Bajaj Allianz Health Insurance vs IFFCO Tokio Health Insurance

It is often easy to forget how precious the gift of good health is. But it should not take a health scare to remind you to value this boon. Preparing for medical emergencies is crucial for taking care of this valuable gift, your health. Such emergencies call for adequate finances to cover the costs of hospitalization and quality treatment. But how do you prepare financially, apart from creating savings? Health insurance provides a viable solution. Here are some health insurance policies offered by Bajaj Allianz Health Insurance and IFFCO Tokio Health Insurance. It gives you an idea of the benefits health insurance plans provide. 

Bajaj Allianz Health Insurance vs IFFCO Tokio Health Insurance – Overview 

Parameter Bajaj Allianz Health Insurance IFFCO Tokio Health Insurance
No. of health insurance policies 15+ 13
E-services Policy salePolicy renewalClaim settlementOnline consultationBranch locator24x7 customer support Policy salePolicy renewalClaim settlementOnline consultationBranch locator24x7 customer service
Branches 200+ 20,000+
Claim settlement ratio (CSR) 95.01% 92%
Cashless claim settlement time Within 1 hour Within 24 hours
Hospital network 6,500+ 5,000+

*Source: The Annual Report of the Insurance Regulatory and Development Authority of India (IRDAI) –years 2019-2020.

Health Insurance Policies:Bajaj Allianz Health Insurance vs IFFCO Tokio Health Insurance

Bajaj Allianz Health Insurance is a joint venture between Bajaj Finserv Ltd. and Allianz SE. The company has earned significant reputation and has won several accolades for its performance in the insurance sector. ‘General Insurance Company of the Year’ is one such award it received at the 4th Annual Insurance Summit and Awards. It offers a comprehensive range of over 15 health insurance policies. 

IFFCO Tokio Health Insurance was set up in 2000. The company is a pioneer in launching rural-centric policies and has a wide presence in urban cities as well. Recently, it bagged the ‘Business Leader of the Year’ award at the TechCircle Business Transformation and Symposium. It offers 13 health insurance policies. 

Family Floater Policy: 

Bajaj Allianz has two family-centric policies:

  • Health Guard, offering multiple sums insured (SI) options up to Rs.1,00,00,000
  • Health Infinity, with no sub-limit on the SI

These policies provide: 

  • Coverage for pre, post and in-patient hospitalization 
  • Settlement of medical expenses for daycare procedures
  • Reimbursement for organ donor expenses and Ayurveda and homeopathy treatments
  • A maternity and newborn baby cover
  • Daily hospital cash allowances of Rs. 500 per day for ten days
  • Road ambulance costs up to Rs. 20,000 per year 
  • Cover for 16 mental illnesses after completion of a 2-year waiting period 

IFFCO Tokio has 2 family-centric policies: 

  • Swasthya Kavach Policy
  • Health Protector Plus Policy

These policies offer: 

  • Multiple SI options up to Rs. 25,00,000
  • Inclusion of in-patient, pre and post hospitalization
  • Coverage for over 160 daycare procedures and AYUSH treatment 
  • 20% SI towards domiciliary hospitalization 
  • 7.5% SI for cataract treatment 
  • Payments for ambulance costs up to Rs.3,000 per hospitalization

Critical Illness Policy: 

Bajaj Allianz’s Critical Illness Policy provides:

  • Multiple SI options up to Rs. 50,00,000
  • Lump-sum payout of the entire SI upon the diagnosis of critical illnesses listed in the plan
  • Coverage for 10 critical ailments, such as:
  • Cancer
  • Stroke
  • Permanent paralysis, 
  • Kidney failure

IFFCO Tokio has a Critical Illness Policy and a Critical Illness Benefit plan that provide: 

  • SI amounts up to Rs.1,00,00,000
  • Coverage for 25 critical ailments including: 
  • Permanent paralysis
  • Multiple sclerosis 
  • Cancer
  • A Rs.1,000 daily hospital cash benefit

Mosquito Insurance Policy: 

Bajaj Allianz offers the ‘M Care Insurance Policy’. The features include: 

  • Protection against 7 vector-borne diseases such as:
  • Malaria
  • Dengue 
  • Chikungunya
  • Multiple sum-insured (SI) options up to Rs. 75,000
  • Full payment of the SI on the diagnosis of a vector-borne disease covered under the policy

IFFCO Tokio has the MOS-BITE Protector Policy that provides:

  • Protection against 7 vector-borne diseases such as:
  • Malaria
  • Dengue 
  • Zika-virus
  • Multiple SI options up to Rs. 1,00,000
  • Full payment of the SI for over 48 hours’ hospitalization due to a vector-borne disease