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What is IDV in Motor Insurance?

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IDV in two-wheeler and car insurance policies mean Insured’s Declared Value. It is the current market value of your vehicle that is fixed by the insurer and provided in case of theft or total loss of vehicle. IDV is calculated by adjusting the current manufacturer’s Listed Selling Price (*see below) of the vehicle with depreciation percentage listed in the table below:   VEHICLE % OF DEPRECIATION Not exceeding 6 months 5% Exceeding 6 months but not exceeding 1 year 15% Exceeding 1 year but not exceeding 2 years 20% Exceeding 2 […]

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How do I avail a cashless facility for my health insurance policy?

14

Jul, 2010

How do I avail a cashless facility for my health insurance policy?

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Please remember that cashless treatment is only available at our Network Hospitals. In order to avail of cashless treatment, the following procedure must be followed: Prior to taking treatment and/or incurring medical expenses at a Network Hospital, you must call us and request pre-authorisation by way of a written form we will provide. The Bajaj Alllianz Health Administration Team (HAT) would get in touch with you to obtain further information or documentation that may be required. If all conditions are met, we will send you or the Network Hospital, an authorisation letter. The […]

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What do I need to keep in mind in case of hospitalization during my travel abroad?

14

Jul, 2010

What do I need to keep in mind in case of hospitalization during my travel abroad?

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In case you have an overseas travel medical insurance and are admitted to a hospital after an OPD consultation or otherwise, please notify us immediately. The insurance medical assistance department (doctor) will discuss your medical condition with the treating doctor. If it is confirmed that the admission to a hospital is NOT due to any pre-existing conditions or any conditions listed in the exclusion list, then the travel insurance company shall guarantee and settle the payments with the hospital. Documents Required: In order to expedite processing of the claim, you […]

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What is NCB and how does it affect my Motor Insurance premium

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NCB, an acronym for No Claim Bonus, is a discount in premium rewarded to the owner of the vehicle who has not made a single claim during the term of the motor vehicle insurance policy. It can be accumulated over a period of time.  If you have NCB, you can avail a discount ranging from 20-50% on the Own Damage Premium. NCB rewards you for being a good driver and helps you save on your motor insurance. The chart here illustrates the discount on Own Damage Premium on account of […]

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