permanent total Disablement and against Terrorism and Act of Terrorism Bajaj Allianz Personal Accident Policy Covers Death, Permanent Partiality Disability, Permanent Total Disability, & Temporary Total disability. In case of Temporary Total Disability 1% of SI or Rs 5000 / week (whichever is lesser) will be payable up to max 100 weeks. Age criteria Age – 3 Months – 55 at entry: years. Minimum 18 years , Maximum 70 years.(the applicant can buy the policy for his spouse aged between 1870 years) United India Insurance Personal Accident Policy Death , Permanent Total Disablement , Loss of two limbs/ Two eyes or one limb and one eye,Loss of one limb or one eye , Permanent Partial Disablement , Temporary Total Disablement Iffco-Tokyo Personal Accident Policy Death, loss of both hands or both feet or one hand,Loss of one hand/foot and sight of one eye ,Loss of speech or hearing in both ears,Permanent total disability

Policy Policy coverage

Eligibility

This policy can be issued to persons in the age group of 5 years to 70 years. It can be extended to cover persons beyond the age of 70 years and up to 80 years on payment of suitable additional premiums.

Any individual or group of individuals ( through employer, association, and institution etc) aged between 12 and 70. Subject to medical examination at 70, a person can be covered up to 80.

If you are not involved in any activity that is hazardous like aviation, ballooning etc. and you are not a member of the armed forces and you fall within the specified age limits (5 to70 years), you can apply for this Policy and get complete protection for yourself and your familymembers.

Exclusions

Pregnancy or related consequence Any mental disorder Any preexisting conditions / disabilities Needless exposure to peril, except in an attempt to save human life Intentional self-injury, suicide or attempted suicide Influence of intoxicating liquor or drugs Insured committing any breach of law with criminal intent War and nuclear perils Riots, Crimes, Misdemeanour s and Felonies

Intentional self injury, suicide, whilst under the influence of intoxicating liquor or drugs, aviation or ballooning, whilst mounting into or from, aircraft other than as a passenger, insanity, criminal intent, war, Invasion ,civil war, childbirth or pregnancy

Pregnancy or related consequence Any mental disorder Any pre-existing conditions / disabilities Needless exposure to peril, except in an attempt to save human life Intentional selfinjury, suicide or attempted suicide Influence of intoxicating liquor or drugs Insured committing any breach of law with criminal intent War and nuclear perils

Compensation under more than one clause for same period of disability not exceeding capital sum insured Any payment after admission of a claim for 50 % / 100 % of Capital Sum Insured Any claim in the same period of insurance exceeding the Capital Sum Insured Suicide, attempt there at, VD, criminal breach of law,accidental death/injury under influence of liquor/drugs Pregnancy related claim War and nuclear perils

Some of the important Exclusions under the Policy are self-injury, suicide, venereal disease, insanity, influence of intoxicating liquor or drugs, pregnancy or childbirth, HIV or AIDS , war and nuclear risks etc.

Key Benifits It not only

Covers

Children's

On payment of

For that extra protection and

provides compensation to the family in case of the accidental death of the insured but also takes on the onus of providing the insured with compensation in case of injury, whether temporary or permanent.

claims arising out of Terrorism or act of terrorism Choice of cover period 3,4,5 years No health checkup required Easy Claim process with nominal documentatio n

Educational Bonus benefit. Daily hospital confinement allowance payable in case of hospitalization due to accident* Medical expenses reimbursement in case of hospitalization due to accidents*, Highest compensation of 125% of the SI in case of Permanent Total Disability. Hassle free in house claim settlement. Cumulative bonus @ 5% per claim free year to a maximum of 50%. Family discount of 10% Highest compensation of 125% of the SI in case of Permanent Total Disability.

