Health insurance is a promise of financial compensation against any unforeseen medical expenses. The plan’s deductible — which is how much you must pay out of pocket before the plan starts to pay a portion of the costs — will appear next to the premium of any plan you look at. If someone on the plan goes to the emergency room or needs a lot of health care services, you’ll likely have to pay that amount toward care in 2017.
It also received the ‘Innovation Leader Award’ for 2012 from Fintelekt and was adjudged the best insurance company for ‘In time Claims Settlement for the year 2011-12′ in the Rashtriya Swasthya Bima Yojana (RSBY) scheme operated under the aegis of the Ministry of Labour and Employment, Government of India.
The group insurance program usually is an integral part of an employee benefit program and, in most cases, the contract can be molded to meet the objectives of the contract owner, as long as the request do not entail complicated administrative procedures, open the way to possibly serious adverse selection, or violate legal requirements.
A joint venture of Bajaj Finserv Limited, a comprehensive financial services company based out of India and Allianz SE, the global financial services major based out of Munich, Germany, Bajaj Allianz General Insurance Company focuses on the general insurance space in the country, including health insurance.
Unless an employee converts his or her coverage to an individual policy which is usually ore expensive and provides less liberal coverage, the employee loses his or her insurance protection if the group plan is terminated and often also at retirement because employment is terminated.