Bajaj Allianz General Insurance launches insurance cover for surgical treatments

Plan assures guaranteed benefit amount depending on surgical treatment graded based on costs and covers almost 600 surgeries

Private general insurer Bajaj Allianz General Insurance has launched a health insurance plan called the Surgical Protection Plan that provides insurance cover for only surgical treatments.

This treatment specific insurance cover. The plan assures a guaranteed benefit amount depending on the surgical treatment that is graded based on the costs and covers almost 600 surgeries.

This policy offers 11 plans with sum insured ranging from Rs 1 lakh to Rs 10 lakh. This policy can also be opted in addition to the hospitalization policy or any other health policy. Bajaj Allianz Surgical Protection Plan also offers add-on covers like Hospital Cash, Critical Illness and Personal Accident cover.

Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance said, "We realized that our existing health plan covers a wide range of medical expenses other than costs related to pure surgeries. Since cost related to surgeries form a major part of medical expenses, a common man's biggest requirement is to cover these expenses. So, we innovated and brought in a new product which covers surgeries at a very reasonable cost."

It has been observed that the surgical claims accounts for nearly 54% of the total claims and also surgically managed cases costs 83% more over the medically managed cases. 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 categorized into various grades such as minor, major and supra major and daycare procedures. The plans take into account the average costs for such surgeries in various geographies.

This policy provides a fixed benefit amount for specified surgeries and also helps take care of the post hospitalization expenses due to such surgeries.

Here, the premium starts from as low as Rs.636 for a 25 year old male for a sum insured of Rs 1 lakh. The plan grades the surgery from grade 1 to grade 5 based on the varying cost involved for the treatment like Grade 4 includes day care procedures like bronchoscopy, dilatation. Grade 3 includes sub-major surgeries like ACL tear, Appendectomy, Cataract, Liver biopsy, and Grade 1 includes heart bypass, Knee replacement, kidney or liver or heart transplant.

There is also a gender-based premium and females enjoy lower rate than males. Further, benefit amount can range from Rs 50,000 for grade 1 surgery to Rs 5,000 for Grade 5 surgery for a Sum Insured of Rs1 lakh for Plan 1 option. The policy comes with 3 add on covers like. Hospital Cash Daily Allowance, Critical Illness cover and Personal Accident cover which will ensure a comprehensive health insurance plan.