extra premium, medical expenses incurred up to 25 % of claim or 10 % of Sum Insured can be covered. Policy also pays for education fund for dependant children (2) of deceased insured and expenses of carriage of dead body of insured from accident site ( as per details in policy) Attractive cumulative bonus at the time of renewal, by way of increasing the Sum Insured by 5 % for each completed claim free year of insurance ( maximum of 50 % CSI ) without collecting extra premium as per policy.

relief in those hard times, ITGI's Personal Accident Insurance Policy also gives the following additional benefits: Education Benefit: In the unfortunate event of death or loss of limbs/eyes or permanent total disablement of the Insured, the education cost of dependant children is covered under the Policy upto specified limits. Employment Benefit: This cover provides financial compensation upto specified limits in the event of loss of employment of the Insured following an accident resulting in loss of limbs/eyes or permanent total disablement. Ambulance Benefit: If any accident results in the use of an ambulance by the Insured to reach a hospital, then the Policy will pay the necessary charges upto specified limits. Cumulative Benefit: Besides these benefits, Policy also offers benefits, like compensation for clothing damaged in an accident, expenses for carriage of dead body etc. On payment of nominal extra premium, our Personal

The sum insured increases by 5% for each completed claim-free year of insurance, subject to a maximum of a 50% increase.

This policy can also be expanded to cover actual medical expenses arising out of the accident

Accident Insurance Policy can also be extended to provide a whole range of additional coverages. Medical Expenses In addition to the death or disablement benefits, the Policy will provide reimbursement upto specified limits for medical expenses incurred for treatment following an accident. Cost of Supporting Items If the use of supporting items like crutches, wheelchair, artificial limbs etc. becomes necessary due to injuries sustained in an accident, then the costs are reimbursed upto specified limits. Cost of Travel If the Insured is disabled in a place other than his normal residence due to an accident, then we will pay upto specified limits for cost of travel of the injured person for returning home and also for the travel cost of any accompanying friend or relative to join the Insured and for returning home.

HEALTH INSURANCE

Health Insurance: What are its types? There are primarily two types of health insurance available to individuals:
1. Fee for Service: Here the insured patient can get treatment from a medical professional

of his choice. The cost of treatment is then claimed by the insured or the medical provider from the insurer.
2. Managed Care Health Insurance Plan: This plan is designed in such a way that it helps

minimize unnecessary costs for healthcare. It may provide physicians with reasonable incentives, may control the admission of inpatients, sign contracts with selective health care providers and provide incentives to share cost for outpatient surgery. The Managed Care Health Plan is further divided into 3 types: Health Maintenance Organization (HMO): In a Group Model HMO plan the insured patient may visit doctors, who are employees of this HMO, at a centralized medical center. The HMOs are also in contract with the Individual Practice Associations (IPAs) who also have groups of physicians or individual doctors providing health care. The HMO may also refer a primary care physician or PCP for an insured patient who seeks a specialist's service. The patient needs to settle the co-payment as per the agreement and the rest of the cost will be borne by the insurance company.
a. Preferred Provider Organization (PPO): With this type of healthcare the

insured patients are entitled to receiving medical services from hospitals and other care providers in contract with the PPO. This can be done at a lesser fee. Patients seeking medical care from within the PPO network pay lesser than those seeking outside the network. The PPO plan reimburses only 70% of the cost incurred. The remaining 30%, i.e. the difference between the amount that the plan reimburses and what the provider charges has to be met by the insured.

b. Point of Service (POS): This plan also includes a network of hospitals,

physicians and other care providers. Members of such plans who opt for out-ofnetwork care get little coverage. The advantage of such a plan, however, is that it offers more choices to the members. Even if members choose a physician outside the network, they can still be covered to a certain extent.

