Tata AIG Life announces InvestAssure Health

NT Network
Posted on 2008-10-08
PANAJI- Tata AIG Life Insurance Company Limited (Tata AIG Life) has announced the launch of Tata AIG Life InvestAssure Health – its first ever unit-linked health product. The 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 lakhs; issue age for adult 18 years to 55 years and for children 5 years to 17 years.
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 percent to as high as 4 percent 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; and four top-ups in a year
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 percent escalation on the protection cover elements to provide even greater peace of mind”.