On 17th February 2025, Gurugram-based Policybazaar For Business (PBFB), the corporate arm of one of India’s largest insurance marketplaces, announced a partnership with the IIT Delhi Alumni Association.
This collaboration aims to launch exclusive health insurance plans specifically designed for IIT Delhi alumni through its insurer partners.
These plans offer customized coverage, seamless digital enrollment, and a range of wellness benefits tailored to meet the unique needs of IIT graduates and their families.
Comprehensive Insurance Coverage by Policybazaar for Business
The initiative aims to provide comprehensive insurance coverage to IIT Delhi alumni, including entrepreneurs, professionals, and those residing abroad.
The coverage extends to alumni themselves, their spouses, children, parents, and even in-laws.
This initiative acknowledges the fact that many IIT alumni, despite their success across various industries such as startup founders, corporate leaders, and researchers, often lack employer-provided health and life insurance.
One of the standout features of these health insurance plans is the high sum insured, with coverage extending up to Rs 1 crore.
This is designed to match the pace of medical inflation and provide enhanced financial protection to the insured.
Unlike standard employer-provided group policies, these alumni-centric plans function as independent group policies, allowing members to pay their own premiums while enjoying the advantages of group rates.
Key Highlights of the Program by Policybazaar for Business
- Comprehensive Coverage: The health insurance plans cover alumni, spouses, children, parents, and in-laws, with flexible options for base and top-up plans.
- Higher Sum Insured: Offering coverage of up to ₹1 crore, providing enhanced financial protection.
- Seamless Digital Experience: A fully online purchase journey, from enrollment to claim processing, ensuring a hassle-free experience.
- Wellness Benefits: Complimentary access to mental health support, dietitian and nutrition consultations, and specialist teleconsultations across 20+ medical fields.
- Shorter Waiting Periods for PEDs: Reduced one-year waiting period for pre-existing diseases, which normally extends up to 2-3 years.
Statements from Key Stakeholders
Sajja Praveen Chowdary, Director of Policybazaar For Business, expressed excitement about the initiative.
He mentioned that the company is excited to introduce this exclusive insurance plan for IIT Delhi alumni.
He highlighted the importance of addressing the critical gap in insurance coverage, especially for those running startups or working independently.
The idea is to offer tailored coverage to them and their families.
Policybazaar For Business offers enhanced coverage, end-to-end digital convenience, and value-added benefits.
It is committed to providing a truly comprehensive insurance solution.
Gaurav Mohan, Secretary of the IIT Delhi Alumni Association, shared similar sentiments.
He expressed delight in introducing the exclusive health insurance plan designed specifically for IIT Delhi alumni and their families.
This initiative reflects their commitment to supporting alumni in every stage of their professional and personal journey.
Furthermore, he mentioned that this partnership marks the beginning of a broader effort to bring meaningful benefits to the IIT Delhi alumni network.
As they move forward, they aim to explore more initiatives that add value to alumni’s lives.
These initiatives include enhanced insurance products, professional development programs, and networking opportunities.
Broader Initiatives and Future Plans
This partnership is part of Policybazaar’s larger initiative to collaborate with the country’s leading educational institutions.
Through its insurer partners, Policybazaar For Business is also in the process of launching other insurance covers.
These include Term Life Insurance, OPD cover, personal accident cover, and travel insurance.
This initiative aims to offer innovative, accessible, and high-value insurance products tailored to evolving business needs for seamless risk management.
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