All You Need To Know About Health Insurance Claims
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Car Insurance | Motor Insurance | Car Insurance Renewal- Bajaj Allianz

Car Insurance | Motor Insurance | Car Insurance Renewal- Bajaj Allianz | All You Need To Know About Health Insurance Claims | Scoop.it
Save money on your Car Insurance with Bajaj Allianz, buy car insurance online in easy steps. Get a free quote for your car insurance policy now.
Asha's insight:

Your car is one of the most prized possessions of your life. So it is important to make efforts towards securing it. And the best way to do it is “car insurance”. Before you take the car on roads, make sure it is insured.

 

Car insurance is certainly one of the most important documents that a car owner should possess. These days, one doesn't need to rush searching for agents to buy a new car insurance plan or renew the existing one.

 

These days, buying insurance on the internet is not a tough task at all. All you need to do is select a plan, and pay online. This saves a lot of time and money.

Now, let’s have a look at important terms of car insurance


IDV (Insured Declared Value)

It is actually the present value of a vehicle.

 

IDV is arrived at by adjusting the current manufacturer's listed selling price* of the vehicle with depreciation percentage listed in the table below: - 

 

 

 

VEHICLE

% OF DEPRECIATION

Not exceeding 6 months

5%

Exceeding 6 months but not exceeding 1 year

15%

Exceeding 1 year but not exceeding 2 years

20%

Exceeding 2 years but not exceeding 3 years

30%

Exceeding 3 years but not exceeding 4 years

40%

Exceeding 4 years but not exceeding 5 years

50%

For car and two wheeler models that are obsolete and aged over 5 years, the IDV will be the value agreed between Bajaj Allianz General Insurance (insurer) and you (insured).

*Manufacturer's listed Selling Price = (Cost Price + Local Duties) / Taxes, excluding Registration and Insurance. 

 

 

 


Voluntary Excess

 

Voluntary excess is your option to opt for bearing a certain amount of loss from every claim. For this option, you are eligible for a discount on Own Damage Premium (OD) as listed in the table below: 

VOLUNTARY DEDUCTIBLE

DISCOUNT

Rs.2500

20% on the OD Premium of the vehicle, subject to a maximum of Rs.750/-

Rs.5000

25% on the OD Premium of the vehicle, subject to a maximum of Rs.1500/-

Rs.7500

30% on the OD Premium of the vehicle, subject to a maximum of Rs.2000/-

Rs.15000

35% on the OD Premium of the vehicle, subject to a maximum of Rs.2500/-

 


NCB (No Claim Bonus)

NCB is the short form of No Claim Bonus; it is rewarded to the owner of the vehicle who is also the policy holder for No Claim / Claims in the previous policy year. It can be accumulated over a period of time 

If you have NCB you can avail a discount ranging from 20-50% on the Own Damage Premium. 

NCB rewards you for being a good driver and helps you save on your motor insurance. The chart here illustrates the discount on Own Damage Premium on account of no claims for the consecutive years.

20% discount on OD Premium

No claim made or pending during the preceding full year of insurance

25% discount on OD Premium

No claim made or pending during the preceding 2 consecutive years of insurance

35% discount on OD Premium

No claim made or pending during the preceding 3 consecutive years of insurance

45% discount on OD Premium

No claim made or pending during the preceding 4 consecutive years of insurance

50% discount on OD Premium

No claim made or pending during the preceding 5 consecutive years of insurance

Please note

NCB becomes Nil in case of a claimNCB follows the fortune of the customer and not the vehicleNCB can be transferred to the new vehicle in case of substitution of vehicle of the same classValidity - 90 days from the date of expiry of the policyNCB can be utilized within 3 years (where the existing vehicle is sold and a new vehicle is purchased)NCB recovery can be done in case of a name transfer
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All You Need To Know About Health Insurance Claims

All You Need To Know About Health Insurance Claims | All You Need To Know About Health Insurance Claims | Scoop.it
Asha's insight:

If you are admitted to a non-network hospital you need to settle the hospital bills yourself and then submit the hospitalization documents along with the claim form for reimbursement of hospitalization expenses.