Reliance General Insurance Individual Mediclaim Policy Reliance Healthwise

ICICI Lombard

Bajaj Allianz

Iffco Tokio

United India Insurance

Health Advantage Plus Family Floater

Health Guard

Critical illness

Uni – medicare insurance

Silver Health

Surgery protector

Personal Accident

Critical illness

Workmen’s compensation

Hospital Cash Star Package e-opinion Insta Insure Health Ensure Personal Guard

Reliance General Insurance

1) Individual Mediclaim Policy

Features

A family deserves the best especially when it comes to medical care. With medical expenses shooting sky high, Reliance Mediclaim Insurance Policy helps meet hospitalization costs. It frees from financial worries so that one can give full attention to loved ones. Key Advantages
a) Hospitalization Care for the Family

Reliance Mediclaim Insurance Policy covers you and your family for hospitalization and related expenses. Family members between the ages of 5 and 80 years can be covered. The policy also provides health insurance for children between the ages of 3 months and 5 years if one of the parents is covered concurrently.

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b) Claim-Free Bonus

We reward you with a no-claim bonus of 5% on every claim-free renewal. This can

be accumulated up to a maximum of 50%. c)Tax Advantage

With health insurance you not only protect your family but also can avail of tax benefits under Section 80D of the Income Tax Act.

d) Policy Coverage Value Added Benefits

Reliance Mediclaim Insurance Policy offers you value-added benefits to give you extra cushioning and added cover.

The policy will cover pre-hospitalization expenses for 30 days and post-hospitalization expenses for 60 days. It also provides you with health cover for technologically advanced treatment that does not require 24-hour hospital stay. No medical check-up up to the age of 45. Free medical check-up after 4 claim-free renewals. Reliance Healthwise

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Key Highlights Rs. 2 lakh cover for a family of two at Rs. 2245 per annum
• • •

24 x 7 cashless facility and TPA support No medical check-up up to age of 45 years Income Tax benefit under Section 80 D

Features

Access to quality healthcare is a necessity today. The Reliance Healthwise Policy ensures you provide the best medical care to your family. We offer a health insurance policy that gives you the optimum value for money without compromising on the quality of medical attention. Key Advantages a)Affordable Premiums

We offer premiums as low as Rs. 2245 p.a. for a sum insured of couple

Rs. 2 lakhs, for a

The Family Floater benefit covers the entire family, ensuring that the cover is used

optimally Policies are available for people up to the age of 65 years. b)Convenience all the way
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No health checkups for people under the age of 45 years. With our instant health-kit issuance, your health cover gets an instant start. A 24-hour cashless facility is provided at more than 4,300 hospitals across India.

c) The Reliance Advantage

Pre-existing illnesses will commence after two years or four years (depending on the plan you choose) of continuous cover We also provide you and your family with extended coverage for pre- and posthospitalization expenses. What's more, we reward you with a no-claim bonus of 5% on every claim-free renewal. This can be accumulated up to a maximum of 50%.

d) Tax-wise

With the Reliance HealthWise Policy, you can avail of tax benefits under Section 80D of the Income Tax Act.

Value Added Benefits Reliance General Insurance strives to provide more than what is expected. Our value-added benefits include:
• • •

Nursing allowance for a maximum of five days. Reimbursement of charges towards ambulance services Allowance for expenses of a person accompanying the insured, for a maximum of five days

Reimbursement of cost of health check-up after four claim-free renewals.

Exclusions

In order to ensure that you do not face any unpleasant surprises when you make a claim, we would like you to know some of the major exclusions under the policy.
• • • •

Any pre–existing illness for the first two years/ four years of the policy. Specified illnesses for the 1st year. Specified illnesses in the case of domiciliary Hospitalization. Any treatment for the first 30 days from the time of inception of policy, unless due to an accident. Treatment related to HIV / AIDS Treatment due to abuse of alcohol or intoxicants. Vaccination and inoculation. Nuclear and war perils.

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Eligibility Eligibility norms for this policy are:
• •

Children above the age of three months and adults below the age of 65 years. Children between three months and five years can be covered only if one or both parents are covered.

