Insurance

Insurance

Insurance

Wednesday, July 16, 2008

TATA AIG Health Insurance

Quality healthcare is expensive; you need a policy that covers all contingencies. Tata AIG Life HealthFirst(HealthFirst) provides you with security by guaranteeing a lump sum irrespective of your medical bills. You can purchase this policy while your existing medical insurance policy is still in force and renew it until age 64 without additional medical examinations.

Key features include:

The benefits shown below are for a policy purchased for 10 units Daily Hospitalization Benefit (DHB): During hospitalization, we will pay an allowance of Rs. 2,500 per day.

Surgical Benefit:

A lump sum of Rs. 1,25,000 is paid for specified surgical procedures. We pay the complete amount, even if the procedures costs less. This benefit is payable only if DHB is payable.

Post-hospitalization Benefit: After hospitalization, we will pay Rs. 1,250 a day for follow-up treatment (up to a maximum of 3 days).

This benefit is payable only if DHB is payable. Critical Illness Cover: You get Rs. 12.50 lakhs in the case of first diagnoses of specified of the 12 critical illnesses.

Death Benefit: In the unfortunate event of your death, coverage of Rs. 10,000 is provided to protect your family.This benefit is payable if no other benefit has been claimed for.

Policy can be purchased from 1 to 10 units. Tax Benefits and Age Eligibility
Premiums paid for Health Insurance Benefits are eligible for tax benefits under section 80D, while premiums for Life Insurance Benefits are eligible for tax benefits under section 80C of the Income Tax Act, 1961.*

Policy available for persons between 18 and 60 years of age. Treatment must occur at a pre-approved hospital.

The below is to be read in conjunction with the product type.

1. These products are underwritten by Tata AIG Life Insurance Company Limited.

2. For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.

3. Tax benefits are as per the Income Tax Act, 1961, and are subject to modifications made thereto from time to time.

4. Riders are not mandatory and are available for a nominal extra cost.

5. Service Tax is payable on life insurance premium as per applicable laws. Tata AIG Life Insurance Company Limited reserves the right to recover from the Policyholder, any levies and duties (including service tax), as imposed by the government, either by premium adjustment or other forms, as deemed appropriate. Kindly refer to the Sales Illustration for extra premiums rate.

6. Investments are subject to market risk.

7. Past performance is not indicative of future results.

8. IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICY HOLDER.

9. Unit Linked Insurance products are different from traditional Life Insurance products and are subject to risk factors.

10. Premiums paid in Unit Linked Insurance products are subject to Investment risks associated with capital Markets & the NAV of the units may go up or down based on the performance of the fund and factors influencing capital markets and the insured is responsible for his/her decision.

11. Tata AIG Life Insurance Company Limited is only the name of Insurance Company & Tata AIG Life InvestAssure II, Tata AIG Life InvestAssure Plus, InvestAssure Gold, Tata AIG Life InvestAssure Extra, Tata AIG Life InvestAssure Flexi, Tata AIG Life InvestAssure Future, Tata AIG Life Retirement Assure Group Gratuity Scheme (Unit Linked) and Tata AIG Life Retirement Assure Group Superannuation Scheme (Unit Linked)) are only the names of the unit linked insurance contracts and do not in anyway indicate the quality of the contracts, their future prospects or returns.

12. Section 41 of the Insurance Act, 1938 - Prohibition of Rebate:

a) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer.

b) Any person making default in complying with the provisions of this section shall be punishable with a fine which may extend to five hundred rupees.

13. Section 45 of the Insurance Act, 1938
No policy of life insurance effected before the commencement of this Act shall after the expiry of two years from the date of commencement of this Act and no policy of life insurance effected after the coming into force of this Act shall, after the expiry of two years from the date on which it was effected be called in question by an insurer on the ground that statement made in the proposal or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at the time of making it that the statement was false or that it suppressed facts which it was material to

disclose:Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life insured was incorrectly stated in the proposal.