Benefits of TATA Health Insurance

tata aig health insurance

Benefits of TATA Health Insurance

Health is the most precious possession for all of us. It is what makes or breaks the quality of living. Ensuring good health depends on various factors and is subjective. For example, someone may define good health as being active and maintaining physical fitness. For another person, good health might pertain to mental well-being. Good health is generally the culmination of all these aspects, but there is one major aspect that cannot be missed in addition to these.

This major aspect is the inclusion of planning and preparing for any unforeseen event that may hamper a person’s health. Life is full of uncertainties, and no one truly knows what ‘tomorrow’ holds for us. Being well-prepared in case of an unpredictable incident forms the core of good health. You may ask, ‘How can one be prepared?’ This is where the importance of health insurance is highlighted.

Benefits Of TATA Health Insurance Overview

It isn’t easy to stick to a healthy routine in the modern-day lifestyle. Age also plays an important role in determining your health along with other factors. In the face of a global pandemic, medical emergencies can arise anytime. So, safeguarding the health of you and your loved ones becomes crucial, and the guaranteed way to do so is by having healthcare plans in place.

Benefits Of TATA Aig Health Insurance

It isn’t easy to stick to a healthy routine in the modern-day lifestyle. Age also plays an important role in determining your health along with other factors. In the face of a global pandemic, medical emergencies can arise anytime. So, safeguarding the health of you and your loved ones becomes crucial, and the guaranteed way to do so is by having healthcare plans in place.

There are numerous benefits of health insurance. Opting for healthcare plans that fulfil your needs and requirements the best are the ones you should go for. To make the decision easier, here’s a checklist of benefits an ideal insurance scheme must have:

Cashless Hospitalization Coverage for COVID-19 Treatment Restore Benefits In-patient Treatment Pre & Post Hospitalization benefits AYUSH Benefit Claim Settlement Ratio Tax Exemption These are some significant benefits of health insurance scheme that can save you from high expenditures on medical bills and protect you in times of need. Take a detailed look at how these benefits work and why are they advantageous for you.

Cashless Hospitalization

Insurance providers partner with many hospitals where the insured person can get the facility of cashless hospitalization. The network of partnering hospitals is mentioned clearly in the policy, so the insured person can get admitted to any of the listed hospitals and avail cashless treatment in case of a health emergency. Under cashless treatment, the expenses involved in insured’s treatment and hospitalization are paid directly to the hospital by the insurance company, subject to the terms and conditions of your active policy. The outstanding bills with such a hefty amount can become a burden to pay from the pocket. This is exactly why cashless hospitalization is a critical aspect of healthcare plans. This feature allows ease of access and a hassle-free experience in terms of managing finances.

Coverage For COVID-19 Treatment

The coronavirus pandemic has brought a wave of uncertainty, anxiety, and widespread fear when it comes to health and well-being. Every time we step out of our house, there’s a potential risk of contracting the virus, and the quick mutation has doubled that risk. In these unprecedented times, having an insurance plan that covers COVID-19 treatment is the most important benefit one can ask for in a health insurance plan.

Restore Benefits

Replenishing the sum insured after it has been exhausted due to an unexpected medical emergency in a calendar year are the restoration benefits that a health insurance plan must include. In the event where you have used up your entire sum insured for hospitalization that was or was not planned, and in the same year, you need to get admitted again for another medical treatment; a restoration clause enables you to claim your insurance one more time. The expenses won’t be borne by you and would work according to your chosen health insurance policy. The restoration clause has certain terms and conditions that need to be adhered to. An ideal plan allows for a 100% cumulative bonus, so always check for this when choosing a policy.

In-Patient Treatment

The importance of medical insurance is realized when the insured person is admitted to the hospital as an in-patient for an illness that is critical and requires more than one day of treatment. The per-day cost of rooms and other facilities is extremely high, so having a healthcare plan that covers all these expenses incurred in the duration of the entire treatment is essential.

TATA Pre & Post Hospitalization Benefits

There are several expenses that are categorized as pre and post hospitalization that go beyond basic hospitalization. It ranges from diagnosis, blood tests, medicines administered by a certified medical practitioner before and after hospitalization, patient-care procedures, OPD costs, consultations, ambulance charges etc. This is a very helpful feature of good healthcare plans as it substantially reduces the total cost incurred by the insured person, thus saving on a lot of expenses.

AYUSH Benefit

With the advent of new and modern forms of medicine, insurance plans have become inclusive of not just allopathic treatments but also alternative forms of medicine. For example, AYUSH includes Ayurveda, Unani, Sidha or Homeopathy treatments that will be covered by the insurance provider as in-patient treatment.

