TATA AIG Critical Illness Policy
TATA AIG Critical illness plan gives protection against all the defined critical illnesses as per the terms and guidelines of the policy. The critical illnesses covered along with the severity of the diseases that would be considered are defined in the TATA AIG critical illness plan.
What is TATA AIG Critical Illness Plan?
TATA AIG Critical illness plan is a health insurance policy dedicated entirely to secure long term life-threatening health issues. The policy would pay off the lump-sum to the insured person if he/she is diagnosed with any of the listed critical illness of defined severity. This amount can be used to take care of the finances for treatment.
TATA AIG critical illness policy can be purchased alone or with any other general health insurance policy as well to cover up for the additional expenses in case of any critical illness.
Features of TATA AIG Critical Illness Policy
TATA AIG Critical Illness Plan covering for various life-threatening diseases and critical illnesses comes with the following features:
- Portability: Transfer of credits gained (e.g. waitingperiod of the policy) for pre-existing ailments by the policyholder, if one wants to switch the insurer.
Critical Illness Covered: TATA AIG critical illness plan provides insurance against 11 critical diseases as per terms and conditions of the policy. The illnesses covered and the severity of the illnesses considered are defined properly in the policy. The diseases covered are as follows.
- Heart attack
- Open Chest CABG
- Kidney failure
- Total blindness
- Organ/bone marrow transplant
- Multiple sclerosis
- Major burns
- Permalink limb paralysis
- Policy Renewal: The policy can be renewed by paying the specified premiums in advance at the premium rates applicableduring the time of renewal.
TATA AIG critical illness plan also offers a lifetime renewal option provided it is in line with the underwriting guidelines. Auto-renewal of the policy may be done by the insurer itself if opted for the same at the time of purchase of the policy.
- Free Lookup Period: A lookup period of 15 days is granted. One can review the policy and can return it within 15 days of the date of purchase if not satisfied with the terms of the policy. Thepremiums paid shall be refunded after deducting the stamp duty charges and the risk premium.
- Grace Period: If for some reason one forgets to pay any premium, a grace period of thirty days to make it up is given.
- Existing Policies: TATA AIG critical illness plan can be purchased with any other existing health insurance policies and mediclaims.
- Flexibility in Sum Insured: One can increase the total sum insured with the insurer at the time of renewal of the policy.
- No Claim Bonus: Thisis not applicable to TATA AIG critical illness plan.
Benefits of TATA AIG Critical Illness Policy
Critical diseases are not only life-threatening but sometimes their treatment takes a long time. This could drain away a huge chunk of one’s savings. For such situations in life, buying TATA AIG health insurance policy would prove beneficial.
Some of the key benefits of TATA AIG critical illness plan are:
- Lump-sum: If the insured person is diagnosed with a critical illness, he/she is liable to receive one lump-sum through the TATA AIG critical illness plan, provided:
- The critical illness is specifically described and defined in the policy and oblige by the defined severity as well.
- It is the first occurrence of critical illness.
- The insured survives the illness for at least thirty days after diagnosis.
- This sum can be used by the insured for his medical expensesor other expenses incurred.
- Tax Benefit: TATAAIG critical illness plan helps in managing your taxes as under section 80D of the income tax act. One can reduce their taxable income up to Rs 50,000 and that can save about Rs 15,000 on taxes.
*Tax benefit is subject to changes in tax laws.
- Premium Rates: Buying the policy at an early age would make you pay lower premiums.One would also have bypassed the waiting period of the policy if purchased early in life.
- Second Opinion: Expenses are covered if any person wishes to consult a second health practitioner for their diagnosed condition. Cover up for a second opinion about the illness is eligible.
Eligibility Criteria for TATA AIG Critical Illness Policy
Eligibility criteria to buy the TATA AIG Critical Illness Policy are listed below.
- Waiting Period: TATA AIG critical illness plan has a waiting period of 4 years.
- Age Criteria: Entry age lies between 18 to 65 years.
- Sum Insured: The basic TATA AIG Critical Illness Policy could be bought with a minimum assured amount of Rs 2.5 lakh to Rs 15 lakh.
- Expiration Criteria: TATA AIG, Critical Illness policy, will expire on either of the following, whichever is earlier.
- Completion of the period for which premiums are paid
- The expiry date on the policy.
- The age of the insured has crossed the upper age limit criteria.
- Payment Criteria: payments could be made in annual, semi-annual, quarterly or monthly mode.
