Bajaj Allianz Health Insurance vs Cholamandalam Health Insurance

Imagine you are going for skydiving. Will you take off for the dive without strapping on the parachute? Apply the same analogy to your life. If your life is skydiving, the parachute is health insurance. For a stress-free life, you need this safety-cushion that sees you through uncertainties. Some policies offered by Bajaj Allianz Health Insurance and Cholamandalam Health Insurance are described here that can act as reliable safety-nets if unforeseen health problems strike. 

Bajaj Allianz Health Insurance vs Cholamandalam Health Insurance – Overview 

ParameterBajaj Allianz Health InsuranceCholamandalam Health Insurance
Number of health insurance plans15+10+
E-servicesPolicy salePolicy renewalClaim settlementOnline consultationBranch locator24x7 customer assistancePolicy salePolicy renewalClaim settlementOnline consultationBranch locator24x7 customer support 
Branches200+136
Claim settlement ratio (CSR)95.01%50.01%
Hospital network6,500+131

*Source: The Annual Report of the Insurance Regulatory and Development Authority of India (IRDAI) – years 2018-19 

Health Insurance Policies:Bajaj Allianz Health Insurance vs Cholamandalam Health Insurance

Bajaj Allianz General Insurance is an established insurance provider. Since its founding in 2001, it has introduced excellent products and has maintained a high Claims Settlement Ratio (CSR), and indicator of reliability. It has also received several awards. This innovative insurer is the first company to introduce cyber insurance and retail pet dog insurance in India. 

Cholamandalam Health Insurance is a reputed insurance company operating at a global scale. It has received recognition and accolades from top entities and the Indian government for its services. Recently, it received the title of ‘The Economic Times Best Brands 2020’. It has settled over 2,20,000 claims in a year. 

Critical Illness Policy: 

Bajaj Allianz’s Critical Illness Policy offers: 

  • Multiple sum insured (SI) options, from Rs. 1,00,000 to Rs. 50,00,000
  • Lump-sum payout of the entire SI upon diagnosis of critical illnesses covered under the plan 
  • Coverage for 10 life-threatening ailments such as cancer, permanent paralysis, multiple sclerosis, etc.
  • Individual or family floater plan options

Cholamandalam’s Critical Illness Policy offers:

  • A Standard Plan that protects you against 10 critical illnesses 
  • An advanced Plan that covers 12 critical disorders
  • 3 SI options – Rs. 3,00,000, Rs. 5,00,000 and Rs.10,00,000
  • Lump-sum payout of the entire SI on the diagnosis of an illness listed in the plan
  • Coverage for ailments such as cancer, stroke, kidney failure, etc. 
  • A waiver of the pre-policy medical check-up for applicants up to 55 years of age

Personal Accident Policy: 

Bajaj Allianz has two policies to protect you against accidents: 

Personal Accident Policy – It offers: 

  • 100% – 125% SI on accidental death and permanent total disability 
  • Up to 70% SI on permanent partial disability 
  • A weekly benefit of Rs. 5,000 per week on temporary total disability 
  • A child education benefit 
  • Hospitalization expenses
  • Hospital cash allowance 

Global Personal Guard Policy – It provides: 

  • Domestic and international treatment cover 
  • Multiple SI options going up to Rs. 25,00,00,000
  • Payment of the SI (up to the permissible limits under the policy) on accidental death, permanent total and partial disability 
  • 12 optional covers: 
  • Accidental hospitalization expenses 
  • Adventure sports benefit 
  • Child Education benefit 
  • Fracture care
  • Loan protector cover 

Cholamandalam’s Personal Accident Policy offers: 

  • Payout of 100% SI on accidental death and permanent total disability
  • Up to 100% SI on permanent partial disability 
  • Weekly monetary benefit in case of job loss due to disability caused by an accident 
  • Compensation for broken bones
  • Funds for private tuition
  • Expenses towards funeral and transportation of family 
  • Reimbursement of expenses towards the modification of insured individual’s residence/vehicle 

Hospital Cash Policy: 

Bajaj Allianz’s Hospital Cash Policy provides:

  • A daily hospital cash allowance between Rs. 500 and Rs. 2,500 per day
  • Double the cash allowance on the admission of the policyholder in the Intensive Care Unit (ICU) 
  • A 5% discount in premiums on coverage of 2 or more family members 

Cholamandalam’s Hospital Cash Policy provides:

  • A daily hospital cash allowance starting from Rs. 1,000 to Rs. 3,000 per day
  • Double the cash allowance on the admission of the policyholder in the ICU 
  • A 10% discount in premiums on coverage of two or more family members 
  • Convalescence benefits up to Rs. 20,000 for hospitalization beyond 20 days