Claim Settlement Ratio

When buying a health insurance policy, always check for the Claim Settlement Ratio (CSR) of the company that will give you an idea of how the insurance provider is doing in terms of settling claims successfully for its consumers. CSR is a unit of measurement regulated by the Insurance Regulatory and Development Authority of India (IRDAI) that is used to rate health insurance companies based on how many claims they settled in a calendar year compared to the total amount of claims filed. This is to assess the company’s standing in the industry, so the higher the ratio, the more likely they are to settle your health insurance claims.

Tax Exemption (Under Section 80D)

Under Section 80 D of the Income Tax Act 1961, you can enjoy Health Insurance Tax Benefits on the premium paid for a health insurance policy. So, keep an eye out on the amount you are saving under the tax exemption clause when buying a policy.

TATA AIG aims at maximizing these benefits because we deeply value our customers. We offer a wide range of such benefits alongside different healthcare plans that cater to your needs appropriately. Our easy insurance portability option also allows you to switch your insurance provider as we understand that certain circumstances can lead to this decision. We believe that trust is a two-way street and so, faith is what binds us to our customers. To get more information on coverage, benefits, and policies, get in touch with us via call/SMS/e-mail.

Tata AIA Term Insurance Review

Our Verdict

The Tata AIA Life Insurance offers a mixed variety of term plans ranging from the most basic ones to the most comprehensive plans. All the plans have death benefits along with certain additional riders and benefits. These term plans also offer lower rates for female lives and non-smokers. The policyholder of Tata AIA term plans is also entitled to a lump sum payment of the basic sum assured on the diagnosis of any terminal illness or end-stage diseases that cannot be cured or likely to lead to death.These plans come with useful optional add-on riders such as accidental death and disabilities among others.

Types of Tata AIA Term Insurance Plans

Tata AIA Sampoorna Raksha Supreme

The Tata AIA Sampoorna Raksha Supreme is the most comprehensive and best-selling term plan amongst all the other term insurance plans of Tata AIA. This term plan provides multiple plan options like Life, Life Plus, Life Income and Credit Protect option which comes with the live coverage up to 100 years.

Key Features:

  • Under the “Life Option”, the life assured is entitled for a death benefit, where the sum assured is paid to the nominee in case of a demise of the life assured. If the policyholder chooses the top-up or life stage option, then the death benefit includes an extra sum assured. This option also has an in-built payor accelerator benefit, that provides 50% of the sum assured towards any diagnosis of terminal illness.
  • Under the “Life Plus Option”, the life assured can receive a survival benefit of 105% of the total premiums paid at the end of the policy term, provided if the policy is not terminated earlier. This option also has an in-built payor accelerator benefit, that provides 50% of the sum assured towards any diagnosis of terminal illness.
  • Under the “Life Income Option”, the policyholder is entitled to receive regular monthly income along with the death benefits. This option also has an in-built accelerator benefit, that provides 50% of the sum assured towards any diagnosis of terminal illness.
  • Under the “Credit Protect Option”, the total sum assured is received as a death benefit to the nominee of the life assured, if all the premiums have been paid up to date. This option also has an in-built payor accelerator benefit, that provides 50% of the sum assured towards any diagnosis of terminal illness.
  • This plan offers the whole life coverage up to 100 years of age.
  • The minimum sum assured for this policy is INR 1 lakh, with no limit on the maximum sum assured amount.
  • Lower premium rates for women and non-smokers.
  • Add-on riders:
  1. Extra coverage against unforeseen events such as accidental death or disability, critical illnesses and terminal illnesses.
  2. The policyholder has an option to extend the coverage of the specific rider under the same plan.
  3. The policyholder has an option to receive the balance premium amounts on maturity of the policy.
  4. Option to choose benefit payout as a lump sum, monthly income for 10 years, or a combination of lump sum and income for a fixed period.
  5. Option to choose one or more risk covers from illness, hospitalization and disability. Provides extensive coverage against major and minor illnesses with multiple claims features.

TATA AIA Insta Protect Solution

The Tata AIA Insta Protect Solution is another kind of term insurance plan which comes with a useful combination of a life cover along with optional covers such as critical Illness, hospitalization expenses, accidental death and total and permanent disability.

Key Features:

  • The sum assured packages range from INR 25 lakh up to INR 70 lakh.
  • Option to choose flexible premium payouts such as single, limited or regular options.
  • Along with the death life cover, the Insta Protect policy also offers other optional benefits:
  1. Criticare Plus Benefit : The policyholder is entitled to receive a lump sum payout on the diagnosis of any listed 40 critical illnesses such as cancer or cardiac attack. The coverage is received up to INR 10 lakh, as per the sum assured package chosen.
  2. Hospicare Benefit: This benefit takes care of day to day hospitalization expenses and covers 0.5% of the sum assured, if the policyholder is hospitalized in case of a medical emergency.
  3. Accidental Total and Permanent Disability Benefit: The policyholder is entitled to receive a lump sum payout, in case of any total and permanent disability.
  4. Accidental Death: This benefit pays an additional lump sum payout to the life assured’s nominee, in case of their accidental death.

