Bajaj Allianz Personal Guard-Comprehensive Plan (Personal Accident Cover)
Objective
This is a comprehensive personal accident policy which aims to provide financial respite in case of accidental death or disability both permanent and temporary.
Suited for
Any individual between age group of 18 and 65 years and child above 5 years of age is eligible. Going as per risk categories, those falling under Risk class III are not allowed to take this policy. Risk class III includes workers in underground mines, electric installations with high tension supply, Jockey, circus performers, big game hunters, mountaineers, professional river rafters and similar occupations.
What does it do?
This policy is aimed at covering financial tragedies caused due to an accident. It provides a cover against accidental death for 100 per cent of sum insured. It pays 125 per cent of sum insured in case of permanent total disablement whereas, permanent partial disability fetches a benefit equal to pre-defined percentage of sum insured depending on the nature of disability. It also covers temporary total disablement against which it makes a weekly payment of maximum of Rs 5,000 rupees. Apart from these, it pays for certain incidental expenses such as education bonus for up to two children. There is a flexibility to get additional cover for medical expenses and hospital confinement by paying additional premium. Medical expenses related to hospital bills and hospital confinement comprise 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 cumulative 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, cumulative bonus will be reduced by 10 per cent.
There is no tax benefit available.
Our View
Continuous rise in accident cases has made it imperative to purchase a personal accident policy. Though this plan claims to be a comprehensive one, we have other policies in market that offer a far more wider protection including cover for ambulance cost, broken bones, purchase of blood and more for same price. Whereas, most of the incidental expenses remain uncovered here. Moreover, it fails to justify benefit-cost analysis. So, this policy is not recommended
Eligibility
| Entry Age (years) | |
| Minimum | 18; 5 for Children |
| Maximum | 65 |
| Maximum Policy Renewal Age (years) | 65 |
| Coverage Type | Individual |
| Sum Insured (Rs) | |
| Maximum | 25 lakh |
| Minimum | 100 times of monthly income |
| Policy Term (years) | 1 |
| 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, percentage of premium will be refunded |
| Customer Service | |
| Address | Bajaj Allianz General Insurance Company Limited. GE Plaza, Airport Road, Yerawad, Pune - 411006 |
| Mail to | [email protected] |
| Call to | 1800 225858(BSNL/ MTNL); 1800 1025858 (Bharti users- mobile/ landline) or 020 30305858 |
Additions to the Plan
| 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 |
| Temporary Total Disablement | Weekly payment of 1% of Sum Insured or Rs 5000 whichever is lower for a maximum of 100 weeks |
| Hospital Cash | 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 |
| Premium per Rs 1000 Sum Insured | ||||
| Risk Class* | I | II | III | |
| Premium Rate (in %) | 1.5 | 2 | NA | |
| Medical Expenses | 25% of above premium | 25% of above premium | 25% of above premium | |
| Hospital Confinement | Rs. 300 per person | Rs. 300 per person | Rs. 300 per person | |
| Premiums depend upon nature of occupation and level of risk involved. Premiums are exclusive of service tax. | ||||
| *Various Risk ClassesRisk Class I : Administrative/managing functions, accountants, doctors, lawyers, architects, teachers and similar occupations.Risk Class II : Manual labour, garage mechanic, machine operator, paid driver, (car / truck / heavy vehicles) cash carrying employee, builder, contractor, veterinary doctor and similar occupationsRisk Class III: Workers in underground mines, electric installations with high tension supply. Jockey, circus performers, big game hunters, mountaineers, professional river rafters and similar occupations. | ||||
