This easy to buy product will be sold exclusively through the Direct Marketing channel.
- Guaranteed acceptance product made available exclusively through the DM channel
- Guaranteed return of premium with option of Guaranteed Addition on maturity Multiple claims possible as long as the annual limit and lifetime limits are not exhausted
- Pre-existing illnesses covered as per policy conditions after a waiting period of 2 years from the date of issue
- Provides long-term medical coverage, for 15 years, without undergoing any medical tests before buying the Policy
- Death Benefit and Maturity Benefit, payable even after multiple claims
Tata AIG Life Insurance Company Limited (Tata AIG Life) today became the first amongst life insurance companies in India to launch a Guaranteed Issue & Return of Premium health product – Tata AIG Life Hospi CashBack. This is the latest health insurance offering that aides the customer to avail of the benefit of multiple claims** against unforeseen hospitalization expenses while ensuring that the customer gets a guaranteed return of premium irrespective of claims.
It pays customer fixed benefits for expenses arising through hospital charges, care charges, ambulance charges and other expenses starting from the first day of hospitalization^. It also offers a guaranteed return of premium as per policy conditions on maturity even if you make claims!
Speaking at the launch, Mr. 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. The launch of Tata AIG Life Hospi CashBack is our endeavour to enable people to avoid the erosion of savings due to unforeseen incidents and resulting hospitalization. We are positive that the product, with its unique benefits will prove to be profitable and helpful for our customers.”
Additionally by making this product available through our DM channel, the decision to invest in one’s health with this apt product can now be done on the phone in a hassle free and quick manner.
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The policy provides hospitalization cover against all new illnesses/accidents. It even covers pre-existing diseases after 24 months of continuous renewal. The customer also has a maturity option of return of premium, with 10% of return of premium as guaranteed addition*. A choice of coverage is also available with both a gold and silver version of the plan for anyone between the ages of 18-55 years for a fixed term of 15 years.
Additionally, the premium paid under this policy is as of now eligible for tax deduction under Section 80C of the Income Tax Act, 1961.
Tata AIG Life Insurance Company Ltd.
Tata AIG Life Insurance Company Limited (Tata AIG Life) is a joint venture company, formed by Tata Sons Limited and American International Group, Inc. (AIG). Tata AIG Life combines the Tata Group’s pre-eminent leadership position in India and AIG’s global presence as one of the world’s leading international insurance and financial services organization. Tata Sons Limited holds 74 per cent stake in the insurance venture with AIG holding the balance 26 per cent. Tata AIG Life provides insurance solutions to individuals and corporates. Tata AIG Life Insurance Company Limited was licensed to operate in India on February 12, 2001 and started operations on April 1, 2001.
The Tata Group
Tata is a rapidly growing business group based in India with significant international operations. Revenues in 2007-08 are USD 62.5 billion (around Rs. 251,543 crores), of which 61% was from business outside India. The Group’s Net Profit for 2007-08 is USD 5.4 billion (around Rs. 21,578 crores). The Group employs around 350,000 people worldwide. The Tata name has been respected in India for 140 years for its adherence to strong values and business ethics. The business operations of the Tata Group currently encompass seven business sectors - Communications and Information Technology, Engineering, Materials, Services, Energy, Consumer Products and Chemicals. The Group's 28 publicly listed enterprises have a combined market capitalization of around $60 billion, among the highest among Indian business houses, and a shareholder base of 2.9 million. The major companies in the Group include Tata Steel, Tata Motors, Tata Consultancy Services (TCS), Tata Power, Tata Chemicals, Tata Tea, Indian Hotels, Tata Teleservices and Tata Communications.
American International Group, Inc. (AIG)
American International Group, Inc. (AIG), a world leader in insurance and financial services, is a leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Ireland and Tokyo.