Who is Eligible for Tata AIA Insta Protect Solution?

  • Minimum and maximum entry age: 18 years and 45 years.
  • Minimum and maximum maturity age: 23 and 75 years.

Tata AIA Saral Jeevan Bima

The Tata AIA Saral Jeevan Bima is a simple and pure risk premium term plan which aims to provide financial protection to the life assured’s family in case of his or her death during the policy term. This plan also offers the flexibility to the policyholder to choose premium payout options and premium paying term as per their convenience.

Key Features:

  • The sum assured ranges from INR 5 lakh up to INR 50 lakh.
  • The life assured has the option of choosing premium payout options such as single, regular and premium.
  • Lower premium rates for women and non-smokers.
  • Provides death benefit, where the sum assured is given to the assured’s nominee in case of their unfortunate demise.
  • The death benefit for regular and limited pay is the highest of either the 10x annualized premium, or 105% of total premiums paid or absolute amount assured to be paid on death.
  • The death benefit for single pay is the highest of 125% of single premium or absolute amount assured to be paid on death.
  • There is no maturity and survival benefit under this plan.
  • Add-on riders:
  1. Accidental death bene­fit
  2. Accidental total and permanent disability bene­fit

Who Is Eligible For Tata AIA Saral Jeevan Bima?

  • Minimum and maximum entry age: 18 years and 65 years.
  • Maximum maturity age: 70 years.

Tata AIA Maha Raksha Supreme

The Tata AIA Maha Raksha Supreme is a term plan which intends to offer better flexibility in terms of choosing life coverage and its benefits along with an option to choose the premium payouts. This plan also has an in-built payout accelerator benefit, which provides 50% of the basic sum assured if the policyholder is diagnosed with any of the terminal illnesses.

Key Features:

  • The sum assured ranges from INR 50 lakh with no limit on maximum amount.
  • Provides the whole life coverage up to 100 years.
  • Under life stage option, the policyholder can opt for an increase in the life coverage over and above the basic sum assured, upon attaining a specific stage or milestone such as marriage or birth of a child.
  • In payout accelerator benefit, the policyholder receives 50% of the basic sum assured if they are diagnosed with any of the terminal illnesses.
  • Provides death benefit, under the regular and limited premium payment mode, the sum assured is the highest of the basic sum assured or 10 times the annualized premium or 105% of the total premiums paid up to the date of death. However, under the single payment option, it can be the highest of either the basic sum assured or 125% of the single premium.
  • Lower premium rates for non-smokers and women.
  • The policyholder has the liberty to choose from various premium payment modes as single, limited or regular. There is also flexibility to choose the policy terms and frequencies, like whether to pay the premiums on an annual, semi-annual, quarterly or monthly basis.
  • There is no maturity benefit under this plan.
  • If the policyholder has opted for a life coverage amount of INR 1 crore and above, then they can avail a discount on the cover under regular and single premium payment options. In case the policyholder has opted for a higher life cover under limited pay option, then the discount is built into the premium rates.
  • Add-on riders:
  1. Option to choose one or more risk covers such as critical illness, accidental death and disabilities and terminal illness.
  2. The policyholder has an option to extend the coverage of the specific rider under the same plan.
  3. The policyholder has an option to receive the balance premium amounts on maturity of the policy.
  4. Option to choose benefit payout as a lump sum, monthly income for 10 years, or a combination of lump sum and income for a fixed period.
  5. Option to choose one or more risk covers from illness, hospitalization and disability. Provides extensive coverage against major and minor illnesses with multiple claims feature.

Who is Eligible For Tata AIA Maha Raksha Supreme?

  • Minimum entry age: 18 years.
  • Maximum entry age: Single pay is 70 years and limited pay is 65 years.
  • Maturity for a whole life: 100 years.

Tata AIA Life iRaksha TROP

Tata AIA Life iRaksha TROP is an online term plan which comes with the return on premium feature. This means that the total premium paid would be returned back to the life assured outlives the policy term.

Key Features:

  • Provides death benefit along with the RoP.
  • Offers option to choose between regular, single and limited premium payment options.
  • Lower premium rates for non-smokers and women policyholders.
  • Discount on opting a higher sum assured amount.
  • Offers whole life coverage up to 100 years.
  • Add-on riders:
  1. Option to choose one or more risk covers such as critical illness, accidental death and disabilities and terminal illness.
  2. The policyholder has an option to extend the coverage of the specific rider under the same plan.
  3. The policyholder has an option to receive the balance premium amounts on maturity of the policy.
  4. Option to choose from five  risk covers from illness, hospitalization and disability. Provides extensive coverage against major and minor illnesses with multiple claims feature.

Who is Eligible For Tata AIA iRaksha TROP?

  • Minimum entry age: 18 years.
  • Maximum entry age: Single pay is 70 years and limited pay is 65 years.
  • Maturity for a whole life: 100 years.

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