Bajaj Allianz Star Package Covers Multiple Risks in One Policy

Posted on Aug 18, 2010 by Sergio Ulloa (G+)  | Tags: Bajaj Allianz, General Insurance Company, India Health Insurance

India-based joint-venture Bajaj Allianz General Insurance Company has launched a new policy dubbed the Star Package Policy, which provides modular coverage of up to eight separate risks, ranging from health insurance coverage to home contents insurance. Star Package provides eight coverage options which are a mix of health insurance, life insurance and general insurance risks. The policy options are incredibly flexible, offering a variety of choices in sums insured for each policy module, as well as family floaters and further options depending on the policy module. The policy requires that a minimum of three coverage options be selected when the policy is taken out. The eight coverage options are: hospital cash, health guard, critical illness, personal accident, education grant, householders contents, traveling baggage, and public liability. The hospital cash section provides fixed cash benefits to the policy holder for every day someone covered under the policy is hospitalized for up to 30 days, relative to the sum insured. The health guard option offers cashless benefits and reimbursement for medical treatment at hospitals within Bajaj Allianz's network, with additional options such as organ transplant cover, and medical evacuation, reconstructive surgery and physiotherapy cover. Critical illness cover pays a lump sum benefit should the insured be diagnosed with a critical illness, subject to the conditions of the policy. The personal accident module provides coverage for the death, permanent total disability (PTD), permanent partial disability (PPD), and temporary total disability (TTD) of the policy holder, paying sums based on the sum insured as well as providing reimbursement of up to 40% of medical expenses incurred. The education grant section pays the sum insured towards the continuing costs of education for the policyholder's child or children in the event of the policyholder's death or permanent total disability. The householder contents module functions the same as first loss basis coverage under Bajaj Allianz's Standard Fire policy (including earthquakes). The traveling baggage option pays the policyholder in respect of lost baggage while on tour or holiday. The last module, public liability, protects the insured's legal liability for bodily injury or damage to the property of third parties. As mentioned earlier, many of the policy sections offer family floaters, whereby spouses or children can be covered under that policy section for an additional premium. The policy does come with a number of premium discounts as well; with a minimum of 3 options selected, signing up for 4-5 policy sections gets a 10% discount, while opting for 6-8 of the policy sections receives a 15% discount on the premium. Bajaj Allianz also offers long term policy discounts with a 10% discount for 2 years and 15% for 3 years. Insurance Company Mentioned: Bajaj Allianz General Insurance Company Established in early 2001, Bajaj Allianz General Insurance Company Limited is a joint-venture company between Bajaj Finserv Limited and Allianz SE, whereby Bajaj Finserv holds a 74% stake, with Allianz SE holding the remaining 26%. Bajaj Allianz has a network spanning over 200 towns across India and has a paid up capital of INR 1.1 billion (USD 23.6 million).