Documents Required:

We would require the following documents for fast processing of your Health Insurance claim:

A photocopy of your previous policy details prior to taking your Health Guard policy from Bajaj Allianz (if applicable).A photocopy of your present policy document with Bajaj Allianz.First prescription from the doctor.The claim form duly signed by the claimant or family member.The hospital discharge card.The hospital bill giving detailed break up of all expense heads mentioned in the bill. For e.g., If Rs.1,000/- has been charged towards medicines in the bill, please ensure that the names of the medicines, the unit price and the quantity used are mentioned. Similarly, if Rs.2,000/- has been charged towards laboratory investigations, please ensure that the names of the investigations, the number of times each investigation has been  performed and the rate is mentioned. In this way clear break ups have to be mentioned for OT charges, doctor’s consultation and visit charges, OT consumables, transfusions, room rent, etc.The money receipt duly signed with a revenue stamp.All original laboratory and diagnostic test reports. For e.g., X-Ray, E.C.G, USG, MRI scan, haemogram etc. (Please note that you do not have to enclose the films or plates, a printed report for each investigation is sufficient.)If you have purchased medicines in cash, and if this has not been reflected in the hospital bill, please enclose a prescription from the doctor and the supporting medicine bill from the chemist.If you have paid cash for diagnostic or radiology tests and it has not been reflected in the hospital bill, please enclose a prescription from the doctor advising the tests, the actual test reports and the bill from the diagnostic centre for the tests.In case of a cataract operation, please enclose the IOL sticker.

For pre and post hospitalisation expenses please provide the following documents:

Medicines: Please provide the doctor’s prescription advising medicines and the relevant chemist’s bills.Doctor’s Consultation Charges: Please provide the doctor’s prescription and the doctor’s bill and receipt.Diagnostic Tests: Please provide the doctor’s prescription advising tests, the actual test reports and the bill and receipt from the diagnostic centre.

Non-claimable Items in Hospital Bill:

The following items in the hospital bill are not payable:

Service charges, administration charges, surcharge, establishment cost, registration chargesAll non-medical expensesPrivate nurse expensesTelephone callsLaundry charge etc.

 

http://www.bajajallianz.com/Corp/health-insurance/health-insurance.jsp

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How a Personal Accident Cover can Protect Your Family’s Future

How a Personal Accident Cover can Protect Your Family’s Future | All You Need To Know About Health Insurance Claims | Scoop.it
Asha's insight:

Every parent’s responsibility is to ensure that his/her family does not have to face any negative impact from a probable break in income, especially in the unfortunate situation of an accidental death or disability. And while there are several forms of monetary security that they can be provided with, a good insurance plan is one such reliable solution.

One of the many types of health insurance plan that can make a big difference to securing the future of your family is that of a personal accident cover. The biggest advantage of this type of a policy is that it covers several accident related aspects, which would not be covered otherwise under a regular health policy.

These days, with the rising number of accidents, it is crucial to have an insurance cover that takes care of your dependents in case of any misfortune arising from any such unforeseen situation. Most people drive to work on a regular basis, or use public transport. Innumerable mishaps on the road bring home a realization of the worth and advantage of a personal accident cover.

While a regular health insurance plan will give you financial security in terms of illness or hospitalization, a personal accident cover can give you up to 125% of the sum insured, in case of a permanent total disability. Additionally, such a cover also includes any medical/hospitalization expenses arising from an accident.

What also matters largely in such situations is ensuring that your children are well taken care of, especially in terms of monetary provision for their education. The personal accident cover provides the dependents of the policyholder with a special bonus for children’s education. This feature covers up to a certain amount/percentage of their education, thus making it a worthwhile feature in an insurance plan.

 

It is a common misconception that we face about multiple types of insurance plans being an unnecessary expense. To understand the full worth of the money you would spend on it, consider this example.

A father, 35 yrs of age, has a policy with a sum insured of Rs. 10 lacs. A simple premium calculation for this amount would make you realize that the amount spent on the premium is less than Rs. 5 a day. Looking at the bigger picture, this would be the best 5 rupees anyone could possibly spend on a daily basis.

 

http://www.bajajallianz.com/Corp/health-insurance/health-insurance.jsp

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