Bajaj Allianz launches new global health care product
India’s Bajaj Allianz General Insurance, a joint venture of Allianz and Bajaj Finserv Limited, has launched a global health care insurance product offering international coverage for up to US$1 million
The product offers Indian customers with Bajaj Allianz’s standard domestic coverage, as well as access to healthcare facilities while overseas, and incorporates Allianz’s global network, digital platform and claim settlement capabilities. Allianz has access to one million service providers in 195 countries across its network.
Premiums start from ₹39,432, excluding goods and service tax. For domestic coverage, the sum insured ranges from ₹3.75 million to ₹37.5 million, while international coverage ranges from $100,000 to $1 million.
The product will be available in two forms: the Imperial Plan, and the higher-end Imperial Plan Plus – both of which will offer both domestic and international coverage with benefits including in-patient hospitalisation, day care procedures, palliative care, medical repatriation, air ambulance services, living donor medical costs and mental health.
According to Tapan Singhel, Bajaj Allianz’s CEO and Managing Director, the product was created in response to a growing demand from customers for high quality medical insurance and is aimed at high-net-worth individuals, executives, international students and leisure travellers who had the purchasing power to access the best possible healthcare.
Tobias Meckert, Head of Sales and Distribution for International Health in the Asia-Pacific Region at Allianz Partners, added that there was also a growing trend of Indians travelling to the US, Canada, Singapore, Australia and Dubai for treatment.
India’s general insurance industry is projected to grow at a compound annual growth rate of 9.9 per cent by 2026.