Bajaj Allianz Launches Total Health Secure Goal Plan – Should you opt?
Few days back, Bajaj Allianz has launched combo plan, Total Health Secure Goal Insurance Plan. This insurance plan is the combination of health insurance + life insurance. It has some unique features and offers 5% discount on the premiums. What are the features of Bajaj Allianz Total Health Secure Goal Insurance Plan? How does Bajaj Allianz Total Health Secure Goal Plan work? What are the hidden factors in Bajaj Allianz Total Health Secure Goal Plan? Should you opt Bajaj Allianz Total Health Secure Goal Insurance Plan?
Features of Bajaj Allianz Total Health Secure Goal Insurance Plan
Bajaj Allianz has launched this plan which provides combination of health insurance and life insurance.
This is combination of Health Guard provided by Bajaj Allianz General Insurance + iSecure Term Insurance plan provided by Bajaj Alliance Life Insurance.
This combi plan offers 5% discount on the total premiums payable under this combined plan.
This plan provides flexibility of availing services and communications from either of the products or from either of the insurance companies.
This Total Health Insurance Goal Insurance Plan comes in Silver and Gold Plans.
This plan comes with joint life option to cover your spouse.
This combined plan provides hospitalization benefits and life cover.
This plan acts as the health insurance plan to take care of hospitalization expenses from accidents or illness.
Sum Assured is restated.
Covers Organ Donars expenses.
Covers Maternity expenses
How does Bajaj Allianz Total Health Secure Goal Plan work?
One has to choose the sum insured under Health Guard Plan. This is like choosing a health insurance plan.
One has to choose sum assured and policy term from the Bajaj Allianz iSecure plan. This is like choosing a term insurance plan.
One would get the 5% discount on combined policy premiums. Let me explain with below examples.
Who is eligible to take this Bajaj Allianz Total Health Secure Goal Insurance Plan (Combi Plan)?
What are the features of Health Guard plan that is part of Total Health Secure Goal Plan?
In simple terms, this is a health insurance plan that takes care of hospitalization benefits.
There are two variants available, i.e. Silver Plan and Gold Plan.
Sum Assured under Silver Plan is Rs 1.5 Lakhs to Rs 2 Lakhs. Sum Assured in Gold Plan is Rs 3 Lakhs to Rs 50 Lakhs.
It has individual plan and family floater plan.
Generally, the proposer or their family members should be in the age of 18 to 65 to consider this plan.
Generally, children in the age of 3 months to 30 years can be added to this plan under family floater plan.
Life Long renewability option available.
Health Insurance Plan – Silver option covers, hospilization expenses, Pre-hospitalization expenses, Post hospitalization expenses, road ambulance, day care procedures, organ donar expenses etc.,
Health Insurance Plan – Gold option covers additional features like Maternity expenses, specific surgery expenses, etc., over and above covered under the silver plan.
The waiting period for pre-existing disease coverage is 36 months and in some cases it is 24 months.
There are general exclusions which can be read from brochure.
What are the features of iSecure Term plan that is part of Total Health Secure Goal Plan?
In simple terms, this is a term insurance plan.
Special premium rates for a high sum assured and non smokers.
Policy tenure is 10 to 30 years time frame.
You can include your spouse as part of this term insurance plan.
Anyone in the age of 18 to 60 years is eligible to take this plan.
Minimum Sum Assured is Rs 2 Lakhs and no limit for maximum sum assured.
In case of unfortunate death of insured, the nominee would get sum assured.
There are no maturity benefits or surrender benefits, as this is a term insurance plan.
What are the hidden factors in Bajaj Allianz Total Health Secure Goal Insurance Plan?
While it looks plain, simple, there are several hidden factors an insured person should know.
While it shows combo plan, in reality you are taking two plans, i.e. Health Guard and iSecure Term Insurance Plan.
This looks single plan, however, it is offered by two companies, i.e. Health Guard by Bajaj Allianz General Insurance and iSecure Term insurance by Bajaj Allianz Life Insurance.
Risks arising through these plans should be bifurcated and need to inform to the appropriate insurance company.
One can do renewal at the time of renewals or skip that. Means, renewals are optional.
If any of the policies are discontinued by one of the insurance company, insured individuals has no option except to close that plan.
If there is any liability arising, insured individual need to talk to that concerned insurance company only.
You may like: Best Health Insurance Policy for your family
Should you opt Bajaj Allianz Total Health Secure Goal Insurance Plan?
We would consider a health insurance plan and term insurance plans to avoid any unforeseen expenses and secure family in our absence. This plan comes with two variants, i.e. health insurance + life insurance. However, these two variants are issued by two different insurance companies. Individuals who want to take this plan is gaining in only one way, i.e. 5% discount on premiums. Beyond that there is nothing great about this combination of plans. All these features are any ways are there if you buy them individually or take it from any other insurance company. It is actually putting our financial planning in risk by taking this plan and breaking our head at later point of time. One should stay away from such combo plans.
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Bajaj Allianz Launches Total Health Secure Goal Plan – Should you opt