Maximum age to enter the Plan is 65 & 60 years for Standard and Silver Plan respectively

ICICI Lombard Health Advantage Plus Policy Coverage This is a comprehensive Tax-Saving health plan and provides 2 covers: Basic Hospitalization Cover

Outpatient Department (OPD) Basic Hospitalization Cover It covers inpatient Hospitalization expenses up to sum insured of Rs. 2 or Rs. 3 Lakhs (depending on the plan chosen). You can avail the cashless claim facility in any of the 4500+ network hospitals across India. Basic Hospitalization cover includes: Medical expenses incurred as an inpatient during Hospitalization for more than 24 hours, including room charges, doctor’s / surgeon’s fee, medicines, diagnostic tests, etc. 30 days prior to Hospitalization

60 days post Hospitalization

Pre-existing diseases shall be covered after 24 months of continuous coverage since inception of first individual health policy with the company.

Technologically advanced treatment that do not need 24-hour Hospitalization but are covered under this policy are:- Cataract - Lithotripsy (Kidney Stone Removal) - Tonsillectomy - Eye Surgery - Dialysis - Dilatation & Curettage - Chemotherapy - Radiotherapy

- Coronary Angiography - Cardiac Catheterization

Coverage limit for specific ailments / conditions: Certain specific ailment(s) / surgery(s)/ procedure(s) are covered up to pre-defined limits under this policy. All others ailment(s) / surgery(s)/ procedure(s) are covered up to the sum insured under the policy. *- Pre-Hospitalization period, the period of Hospitalization and the Post-Hospitalization period, should fall within the Period of Insurance Outpatient Department (OPD) This covers outpatient treatment expenses in the form of reimbursement of medical bills, dental expenses, etc. In case of an OPD treatment (Outpatient Department), the claims will be settled later after furnishing the medical prescription documents/bills. Outpatient Department Covers: Room, Boarding Expenses as charged by the Hospital

Nursing Expenses

Expenses related to Dental Treatment

Surgeon, Anesthetist, Medical Practitioner, Consultants, Specialist Fees

Anesthesia, Blood, Oxygen, Operation Theatre Charges, Surgical Consumables, Medicines and

Drugs, Diagnostic Materials and X-ray, Dialysis, Chemotherapy, Radiotherapy, Cost of Pacemaker, Cost of Artificial Limbs External Medical Aids, Dental treatment charges, Ambulance charges

Claims under OPD Benefit can be made only on a re-imbursement basis. You can lodge a claim only once during the Period of Insurance, i.e. 90 days after commencement of policy and 30 days after expiry of the Period of Insurance.

Sum Insured for Plans covering 2 individuals comes under the Floater benefit. Key Benefits Floater benefit – The floater benefit would mean that one policy covers 2 family members with one sum insured and one premium. This takes care of Hospitalization expenses as well as Outpatient Treatment expenses in case of a sudden illness, accident or planned surgery of either of the family members.

Optimum income tax benefit under section 80 D*. Save up to Rs. 5099/- on your Policy premium.

Fixed premium of Rs 15,000 for all plans excluding Senior Citizens aged 65 & above.

Reimbursement of OPD expenses upto Rs. 10,000/- This includes diagnostics tests, dental treatment, etc. (OPD Benefit depends on age of senior most insured member and the plan chosen)

Declared pre-existing illness covered after 2 years, i.e. from the 3rd year.

Cashless claim facility available at over 4,500 network hospitals across India.

No health check up required upto the age of 55 years (as on last birthday).

Free health check-up coupon for any one insured family member.

Medical check-up mandatory for insured of age 56 years and above.

Eligibility The enrolment age (of the senior most family member) should be between 5 years to 65 years.

The policy cover is renewable till the age of 70 years.

The customer can buy the policy only for his two family members - defined as self, spouse or dependent children or dependent parents for the purpose of income tax exemption u/s Sec. 80D.

