Tata AIG Life Insurance Company Limited (Tata AIG Life) today announced the launch of Tata AIG Life InvestAssure Health – its first ever unit-linked health product. Tata AIG Life was the first private sector Life Insurance Company in India to launch health related insurance solutions for customers, having launched the first health insurance plan in 2003.

Tata AIG Life InvestAssure Health is a unit linked investment plan to suit customers’ needs and priorities and to help them achieve their financial goals along with a comprehensive health policy that gives an all-inclusive coverage to help the insured recover worry-free when they are ill. IA Health enables customers to create a fund to pay for high medical expenses.

Customers of Tata AIG Life InvestAssure Health can avail of a lump sum benefit that will be paid for each day of stay in hospital arising out of an accident or sickness provided there is an overnight stay in the hospital. The ICU benefit is payable for hospitalization up to 15 days per policy year and up to 90 days for the entire policy term.

The salient features of the policy are:

946 surgeries covered

120 days (yearly) and 730 days (lifetime) of hospital stay covered

No limit to the number of claims for surgery

Full family coverage available (spouse and two children)

No Documentation/medical tests required for coverage up to Rs. 3000 daily hospitalization benefit

Maximum limit to total daily hospitalization benefit for entire lifetime would be Rs.21.90 lacs

Issue age for adult 18 yrs to 55 yrs and for child, 5 yrs to 17 yrs.

The highlights of the product from an Investment point of view are:

6 fund options for investment where the investment is a substantial portion of the premium year on year

Bonuses on maturity ranging from 2% to as high as 4.% of the fund value

Helps you grow a fund. The money can be used for future changing health needs

Flexibility of partial withdrawals

12 free switches annually

4 top-ups in a year

Speaking at the launch, Mr. Trevor Bull, Managing Director, Tata AIG Life Insurance Company Limited said, “We wanted to create a product which gives policyholders a dual sense of comfort – protecting health and wealth. The choice of a ULIP platform has enabled us to build in competitive key and high-value medical protection together with an accumulation of additional funds for their future changing health needs”. He further added “As an important additional feature we have recognized the eroding impact of long term medical expense inflation to the protection benefits and incorporated a very important 5% escalation on the protection cover elements to provide even greater peace of mind”.

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Since this is an investment linked product, attractive options such as premium holiday and partial withdrawal are available in subsequent years of the plan. This gives the insured complete access to their funds in order to pay for urgent and sudden additional expenses and major medical emergencies.

Customers can also avail of 80D benefit. 80C would be valid on availing of the yearly renewable term rider. There is also an option to attach riders namely - (Accidental Death Benefit (ADB) Rider, Accidental Death and Dismemberment (Long Scale) (ADDL) Rider, Critical Illness (lump sum benefit) Rider, Yearly Renewable Term Rider and Surgical Benefit Rider.

Tata AIG Life InvestAssure Health will be available nationally through Tata AIG Life’s advisors and several other distribution partners. 

Sourced From: Perfect Relations Limited