Launching the product, Company CEO Swaraj Krishnan said a wide range of products and services were available instantly. ''We thought why the same benefit cannot be extended for buying insurance. Insta Insure Family Health is one of such product'', he said, adding, the policy could instantly be bought at retail outlets, neighbourhood grocery, pharmacy chains, etc.
He said Bajaj Allianz Insurance would soon launch other retail products also under this sub-brand 'Insta Insure.' The main USP of this product would be the instant availability and commencement of the insurance cover.
''Soon after the premium is paid, the coverage would commence the moment it is activated through SMS or call centre or any of our office,'' he added.
The Instant feature applies to all the different stages of this policy.
Besides unique and attractive features, the policy has wide coverage options, 130 day-care procedures were covered, minimum documents, no medical tests, easy claims procedure, built-in PA cover for the proposer, among others.
Mr Krishnan said Insta Insure Family Health product was available for all aged between 18 yrs and 45 yrs in four options - self, self and spouse, self, spouse and one child (cover available from three months) and self, spouse and two children to suit the individual requirements.
Initially the policy would be available in Chennai, Bangalore, Hyderabad, Kolkata, Mumbai, Pune, Ahmedabad, Baroda, Surat and Jaipur.
The company would scale this up to other cities in a few weeks.
Targeted predominantly at first time purchaser who does not have a basic health insurance cover, the policy could also be bought as a complementary cover to their existing health insurance product.