Family Floater

Policy Coverage This is a comprehensive Tax-Saving health plan and provides 2 covers: Basic Hospitalization Cover

Outpatient Department (OPD)

Basic Hospitalization Cover This covers inpatient Hospitalization expenses up to sum insured of Rs. 2 or Rs. 3 Lakhs (depending on the plan chosen). You can avail the cashless claim facility in any of the 4500+ network hospitals across India. Basic Hospitalization cover includes: Medical expenses incurred as an inpatient during Hospitalization for more than 24 hours, including room charges, doctor’s / surgeon’s fee, medicines, diagnostic tests, etc. 30 days prior to Hospitalization

60 days post Hospitalization

Pre-existing diseases shall be covered after 24 months of continuous coverage since inception of first individual health policy with the company.

Technologically advanced treatment that do not need 24-hour Hospitalization but are covered under this policy are:- Cataract - Lithotripsy (Kidney Stone Removal) - Tonsillectomy - Eye Surgery - Dialysis - Dilatation & Curettage - Chemotherapy - Radiotherapy

- Coronary Angiography - Cardiac Catheterization

Coverage limit for specific ailments / conditions: Certain specific ailment(s) / surgery(s)/ procedure(s) are covered up to pre-defined limits under this policy. All others ailment(s) / surgery(s)/ procedure(s) are covered up to the sum insured under the policy. *- Pre-Hospitalization period, the period of Hospitalization and the Post-Hospitalization period, should fall within the Period of Insurance Outpatient Department (OPD) This covers outpatient treatment expenses in the form of reimbursement of medical bills, dental expenses, etc. In case of an OPD treatment (Outpatient Department), the claims will be settled later after furnishing the medical prescription documents/bills. Outpatient Department Covers: Room, Boarding Expenses as charged by the Hospital

Nursing Expenses

Expenses related to Dental Treatment

Surgeon, Anesthetist, Medical Practitioner, Consultants, Specialist Fees

Anesthesia, Blood, Oxygen, Operation Theatre Charges, Surgical Consumables, Medicines and

Drugs, Diagnostic Materials and X-ray, Dialysis, Chemotherapy, Radiotherapy, Cost of Pacemaker, Cost of Artificial Limbs External Medical Aids, Dental treatment charges, Ambulance charges

Claims under OPD Benefit can be made only on a re-imbursement basis. You can lodge a claim only once during the Period of Insurance, i.e. 90 days after commencement of policy and 30 days after expiry of the Period of Insurance.

Sum Insured for Plans covering 2 individuals comes under the Floater benefit.

Key Benefits Floater benefit – The floater benefit would mean that one policy covers 2 family members with one sum insured and one premium. This takes care of Hospitalization expenses as well as Outpatient Treatment expenses in case of a sudden illness, accident or planned surgery of either of the family members.

Optimum income tax benefit under section 80 D*. Save up to Rs. 5099/- on your Policy premium.

Fixed premium of Rs 15,000 for all plans excluding Senior Citizens aged 65 & above.

Reimbursement of OPD expenses upto Rs. 10,000/- This includes diagnostics tests, dental treatment, etc. (OPD Benefit depends on age of senior most insured member and the plan chosen)

Declared pre-existing illness covered after 2 years, i.e. from the 3rd year.

Cashless claim facility available at over 4,500 network hospitals across India.

No health check up required upto the age of 55 years (as on last birthday).

Free health check-up coupon for any one insured family member.

Medical check-up mandatory for insured of age 56 years and above.

Eligibility The enrolment age (of the senior most family member) should be between 5 years to 65 years.

The policy cover is renewable till the age of 70 years.

The customer can buy the policy only for his two family members - defined as self, spouse or dependent children or dependent parents for the purpose of income tax exemption u/s Sec. 80D.

Personal Accident Policy Coverage Personal Accident policy covers you for Terrorism and Acts of Terrorism: In case of the death of the insured arising out of terrorism or acts of terrorism within the policy period, the nominee (mentioned in the policy) is compensated with the sum Insured. The Company shall also pay compensation against permanent and total loss of limbs, sight etc. (of the insured) arising out of terrorism or acts of terrorism.

