Bajaj Allianz Personal Guard - Wider Plan (Personal Accident Cover)

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Bajaj Allianz Personal Guard-Wider Plan (Personal Accident Cover)

	Objective			This is a personal accident policy which aims to provide financial respite in case of accidental death or permanent disability.
Suited for			Any individual between age group of 18 and 65 years and child above 5 years of age is eligible to take this policy.
What does it do?			It covers accidental death and permanent total disablement. Accidental death draws a benefit of 100 per cent of sum insured to nominee whereas, accidental permanent total disability will fetch 125 per cent of sum insured. In case the disablement is permanent but partial in nature, a predefined portion of sum insured depending on nature of disablement will be paid. Apart from these benefits, the policy pays for transportation of mortal remains and children education bonus. There is a flexibility to get additional cover for medical expenses and hospital confinement by paying additional premium. Medical expenses relate to hospital bills and hospital confinement comprises daily hospitalisation cash to take care of routine expenses such as traveling and accommodation expense of family members etc.
Pros			Family discount of 10 per cent is available. A bonus of 5 per cent after each claim-free year subject to a maximum of 50 per cent of initial sum insured.
Cons			In case a claim is made during a year, bonus will be reduced by 10 per cent. There is no tax benefit available.
Our View			Increasing accident cases have made it truly necessary to have a personal accident cover to help family members sustain financial losses in the unfortunate event of death or disability of insured member. Though it covers accidental death and accidental permanent disablement, a comprehensive personal accident policy is always preferred which extends to include temporary disablement and other incidental expenses such as ambulance cost along with the conditions covered herein.
Eligibility
Entry Age (years)
Minimum		18; 5 for Children
Maximum		65
Maximum Policy Renewal Age (years)		65
Coverage Type		Individual
Policy Term (years)		1
Sum Insured (Rs)
Maximum		100 times of monthly income subject to maximum of Rs 25 lakh
Tax Benefit		Not Available
Discount		Family discount of 10% is applicable
No Claim Bonus		5% increase in Sum Insured for every claim free year to a maximum of 50% of initial Sum Insured. If a cumulative bonus has been applied and a claim is made, then in the subsequent Policy Year the cumulative bonus will automatically be reduced by 10%
Grace Period for Policy Renewal		30 days
Policy Termination		Insurance company may terminate the policy by giving a written notice of 7 days. Policyholder is also allowed to terminate the policy by giving a 7 days written notice. In case no claim has been made under the policy, pro-rata percentage of premium will be refunded
Customer Service
Address		Bajaj Allianz General Insurance Company Limited. GE Plaza, Airport Road, Yerawad, Pune - 411006
Mail to		customercare@bajajallianz.co.in
Call to		1800 225858(BSNL/ MTNL); 1800 1025858 (Bharti users- mobile/ landline) or 020 30305858

 

	Scope of Cover
Cashless Facility		Not Available
Accidental Death		Covered; pays 100% of Sum Insured if death takes place within 12 months of accident
Transportation of Mortal Remains		2% of Sum insured or Rs 5000 whichever is lower
Permanent Total Disablement		125% of Sum Insured if insured becomes Permanent Totally Disable within 12 months of the accident
Permanent Partial Disablement		Predefined percentage of Sum insured if insured becomes Permanent Partial Disable within 12 months from date of accident
Hospitalisation		Rs 1000 per day upto maximum of 30 days
Medical Expenses		Reimbursement upto 40% of valid claim amount or Rs 5 lakh, whichever is lower
Children's Education Bonus		allowed in case of death or permanent total disablement; Rs 5000/- for a child or Rs. 10,000/- maximum for 2 children below the age of 19 or 10% of capital sum insured, whichever is less

 

	Exclusions and Waiting period
General Exclusions		Pre existing condition or any complication arising from the same.AIDS and or other related diseases.War, participation in any criminal activity or any other related condition.

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Apollo Munich Energy - Health Insurance Plan for Diabetics

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Apollo Munich has come up with a new health insurance plan “Apollo Munich Energy”. This plan provides insurance cover to those suffering from Type 2 diabetes. Apollo Munich has gained a good product presence and brand name in health insurance space in recent years. But still none of its product used to cover diabetes in general. With the launch of Apollo Munich Energy which is a health insurance plan for diabetics, Apollo Munich health insurance is trying to fill this Gap and that too with some unique features in product.

Let’s try to understand it in detail:

Apollo Munich energy health insurance plan covers Individuals who are diagnosed with Type 2 diabetes or Pre diabetes (Impaired fasting Glucose / Impaired glucose Tolerance) or hypertension. No floater plan is available in this product. The main advantage in this plan is that it does not have any waiting period for all hospitalization arising from Diabetes and hypertension. But for all other conditions there are specific and general waiting periods which are also there in all other health insurance plans of Apollo Munich. Besides this the other USP of Apollo Munich energy is that it encourages the policy holders to go through some pre-defined medical tests. Based on reports of tests this plan give some incentive points which can be converted into discounts of up to 25% on renewal premium or can be claimed as reimbursements of up to 25% on expenses incurred on health care. Policy holders will also be provided with a wellness support program where they can track the medical values of various tests to monitor their health conditions themselves and also a personalized Health coach to guide, remind and create personal diet and fitness plans.

