Tata AIG Life Insurance Company Limited (Tata AIG Life) has launched its Tata AIG Life HospiCashBack, a guaranteed issue and return of premium health product. Trevor Bull, managing director, Tata AIG Life Insurance Company Limited said, “Given the rising health care costs, it is imperative for every individual to have a means to protect his savings by covering all expenses related to hospitalization.”
He also explained that during these unforeseen casualties, individuals tend to lose almost all his savings. The Tata AIG Life HospiCashBack policy plan, he said, is aimed at helping people keep their savings intact.
Expenses like hospital charges, care charges, ambulance charges are taken care of under this issue. It also offers a guaranteed return of premium as per policy conditions on maturity even if one makes multiple claims.
Hospitalization cover against all new illnesses/accidents is also provided under the Tata AIG Life HospiCashBack policy. Customers are also given a maturity option of return of premium, with 10 per cent of return of premium as guaranteed addition.
The Tata AIG Life HospiCashBack also offers pre-existing illness cover after 24 months of continuous renewal with Tata AIG.
Any one between the age 18 to 55 can avail of the Tata AIG Life HospiCashBack. The policy is available under two versions, the gold version and the silver version for a span of 15 years.
The daily hospitalisation income benefit for the silver plan is Rs 500, and for the gold plan is Rs 1000.
The company has said that the premiums paid under the Tata AIG Life HospiCashBack plan are eligible for tax benefits under Section 80C of the Income Tax Act, 1961.
Also, any sum received under this plan is exempt from tax under section 10(10D) of the Income Tax Act, 1961.