Bajaj Allianz Health Insurance Review: Market-Leading Policies

Bajaj Allianz Health Insurance Review: Market-Leading Policies

Bajaj Allianz offers multiple different health insurance policies, the best of which are suited for families. They offer some of the cheapest annual premiums on the Indian medical insurance market while also providing a strong scope of coverage, and their plans come with lifetime renewability and strong claim settlement rates.

Good for

  • Families seeking strong health coverage
  • Consumers looking for affordable annual premiums

Bad for

  • Senior citizens seeking a dedicated policy
  • Consumers in large cities or metropolitan areas

Editor's Rating

4.5/5.0

Bajaj Allianz has many health insurance policies and add-on coverages to choose from. Some of their plans are specifically designed for families, while others cater to individuals, senior citizens, or those with rare or chronic illnesses. The company offers affordable annual premiums, especially on their Health Guard Gold Plan, which starts 17% cheaper than competing plans from other insurers.

Their most unique and helpful features are the Top Up option and lifetime renewability. With Top Up, Bajaj Allianz will still cover your medical expenses even if you've reached or exceeded your maximum sum insured amount. Lifetime renewability allows policyholders to continue their plans without having to re-apply for as long as they need. Bajaj Allianz also provides coverage for COVID-19.

Summary of Bajaj Allianz Health Insurance
Health Guard Gold Plan starts 17% cheaper than market average.
Multiple plans and add-ons suited for the needs of individuals, families or senior citizens.
An 85% ICR and 98% claim settlement rate are some of the best on the market.


Bajaj Allianz Health Insurance Policy Benefits and Exclusions

Bajaj Allianz has multiple health insurance policy options, all with strong coverage and affordable annual premiums. They group their plans into two categories: Indemnity Based Health Insurance and Fixed Benefit Health Insurance.

Indemnity Based Health Insurance is the more traditional option among consumers in India. These policies will reimburse you for expenses incurred by hospitalisation or other medical events, or will allow you to settle claims using a cashless method up to the sum insured amount of your plan. Indemnity plans are typically used to cover costs from doctor's fees, hospital rooms and medicines.

Fixed Benefit Health Insurance is more designed for policyholders with pre-determined medical conditions and critical or chronic illnesses, and is helpful for those who have incurred hospital expenses stemming from an accident. Under these policies, Bajaj Allianz pays the full claim amount and requires little-to-no payment out of pocket from the policyholder. Fixed Benefit plans are so well suited to those with pre-existing or chronic conditions because Bajaj Allianz is aware of the expenses they'll be required to cover and can help tailor a plan exactly to your needs and budget.

One of their most complete and beneficial policies from Bajaj Allianz is called the Health Guard Gold Plan, and it's best suited for families seeking medical insurance. It has one of the widest scopes of coverage of any health insurance plan in India, and consumers have the option to choose from a variety of sum insured levels.

Bajaj Allianz's Gold Plan has a maximum sum insured amount of Rs. 50,00,000, which is about 12% lower than the market average, but their affordable annual premiums are much more enticing compared to their competitors. Premiums for the Health Guard Gold Plan start 17% cheaper than the national average in India.

Annual Premium Prices Indian Family Health Insurance Policies
Annual Premium Prices Indian Family Health Insurance Policies

The Gold Plan covers all day care expenses, Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homeopathy (AYUSH) treatments up to Rs. 20,000 per year, and donor expenses for organ transplants. They also cover maternity expenses, so this policy is perfect for expectant mothers or those looking to grow their family. Claims up to 60 days pre-hospitalisation and 90 days post-hospitalisation are covered as well. Policyholders will receive a tax deduction under section 80D, as is the case with many medical policies in India, and Bajaj Allianz offers lifetime renewability on their policies, so you can continue to renew your plan for as long as you need.

