Bajaj Allianz General Insurance is one of the famous private general insurance companies in India. They satisfy their individuals and the business sector with its wide range of insurance products as well as services and discounts. They have been relentlessly increasing its operations to reach out to all types of customers.
The Bajaj Allianz General Insurance has announced that a premium installment facility is available with their health insurance product called ‘Health Guard’. This insurance policy is available on both individuals, as well as a family floater basis. By using this facility the premium installment option can be availed on a monthly, quarterly, half-yearly, and annual basis as per the choice of the policyholder’s requirement
Experts from the insurance sector reveal that introducing the option to pay premiums through installments will make health insurance policy more affordable for policyholders. The company highlights that the Policyholder with a net premium of Rs 12,000 or more would be able to opt for the monthly installment option and also policyholders can opt for the quarterly and half-yearly installment options with a net premium of Rs 6,000 or more.
The annual installment option will also be available for long term policies. While considering a policyholder, who wants to opt for the premium installment facility, the first step is that he/she has to register an e-mandate with their banker, so that the installments would be debited from the policyholder’s account. The link, which is required for the registration would be sent to the policyholder’s e-mail address and registered mobile number respectively.
Mr. Tapan Singhel the MD and CEO of Bajaj Allianz General Insurance said that “they have been witnessing a rapid rise in healthcare costs year-on-year and it has become imperative for citizens of our country to have a health insurance cover. By Providing this kind of option to pay premiums through installments for our comprehensive health insurance product – Health Guard, makes the health insurance cover more affordable and this should hopefully encourage more customers to opt for health insurance policies which I believe should be a critical part of the financial planning of every family, to lead a healthy life and a life of dignity.
If any of the policyholders opt for an installment option, then the receipt of the amount received as down-payment at the time of policy issuance will be sent to the customer. When payment is done a receipt for the installment amount paid will also be sent to the policyholder. If the policyholder makes the payment within the grace period, they would not lose the accumulated continuity benefit with respect to the waiting periods or cumulative bonus accrued and if they failed to make the installment payment within the due date, then a 15 days grace period is extended them.
