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Bajaj Allianz Personal Guard Plan

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Bajaj Allianz Personal Guard Plan

 

Bajaj Allianz Personal Guard Plan  is a Personal Accident Insurance Policy which offers compensation in case of death or bodily injury to the insured person, directly and solely as a result of an accident, by external, visible and violent means and covers medical expenses incurred by a person due to any accident.  Personal or car accidental injuries are covered under this plan.

 

How it works – In this plan, premium needs to be paid in a lump sum and can be availed for a period of 12 months. This policy can be availed for the entire family as well.

 

The Plan basically covers Accidental Death, Permanent Disability- Total as well as Partial, Temporary Total Disability, Children’s Education Bonus in case of Accidental Death or Permanent Total Disablement of parent and Reimbursement of Medical Expenses and Charges for Hospital Confinement as additional expense.

 

 

Variants of Bajaj Allianz Personal Guard Plan

 

There are 3 variants of this Plan:

1.       Basic - Covers Only Accidental Death Benefit + Children’s Education Bonus.

This plan can be availed up to a Maximum Sum Insured of 100 times the Monthly Income of the Life Insured

2.       Wider - Covers Accidental Death Benefit + Permanent Total Disability + Permanent Partial Disability + Children’s Education Bonus.

This plan can be availed up to a Maximum Sum Insured of 60 times the Monthly Income of the Life Insured

3.       Comprehensive - Covers Accidental Death Benefit + Permanent Total Disability + Permanent Partial Disability + Children’s Education Bonus.

This plan can be availed up to a Maximum Sum Insured of 24 times the Monthly Income of the Life Insured up to a Maximum of Rs 5,00,000

 

There are certain additional benefits available in this plan on payment of additional premium like Reimbursement of Medical Expenses and Charges for Hospital Confinement.

 

 

Key Features of Bajaj Allianz Personal Guard Plan

 

§         This plan provides cover for treatment for any injuries or illness caused by accidents

§         This policy compensates for injuries occurred anywhere in the world

§         The Plan basically covers

o         Accidental Death

o         Permanent Total Disability

o         Permanent Partial Disability

o         Children’s Education Bonus in case of Accidental Death or Permanent Total Disablement of parent

o         Additional Benefits of

§         Reimbursement of Medical Expenses and

§         Charges for Hospital Confinement as additional expense

o         There are 3 variants of the plan- Basic, Wider and Comprehensive

o         There are 3 types of Occupations Classification according to the Occupational Risks involved- Risk Level I, Risk Level II and Risk Level III

 

 

What is covered in Bajaj Allianz Personal Guard Plan?

 

§         The Plan basically covers

o         Accidental Death

o         Permanent Total Disability

o         Permanent Partial Disability

o         Children’s Education Bonus in case of Accidental Death or Permanent Total Disablement of parent of Rs. 5000/- for 1 child or Rs. 10,000/- maximum for 2 children below the age of 19 or 10% of capital sum insured, whichever is less

o         Additional Benefits of

§         Reimbursement of Medical Expenses- Reimbursement up to 40% of valid claim amount or actual medical bills, whichever is less

§         Charges for Hospital Confinement as additional expense- Rs.1000/- per day for a maximum of 30 days hospitalization

 

 

Additional Benefits of Bajaj Allianz Personal Guard Plan

 

There are certain additional benefits available in this plan on payment of additional premium. The benefits can be summarised as:

·          Medical Expenses arising out of an Accident

·          Rs 300 per person is paid for Hospital confinement for accidental reason

 

The in-built additional benefits include:

·          Children Education Fund

·          Cumulative Bonus of 5% of the Sum Insured for each claim free year

 

 

Eligibility and Restrictions of Bajaj Allianz Personal Guard Plan

 

 

 

Minimum

Maximum

Sum Assured of Life Insured (in Rs)

24 Times Monthly Income

100 Times Monthly Income

Policy Term (in years)

1

Entry Age of Life Insured/Spouse (in years)

18

60

Renewable till Age (in years)

-

 

 

 

Family Floater Policy will cover of Bajaj Allianz Personal Guard Plan

 

In case of Family Package option is available. A discount of 10% is available if two or more members are covered under this policy.

 

 

Sample illustration of Premium Amount in Bajaj Allianz Personal Guard Plan

 

The below illustration is for a healthy Male (non-tobacco user) opting for

Sum Insured = Rs 10,00,000

 

Sample illustration of Premium Amount in Bajaj Allianz Personal Guard Plan
 

 

Tax Benefits of Bajaj Allianz Personal Guard Plan

 

There is no Tax Benefit under this plan

 

 

Exclusions - What is not covered in Bajaj Allianz Personal Guard Plan?

 

·         Non Accident Cases are not entertained in this plan

·         Some Accidental bodily injury incidents are also not covered. They are:

o         Through suicide, self-inflicted injury, pregnancy or child birth, pre-existing, venereal or sexually transmitted diseases

o         While under the influence of liquor or drugs

o         Through deliberate or intentional, unlawful criminal act, error or omission

·         Other Consequential Losses of any kind or actual alleged legal liability is also not covered under this plan

 

 

Claim Procedure of Bajaj Allianz Personal Guard Plan

 

The Basic Requirements for Submitting the Claim Form:

·         Insured details (Name / Address / Age / Sex / Contact No.)

·         Accident details (Date and circumstances of accident / injury)

·         Details of the other Personal Accident policies in force

·         Signature of the claimant

 

The other Relevant Documents to be submitted along with the claim form are:

·         Death Claim:

o         Claim form

o         Police Panchanama

o         FIR

o         Post mortem Report

o         Death Certificate

o         And if admitted, the Admission history

·         Permanent Total Disability & Permanent Partial Disability

o         Claim form

o         Disability Certificate from the treating doctor

o         Medical Examination

·         Temporary Total Disablement (weekly Benefit)

o         Claim form

o         Medical Certificate from the treating doctor

o         Leave certificate from the employer

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