Consumers should be aware that Bajaj Allianz's policies follow a zoned pricing model. Zone A is for those in large cities, like Mumbai, Delhi and Bangalore, and Zone B is for those who live outside city limits in less-populated areas of India. While the coverage is identical between Zones A and B, policyholders from Zone A will be required to pay a nearly 20% higher annual premium for their health insurance.

In addition to Bajaj Allianz's Gold Plan, they also offer a Silver plan, which is a more standard and less comprehensive policy than the Gold version. It's best suited for families and individuals on a strict budget. The company also offers a very unique Health Infinity Plan, which is best suited for large families or those who require frequent medical attention. There is no maximum sum insured amount, which is the most unique aspect and something that is offered by very few of the insurers in our study.

Policy TypeDescription
Individual Health InsuranceFor individual use; protects against medical bills
Family Health InsuranceCovers yourself and your family with multiple sum insured options
Critical Illness InsuranceCovers high-cost treatments for critical and life-threatening illnesses
Critical Illness Insurance for WomenCovers critical and life-threatening illnesses for women
Health Insurance for Senior CitizensSpecifically designed to protect the elderly
Health Infinity PlanNo sum insured limit; designed for families and frequent medical attention

Bajaj Allianz also offers up to 10 add-ons and additional policies, one of the longest lists of optional coverage features from any insurer in our study. An Arogya Sanjeevani Policy is available, but their most unique and beneficial add-on is Top Up Health Insurance. The Top Up feature ensures that you are covered for any expenses, even if they exceed your maximum sum insured amount.

Add-On or Smaller PolicyDescription
Top Up Health InsuranceCovers you for anything above your sum insured limit
Personal Accident InsuranceProtects your family against unforeseen accidents and death
M Care Health InsuranceCovers you against 7 vector borne diseases
Hospital CashProtects against unexpected hospital expenses
Arogya Sanjeevani PolicyCovers the financial burden of being hospitalised
Comprehensive Health InsuranceHealth Care Supreme; covers hospital expenses
Tax GainFamily floater policy; cashless facilities, no co-payment, no waiting period
Star Package PolicyComprehensive family floater; covers health risks, education grants, household items
Health EnsureComprehensive plan, no age limit; covers daycare, organ donor expenses
Global Personal GuardInternational accident insurance

Before purchasing a new health insurance policy with Bajaj Allianz, consumers should be aware of the list of exclusions, in case one of your medical needs is outside the coverage package that the company offers. Bajaj Allianz now covers COVID-19, but does not cover expenses incurred from:

  • Alcohol, drug or any addictive conditions or consequences
  • Investigation and evaluation of diagnostics not related to the current diagnosis or treatment
  • Cosmetic or plastic surgery
  • Dental treatment or surgery
  • Medical expenses where inpatient care is not warranted

Bajaj Allianz has the best claim settlement metrics of any health insurer we analysed in India. Their 98% claim settlement rate is the best on the market, and should give you confidence that your claims will be settled quickly. They also own an excellent 85% incurred claims ratio (ICR), which falls right in the middle of the optimal 75-90% range. An ICR within this range indicates a strong ability to settle claims against annual premium collection. Not only will your claims be settled quickly, they'll also be settled painlessly and with very few obstacles along the way.

Bajaj Allianz is one of only two Indian health insurance providers in our study with an optimal claim settlement rate and incurred claim ratio.

Bajaj Allianz Health InsuranceMarket Average
ICR85%74%
Claim Settlement Rate98%91%
Network Hospitals6,5006,186
Market Share3.33%3.13%
PolicyBazaar Reviews4.3 (38 reviews)4.1 (49 reviews)

While Bajaj Allianz's network hospital list is extensive, it's still just about average compared to their competitors. Consumers should ensure that there are in-network hospitals in a convenient area before opting into any policies. To do so, navigate to Bajaj Allianz's website and use their network hospital list locator tool, which will show you exact locations of medical facilities and provide a list of which locations and how many are in your area. The company's website also provides an office branch locator tool, which is useful if you ever need to schedule a meeting with your healthcare provider.

