The exclusive policy has got a tremendous response with more than 1,000 policies sold within a few hours with an average premium of Rs 2,500/- which is significantly higher than the reported average premium of specific Coronavirus protection policies which is only supposed to be around Rs 600.
With the number of COVID-19 cases is increasing rapidly across the country. We at Bajaj Capital felt that while it is very important to have an individual mediclaim plan even if you have a group mediclaim from your company but the main problem with a Coronavirus infection is that if it enters a family, then it is likely to infect multiple family members so while many have bought an individual mediclaim but most of them are with a family floater and the average sum assured that people have is between Rs 3 to 5 lakhs which may be enough to cover normal day to day ailments risks and generally not more than one family member is likely to get sick at a time so a sum assured of Rs 5 lakhs on a floater is fine but in case of a Corona Virus infection the average treatment cost is alone around Rs 5 lakhs in a good hospital for a premium treatment per person but the risk is what happens if 4 family members get sick at the same time, that would mean a cost of Rs 20 lakhs or a severe compromise on the quality of treatment. Even the above is with the assumption that no family member gets sick badly requiring a ventilator treatment.
Telling about the inspiration behind the customized COVID-19 policy for clients, Mr. Sanjiv Bajaj, Vice Chairman & MD, Bajaj Capital said, “There is no plan available in the market, which could meet the needs of the clients as most of the covers being offered were of very low sum assured up to Rs 1 lakh at the maximum and we at Bajaj Capital felt that was not enough. Also, most of the online plan came with a lot of restrictions and conditions which we felt would not help the policy older get the kind of protection he needs. So that started the process of Bajaj Capital working with insurers to create an ideal plan which would provide all the coverages while at a very reasonable cost. So after a lot of research and discussion with many insurers, Bajaj Capital partnered with Reliance General Insurance to create an exclusive policy for us and hence Bajaj Capital customized COVID-19 cover was born.”
The plan provides a cover ranging from Rs 50,000 to Rs 5,00,000 so that a family can cover all its members as well as their staff. It is available for the age group of 3 months to 65 years of age without any need for medical tests which is a first of its kind in India.
The plan covers hospitalization expenses, quarantine cover, pre and post-hospitalization expenses, ambulance cost, a daily cash benefit to cover the incidentals and a lumpsum benefit of up to Rs 30,000 which provides a no-nonsense solid cover to the family, which is the whole philosophy of Bajaj Capital that an insurance cover should not be a namesake but should provide complete protection.
Another industry first is the option to cover even a person who has a travel history which is exclusion in most of the plans being sold online. So you can buy the Diamond Plus option by paying a little extra premium in case you have traveled abroad.
The best part of the plan is that this is a no-nonsense cover with adequate coverage yet it has been priced very reasonably, a plan with all these benefits for a person up to the age of 55 comes at a mere cost of Rs 675 for Rs 1,00,000++ cover and Rs 2,538 for the industry best cover of Rs 5,00,000++ excluding taxes and levies making it one of the lowest-priced policies in the market giving premium coverage.
The policy has a complete online journey and can be bought within minutes on the Bajaj Capital website with a 100% paperless journey.