Accidental Death: In case of death of the insured due to an accident within the policy period,

the nominee (mentioned in the policy) is compensated with the Sum Insured.

Permanent Total Disablement (PTD) : Personal Accident pays compensation against the permanent and total loss of limbs, sight etc. due to an accident. Note: If any such injury as mentioned above shall result in the inability to remain gainfully employed, then the Capital Sum Insured payable will be 100%. Key Benefits Covers claims arising out of Terrorism or acts of Terrorism

Covers against Accidental Death or Permanent Total Disablement (PTD)

Choose among Sum insured options of Rs. 3, 5, 10 and 20 Lakhs

Choice of cover period: 3, 4 or 5 years

No health check-up required

Easy Claim Process with minimal documentation

Eligibility Age criteria at entry: Minimum 18 years, Maximum 70 years.

The applicant can buy the policy for his spouse aged between 18-70 years.

Health Guard HEALTH GUARD -COVERS ALL MEDICAL EXPENSES ON HOSPITALIZATION It is rightly said ‘Health is Wealth’. We are all aware that health care costs are high and getting higher. At times, unfortunately we fall prey to unanticipated accidents & illness. Bajaj Allianz promises to stand by you during those difficult times of physical and mental stress. Our Health Guard policy takes care of your hospitalization expenses & also offers a wide coverage of pre & post hospitalization expenses. We are the first company to provide the higher coverage of SI 10 lacs.

Features
• •

The member has cashless facility at over 2400 hospitals across India The member can opt for hospitals besides the empanelled ones, in which the expenses incurred by him shall be reimbursed within 14 working days from submission of all documents.

Pre and post - hospitalization expenses covers relevant medical expenses incurred 60 days prior to and 90 days after hospitalization. Cumulative bonus of 5 % is added to your sum assured for every claim free year. Family discount of 10 % is applicable. Covers ambulance charges in an emergency subject to limit of Rs. 1000 /No tests required up to 45 years up to SI 10 lacs* 10% co- payment applicable if treatment taken in non-network hospitals. Waiver of copayment is available on payment of additional premium

• • • • •

Pre-existing diseases covered after 4 years continuous renewal with Bajaj Allianz

Benefits

In house Health Administration Team for Hospitalization claims to lower turn around time Access to over 2400 hospitals all over India for cashless facility. No Sub-limits applicable on room rent and other expenses. Hassle-free claim settlement due to In-house claim administration. Income tax benefit on the premium paid as per section 80-D of Income Tax Act as per existing IT law. Health Check up for maximum amount of Rs. 1000 /- at the end of continuous four claim free years

• • • •

Family discount of 10% is applicable Coverage
• • • •

10 lacs coverage available from 3 months up to 55 years* Policy can be renewed up to 70 years* In built E-opinion cover for SI 5 lacs & above.

Silver Health

SILVER HEALTH POLICY - EXCLUSIVE HEALTH INSURANCE FOR PEOPLE AGED 46YRS AND ABOVE As the age of an individual increases the health care costs increase & become a burden on the individual. The senior citizens have to pay out the hard earned savings to meet the expenses. Bajaj Allianz’s Silver Health plan is exclusively designed for the senior citizens, which covers medical expenses incurred during hospitalization period.

Features
• •

Pre-existing diseases covered from the second year of the policy. A flat benefit of 3% of admissible hospitalization expenses are paid towards pre & post hospitalization expenses. Cashless facility : With Silver Health plan, the member has access to cashless facility at various network of over 2400 hospitals across India (subject to exclusions and conditions)

If admission in non-network hospitals the expenses incurred would be reimbursed within 14 days from the submission of all documents. 20% of co-payment of the admissible claim to be paid by the member if treatment is taken in a hospital other than a network hospital.

Waiver of co-payment is available on payment of additional premium.

Advantages
• • • •

Cumulative bonus of 5 % added to your sum assured for every claim free year. Health Check up at the end of continuous four claim free years. Family discount of 5 % is applicable. Income tax benefit on the premium paid as per section 80-D of the Income Tax Act as per existing IT law.

