Sum Assured in Bajaj Allianz Tax Gain and Apollo Munich Optima Vital
Sum assured in Bajaj Allianz Tax Gain and Apollo Munich Optima Vital is the maximum coverage paid against any claim made by the policyholder. Minimum sum assured paid under these plans is ₹ 100000. Similarly, there is an upper limit to the maximum amount that can be paid against any claim made. This is the maximum sum assured. Maximum sum assured paid under these plans is ₹ 200000.
Policy term is the period of time during which the policy remains in-force. Policy term for health insurance plans is usually in the range of 1 to 3 years. Minimum period of time for which one can buy these plans is 1 Year. Maximum period of time for which one can buy 1st insurance plan is 1 Years while it is 2 Years for 2nd insurance plan. Unused cover amount gets lost at the end of policy term. However, one can get the benefit of No claim bonus if he does not make any claim during the policy year.