Tata AIG General Insurance Company has launched 'MediPrime', their lifetime renewable reimbursement health insurance policy. Under this facility, a policyholder can enjoy the cashless hospitalisation benefit that is available through a network of over 3000 hospitals.
Mr Gaurav Garg, MD & CEO, Tata AIG General Insurance Company, said that the main features of the policy are: First, it is renewable for life; second there is no loading on renewal in the case of a claim; third the company will settle claims within 7 working days after completion of all necessary documentation, fourth there are no sub-limits across hospitalisation benefits and fifth there is no co-pay
While medical expense claims are occasionally inflated, there is normally no doubt that the policy holders have had some ailment/illness which necessitates hospitalisation, Mr Garg said. The company has decided to trust the customers fully and had therefore designed a product which did not involve them sharing the burden (co-pay), he said.
Mr Garg said that the pricing of the product was competitive when compared to similar products in the market. Indicatively, the premium for a Rs 5 lakh cover for a person between the age of 46 and 50 would be 11,311. A family floater policy covering two adults of the same age group (46 to 50 years) would cost Rs 16,312.