Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance in collaboration Wednesday launched their first product 'Total Health Secure Goal'. "This insurance plan is designed to take care of customers' health and life goals, through one comprehensive insurance policy. Thus, removing hassles of maintaining two separate policies," a joint statement said.

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The new insurance product is a combination of two existing plans - Health Guard policy by Bajaj Allianz General Insurance, and iSecure from Bajaj Allianz Life Insurance, it said. This combined plan offers customers an additional 5 per cent discount on the total premium payable and provides flexibility of availing service or communication on the product from either of the companies, it added.

Commenting on the product, Bajaj Allianz General Insurance MD Tapan Singhel said the product provides a 360 degree insurance solution and ensures that health and security needs of the customer are taken care of without exhausting their savings and compromising their family's financial condition.

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Under Health Guard policy, customer can opt for a Silver or a Gold Plan with a sum insured that ranges from Rs 1.5 lakh to Rs 50 Lakh that will take care of hospitalisation expenses incurred by the customer.

"Bajaj Allianz iSecure offers customers the advantage of a level term cover at a low cost. Special premium rates for non-smokers and high sum assured, amongst others are some additional features. Bajaj Allianz iSecure also comes with a Joint Life option for covering your spouse," Bajaj Allianz Life Insurance MD Tarun Chugh said.

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The companies have common promoters Bajaj Finserv and Allianz of Germany.