Today, having medical insurance is a necessary for all individuals. It protects the insured against the high cost of medical services that requires often. Without medical insurance policy, it may really difficult to afford such expensive medical services.
Tata AIG Life Health First is a comprehensive policy which takes care of all medical services including hospitalization, major surgery, critical illness, post hospitalization and even unfortunate death of the insured. This policy can be purchase from 1 to 10 units.
During hospitalization, the policy pays a daily hospitalization allowance of Rs.2,5000/- on per day basis. Also, it covers post hospitalization expenses at Rs.1,250/- per day for a follow up treatment up to 3 days. This benefit is payable only, if Daily hospitalization benefit is payable.
For a surgical benefit, it pays a lump sum payment of Rs.50,000/-. This benefit is payable only, if daily hospital benefit is payable.
The policy pays a lumps sum payment of Rs.12.50 Lakh in the event of first diagnosis of any specified critical illness. They are Cancer, Stroke, Heart Attack, Coronary Bypass Surgery, Major Organ Transplant, Aorta Surgery, Benign Brain Tumor, Paralysis, Heart Valve Surgery, Total Blindness, Parkinson's Diseases, etc. In the event of death of the insured, it pays a lump sum of Rs.10,000/- to the insured family. But, this benefit is payable only, if no other benefit has been claimed. To avail the benefits, the treatment must occur at a pre-approved hospital.
The premium paid by cheque for this policy is eligible for tax benefit under section 80C and 80D of the Income Tax Act,1961.
The policy covers all individuals aged between 18 and 60 years. The policy can be renew till the age of 64 years without any further medical examination. The policy comes with 15 days free look period.
About the Author:
Habibulla Antule is a financial advisor and consultant and have provided his expertise to many financial institutions for loans and insurance