Bajaj Allianz General Insurance launched its ‘Surgical Protection Plan’ aimed at providing treatment-specific insurance cover on Tuesday.
The plan assures a guaranteed benefit amount depending on the surgical treatment that is based on the costs and covers almost 600 surgeries.
According to company spokespersons at the launch, the policy offers 11 plans with the sum insured ranging from `1 lakh to `10 lakh. The plan, providing insurance cover for only surgical treatments, is a one of its kind policy in the industry.
“Our claims study and customer feedback revealed that there is a demand for specific treatments rather than the expensive normal hospitalisation plans. Bajaj Allianz’s Surgical Protection Plan is an affordable insurance plan that exclusively covers only surgeries,” said Lalita Raman, zonal manager (South), Bajaj Allianz General Insurance, on the thought behind the new policy.
“It has been observed that the surgical claims account for nearly 54 per cent of the total claims and the surgically managed cases cost 83 per cent than the medically managed ones. This means that there is a demand for a product, which caters only to surgical treatments. A fixed amount is payable for surgeries that are categorised into various grades such as minor, major and supra-major and day care procedures. The plans take into account the average costs for such surgeries in various geographies,” she added.
This policy can be opted in addition to the hospitalisation policy or any other health policy. It also provides add-on covers such as hospital cash, critical illness and personal accident cover.
The policy also provides a fixed benefit amount for specified surgeries which would help in taking care of the post hospitalisation expenses resulting from them.