*** Ability Insurance
*** Nirmaya
Ability Insurance
There are over 2 crore people in India suffering from various disabilities as per the 2001 census. It is believed that this is the highest number of disabled people in the world. Almost half of this population suffers from vision impairment and a fourth with some sort of movement disability.
Bajaj Allianz launches Ability Insurance for specially-abled
About Bajaj Allianz
Bajaj Allianz is one of the leading Private Sector life & general insurance companies in India. Bajaj Allianz is a union between Allianz SE, the world’s leading insurer and Bajaj Finserv Limited (recently demerged from Bajaj Auto Limited, one of India’s most respected names). Allianz SE is a leading insurance conglomerate globally and one of the largest asset managers in the world.
Ability Insurance
Bajaj Allianz has introduced a unique range of products under the name of Ability Insurance for the specially-abled. These products are a result of liberalized underwriting guidelines to include the specially-abled under the purview of insurance. Ability Insurance seeks to treat the physically-challenged at par with others in the society and thus, enables them to financially protect themselves and their families.
In order to cater to all kinds of physical disabilities and simplify the process of buying Ability Insurance, features of the products are explained in audio-visual format with sign language as well as in Braille for the visually-impaired.
Products currently offered under the Ability Insurance umbrella are:
Life Insurance
* Bajaj Allianz Assured Protection – Regular premium ULIP that provides 100% allocation from 10th year onwards
* Bajaj Allianz Max Advantage – ULIP that guarantees highest unit price based on the highest NAV for a policy tenure of 10 years through Max Gain Fund II
* Bajaj Allianz Invest Gain – Traditional plan that helps you develop a sound financial portfolio for your family
* Bajaj Allianz Child Gain – A child plan with inbuilt Waiver of Premium and Family Income benefits to help you plan for your child’s future
* Bajaj Allianz Super Saver – A regular premium endowment plan, which helps you save regular amounts for a safer tomorrow through extra benefits of Guaranteed additions to the sum assured at end of every policy year
General Insurance
* Motor Insurance
* Health Insurance
Key Benefits offered by Ability Insurance are:
* Pre-policy Medical examination to be done at home for life and health insurance
* Driving license/endorsement waived off for disabled drivers, in case of claims
* Additional discount for disabled driver’s vehicles
* Free road side assistance to each disabled driver vehicle which includes services like tyre puncture repair, lost key services etc.
There are no extra loading charges in the life and health insurance products that are usually applicable in the cases of disability, as they are more prone to risk. However, any cost associated with treatment of the disability is excluded.
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Niramaya Scheme
The National Trust is an autonomous organization of the Ministry of Social Justice and Empowerment, Government of India, set up under the “National Trust for the Welfare of Persons with Autism, Cerebral Palsy, Mental Retardation and Multiple Disabilities” Act (Act 44 of 1999)
A Health Insurance Scheme for the welfare of Persons with Autism, Cerebral Palsy, Mental Retardation and Multiple Disabilities.
Objective
In order to enable and empower persons with disability to live as independently and as fully as possible, health services and their access to persons with disabilities assume a very significant role. In this context, the health insurance facility becomes important but presently such products are not easily available for persons with disabilities. In such a situation, a health insurance scheme “Niramaya” is conceived with the following objectives.
- To provide affordable Health Insurance to persons with Autism, Cerebral Palsy, Mental Retardation & Multiple Disabilities.
- To encourage health services seeking behaviour among persons with disability.
- To improve the general health condition & quality of life of persons with disability
Scheme & its coverage
The scheme envisages to deliver comprehensive cover which will
- Have a single premium across age band
- Provide same coverage irrespective of the type of disability covered under the National Trust Ac
- Insurance cover upto 1.0 lakh Rs. and
- All persons with disabilities will be eligible and included and there will be no ‘selection’.
The scheme further envisages that there shall be
- No exclusion of Pre-existing condition
- Same cover as that for other persons
- Services ranging from regular Medical Checkup to Hospitalization, Therapy to Corrective Surgery, Transportation.
- Conditions requiring repetitive medical intervention as an in-patient.
- Pre & Post hospitalization expenses, subject to limits.
- No pre-insurance medical tests.
- Cashless hospitalization in empanelled hospitals, reimbursement of claims in case of OPD services and treatment through non-empanelled hospitals.