Coverage
• • •

Policy can be taken form 46-70yrs * Renewal up to 75 yrs* SI can be opted form 50,000 – 5, 00,000.

Hospital Cash

HOSPITAL CASH - COVERS NON-MEDICAL EXPENSES DURING HOSPITALIZATION With a Hospital Cash policy from Bajaj Allianz you and your family can now breathe a sigh of relief! As this is a benefit policy which covers the incidental expenses incurred during the Hospitalization period. In the event of hospitalization this policy provides a cash allowance of Rs 500-2500 for each day of hospitalization. Benefits
• • •

Covers miscellaneous expenses incurred during hospitalization. Comprehensive coverage with nominal premium. Premium amount upto Rs.15000/- p.a. is eligible for tax exemption under section 80-D of Income Tax Act as per existing IT law. Dependent spouse and children can be also covered under this policy. 5% family discount is applicable if cover taken for family

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Coverage
• •

SI available from 500-2500. Cover available for 30days & 60 days.

Star Package

STAR PACKAGE - COVERS HEALTH & HOME IN A SINGLE PLAN Star Package policy is a unique family floater policy which protects your family against various risks and contingencies. It provides a gamut of covers for various health risks, household contents, education grant, travel baggage and public liability all under a single policy. It has 8 sections and you would have to opt for a minimum 3 sections to avail for this policy.

Features

Covers Hospital Cash, Health Guard, Critical Illness, Personal accident, Education Grant, Householders contents, Traveling Baggage & Public liability. Family floater can be opted by paying 50% & 25% of self premium for spouse & children respectively. Add on covers can be opted under Health Guard. 12 Dreaded diseases are covered under Critical illness. The policy can be taken for maximum 3 years to avoid yearly renewal. 10-15% section discount can be availed if 4 or more sections are opted.

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10-15% Long term discount can be availed if the policy is taken for 2 or more years. Benefits
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Wide coverage from Health to Home. Access to over 2400 hospitals all over India for cashless facility. No Sub-limits applicable on room rent and other expenses. Hassle-free claim settlement due to In-house claim administration Income tax benefit on the premium paid as per section 80-D of Income Tax Act* as per

existing IT law Coverage
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Age – 3 Months – 55 years. Wide range of Sum Insured is available under different cover

TRAVEL POLICIES

BAJAJ ALLAINZ 1) Swades Yatra

Travelling has become very frequent be it for business or leisure. The risk of accidents increase due to frequency of travel. Any accident would affect your finances either due to medical expenses incurred or loss of income to the family due to unfortunate circumstances like death or disability. Swades Yatra is a comprehensive package policy for domestic travelers which provides complete personal accident benefit cover including hospitalization expenses as a result of accident. 2) Travel Assist

Bajaj Allianz General Insurance along with ASSIST CARD a Swiss company has launched a co-branded travel insurance product called TRAVEL ASSIST. The product has all the benefits of the existing travel insurance products plus several value-added services to quality-sensitive customers. 1) Travel Companion

Whether you travel for business or pleasure, international travel involves risk. Medical treatment abroad can be expensive & one never knows, when one would require it. Having to spend for medical bills in foreign currency can be an expensive proposition. There are other difficult situations also, that one might face like loss of passport or baggage. Bajaj Allianz's Travel companion is specially designed to help you deal with situations while overseas travel 1) Travel Elite Bajaj Allianz General Insurance has recently launched an exclusive policy for high end travellers called Travel Elite- a cluster of benefits policy made for the specific customer group. Travel Elite is a plan for high end travellers who have various plans and packages to choose from : Travel Elite,Travel Age Elite,Travel Corporate Elite,Student Elite,Travel Asia Elite,Travel Elite Family.

ICICI POLICY 1) Platinum-Plan

Overseas Travel Insurance covers unexpected and unplanned medical and non-medical