Another slight concern is the 4.3-of-5 star review that their policyholders have given on PolicyBazaar. While the rating is slightly above-average, Bajaj Allianz has too many strong, affordable insurance options and coverage features to have a rating 14% lower than a perfect five-stars. The main reasons for the underwhelming rating, based on reviews, are the slow customer service and underwhelming reimbursements from add-on coverages.

Policy Annual Premium Costs

Bajaj Allianz offers consumers the Top Up option, a popular add-on which covers all expenses above the maximum sum insured amount. But, with so many different policy options and variables depending on your age and maximum sum insured amount, it can be difficult to find the right plan to not only fit your needs, but fit your budget as well.

The most popular and attractive plan that Bajaj Allianz has to offer is their Health Guard Gold Plan, which provides important benefits for individuals and families and starts 17% cheaper than the market average. This plan offers lifetime renewability and a wide range of sum insured amounts, from Rs. 3,00,000 to Rs. 50,00,000.

AgeSum Insured RangeAnnual Premium Range
25₹3,00,000 - ₹50,00,000₹4,923 - ₹16,792
35₹3,00,000 - ₹50,00,000₹5,750 - ₹19,686
45₹3,00,000 - ₹50,00,000₹7,764 - ₹26,737
55₹3,00,000 - ₹50,00,000₹12,643 - ₹43,818
65₹3,00,000 - ₹50,00,000₹22,101 - ₹76,927

Bajaj Allianz also offers the Silver Plan as a cheaper alternative with lower levels of coverage. Annual premiums are about 20% cheaper than the Gold Plan.

Claim Submission and Settlement Process

Bajaj Allianz promises easy, hassle-free and quick claim settlement, regardless of which health insurance plan you choose. They, like most other insurers in India, offer a cashless and reimbursement method. But, unlike other health insurance companies, Bajaj Allianz offers a third option through their app.

The Claim by Direct Click method is accompanied by an app, which allows you to register and submit claims up to Rs. 20,000. To avail this option, enter your policy and ID card number in the Insurance Wallet App, register the claim, fill out all necessary documentation requested on the app, upload the documents, and submit. It's an extremely simple, user-friendly process, and Bajaj Allianz will confirm they've received your claim within a few hours.

For larger claims, the reimbursement method requires policyholders to pay for medical expenses, submit a claim to Bajaj Allianz, and wait for the insurance company to settle the claim and pay you back for any covered fees. The cashless method is much simpler, and does not require the policyholder to submit a claim. Instead, the hospital will do so and will settle all outstanding payments with the insurer directly.

Regardless of the claim submission method you choose, you can track the status of your claim right on Bajaj Allianz's website and contact an agent if there are any issues or discrepancies. Also on their website, you'll not only find a list of network hospitals, you'll find a list of office branches as well.

How to Apply or Renew Online

To apply for any of Bajaj Allianz's medical insurance plans, navigate to their website, choose the plan that suits your needs and budget best, and fill out all required and personal information. Bajaj Allianz makes this process simple and convenient online, and customer reviews cite how quickly they were able to complete the process and get approved for a new health insurance policy.

For those who are already members of Bajaj Allianz, the renewal process is even simpler than the initial application process. Navigate to their website and choose the renew option, enter your current plan information, and walk through the step-by-step renewal process in just a few minutes. Bajaj Allianz provides a very helpful feature called the Renewal Reminder. Using this tool, policyholders can enter their plan information and Bajaj Allianz will contact them to remind them when it's time to renew for a new policy term.


Mike Wagenman

Mike Wagenman is a Senior Research Analyst at ValueChampion India, specializing in insurance. He holds a Bachelor of Arts degree in Communication and Business from Rider University, and his prior work experience includes data, revenue, and business analysis in the international travel and technology markets. Mike has worked with clients around the world to help identify financial value and find the most optimal way to achieve success.