Apollo Munich Energy – Key health terms

 

Type 1 diabetes: Also known as “Juvenile” or “Insulin Dependent” diabetes. It indicates conditions where Beta cells of pancreas are destroyed causing Insulin Deficiency. Patients with Type 1 diabetes have to take insulin injections every day.

Type 2 diabetes: This is more prevalent in India. This is a condition where pancreas does not produce enough insulin and thus blood sugar level remains high. This type is initially managed by exercise and dietary modifications and then with the help of some medications.

Due to the Controllable nature of Type 2 diabetes, Insurance companies in India offers cover to this type only and not to type 1.

Hypertension: is defined as a repeatedly elevated blood pressure where systolic pressure (the top number, which is also the higher of 2 numbers) is above 140 and diastolic pressure is above 90.

Gestational Diabetes: is a condition in which women without previously diagnosed diabetes exhibit high blood glucose levels during pregnancy. As per Wikipedia this affects 3-10% of pregnancies, so may be a natural phenomenon. Women with unmanaged gestational diabetes are at increased risk of developing Type 2 diabetes.

Apollo Munich Energy – Key Features

• Covers individuals in the age group of 18 to 65 years at the time of entry.
• Life time renewal
• No Sub limits on Room Rent.
• Offers Sum assured of Rs 2 lakh, Rs 3 lakh, Rs 5 lakh and Rs 10 lakh
• No waiting Period for hospitalization arising out of diabetes and hypertension
• Special wellness program for better management of diabetes.
• Comes in 2 variants: Silver ( where cost of wellness tests will be paid by insured) , Gold ( where company bears the cost if tests are conducted at network hospital, otherwise maximum Rs 2000/- will be paid)
• Insured can opt for Co-payment of 20% in claim settlement to reduce the premium outgo.
• All other features of normal health Plan (Easy health) like Inpatient hospitalization, Pre and Post Hospitalization (30,60 days), day care coverage of 144 day care procedures etc. are also covered

Apollo Munich Energy – Who should buy?

As I mentioned above that the main advantage of this product is that it covers diabetes from day 1 (if accepted by the company after its underwriting pre acceptance screening). On the other side there are few other companies which though are not having any specific health insurance plan for diabetics but accept the cases of Type 2 diabetic patients with a preexisting waiting period of 3-4 years or with some loading on premium or with both. Some of those are New India insurance, Religare health insurance. Star insurance has a specific health insurance plan for diabetics with name “Star Diabetes safe health Plan” which is specifically for diabetes related problems. Apollo Munich energy plan in itself sounds to be good and comprehensive, but i think the premium cost is on higher side. I would advise to those who are young and have controlled diabetes to first check out with other companies. Even if there case gets accepted with some waiting period or some loading it will not be of much botheration. Those who feel that their medical condition can call for hospitalization anytime may check with Apollo Munich on this plan. But due to strict underwriting guidelines these kinds of cases have very minute chances of acceptance on Apollo Munich counter. If accepted, you can be sure of being taken care on services part. Apollo Munich is a good company overall.

Happy Investing!!

We can help. Call 0 94 8300 8300 (India)

Leave your comment with mail ID and we will answer them

OR

You can write back to us at PrajnaCapital [at] Gmail [dot] Com

---------------------------------------------

Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

Invest Tax Saving Mutual Funds Online

Tax Saving Mutual Funds Online

These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)

Download Tax Saving Mutual Fund Application Forms from all AMCs

Download Tax Saving Mutual Fund Applications

These Application Forms can be used for buying regular mutual funds also

Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )

1. ICICI Prudential Tax Plan Invest Online
2. HDFC TaxSaver Invest Online
3. DSP BlackRock Tax Saver Fund Invest Online
4. Reliance Tax Saver (ELSS) Fund Invest Online
5. Birla Sun Life Tax Relief ‘96 Invest Online
6. IDFC Tax Advantage (ELSS) Fund Invest Online
7. SBI Magnum Tax Gain Scheme 1993 Invest Online
8. Sundaram Tax Saver Invest Online
9. Edelweiss ELSS Invest Online

------------------

Best Performing Mutual Funds

1. Largecap Funds Invest Online
1. DSP BlackRock Top 100 Fund
2. ICICI Prudential Focused Blue Chip Fund
3. Birla Sun Life Front Line Equity Fund
2. Large and Midcap Funds Invest Online

1. ICICI Prudential Dynamic Plan
2. HDFC Top 200 Fund
3. UTI Dividend Yield Fund
2. Mid and SmallCap Funds Invest Online

1. Reliance Equity Opportunities Fund
2. DSP BlackRock Small & Midcap Fund
3. Sundaram Select Midcap
4. IDFC Premier Equity Fund
3. Small and MicroCap Funds Invest Online

1. DSP BlackRock MicroCap Fund
4. Sector Funds Invest Online

1. Reliance Banking Fund
2. Reliance Banking Fund
5. Tax Saver MutualFunds Invest Online
1. ICICI Prudential Tax Plan
2. HDFC Taxsaver
3. DSP BlackRock Tax Saver Fund
4. Reliance Tax Saver (ELSS) Fund
6. Gold Mutual Funds Invest Online

1. Relaince Gold Savings Fund
2. ICICI Prudential Regular Gold Savings Fund
3. HDFC Gold Fund