Exclusions of TATA AIG Critical Illness Policy
TATA AIG Critical Illness Policy exclusively introduces to cater to the financial needs of the policyholder against any critical illness as defined in the policy. The policy excludes the following scenarios and could deny the claim, wholly or partially.
- The claim shall be denied for any pre-existing medical conditions and any complications arising due to thesepre-existing ailments.
- No expenses shall be covered for any diseases, sickness, or illness other than the ones specified in the TATA AIG critical illness policy document.
- The claim shall be denied for any critical illness or any of its symptoms arising prior to or within 90 days of the
- policy issue date
- last commencement date
whichever is later.
- A critical illness arising due to a pre-existing physical or mental condition shall not be covered.
- Intentional self-injury, suicide, AIDS, sexually transmitted diseases, a mental disorder like stress, anxiety, or depression shall not be covered with TATA AIG critical illness plan.
- The claim is denied to a person involved in any sort of warfare including (war, civil war, revolution, invasion, rebellion, etc.) activitiesagainst the government.
- Conditions due to involvement in dangerous sports and recreational activitieslike paragliding, winter sports, bungee jumping, scuba diving etc.
- Critical illness diagnosis made by a person related to the insured and staying in the same household or by any non-traditional practitioners shall not be accepted.
- Any sort of cosmetic or plastic surgery, fat removal or transplant or any beauty treatments is not included in the policy.
The policy shall not entertain any claims, which include treatment related to any disease or medical conditions other than the critical illnesses of certain severity as defined in the TATA AIG critical illness health insurance policy document.
How to File a Claim under TATA AIG Critical Illness Plan?
The procedure to file the claim for any critical illness diagnosed is as follows.
- Tofile a claim under TATA AIG critical illness plan, one should fill an application form and submit all reports or proofs within 30 days of the diagnosis or appearance of symptoms.
- The insurer should be intimidated about the diseases within7 days of the start of the symptoms of the diseases. The intimation for the same shall be sent in writin
- The insured or his/her representative would then be provided with some forms to fill up the required details.
- Once the duly filled forms along with proof and other required documents are submitted, the claim would reach its next stage.
- After verification and approval from the authorities, the claim shall be accepted or in the worst case denied citing obvious reasons. The insured or his/her representative shall be intimidated about the same.
- If approved, the claim filed will then be paid within 30 days.
Documents Required to File a Claim for TATA AIG Critical Illness Plan
One can file a claim against any of the listed critical illnesses in the purchased policy. The TATA AIG critical illness plan covers 11 critical diseases of specified severity as already described. One should notify the insurer about the damage or loss according to the policy within 7 days. This should be a written notification.
The following documents are required for filing the claim:
- A completely filled claim application form with the proper signature of the insured. This should be sent within 30 days from the diagnosis of the critical illnessalong with other necessary documents.
- All investigationreports, treatment papers and hospital reports including discharge summary.
- Proof of diagnosis of the diseasesalong with the prescribed treatment for the same.
- Any other relevant document required by the insurerrelevant to the claim.
- After successful verification of all the documents and approval from concerned authorities, the claim shall be processed within 30 days.
- The claim shall be paid in Indian currency only.
How to Purchase the TATA AIG Critical Illness Policy?
TATA AIG Critical Illness Policy can be purchased online by providing the necessary details and supporting documents. Check out the following points while making a purchase:
- Decide your requirements and sum insured
- Visit the official website of Paisawiki.com and register by providing necessary details.
- Make sure to keep all the required documents by your side to complete KYC details.
- Then follow all the instructions provided on the website to purchase the policy.
- Make your payment online.
- Keep your medical examination reports, if required.
- Any other necessary document as per policy requirements
- If necessary, one can call the customer care services for any assistance or queries.
How to Renew the TATA AIG Critical Illness Policy?
The policy can be renewed by paying proper premiums as per rates applicable at the time of renewal.
One is allowed to modify or enhance the sum insured during the renewal process.
The automatic renewal option can also be chosen at the time of purchase of the policy.
Following things need to take care of for the renewal process.
- The policy is generally renewable except in case of any fraud, or misrepresentation.
- The policy is auto-renewable if opted for at the time of purchase. However, it should abide by the policy renewal terms at that time.
- Premium should have been paid on the renewal date of the policy. If not, a grace period of 30 days is provided to make the payment. Otherwise, the policy stands terminated.
- Though it is allowed to enhance the sum at the time of renewal, the increase in amount is subject to underwritten guidelines of the policy.
- No renewal is feasible in case if the age of the policyholder exceeds the maximum age criteria as per the policy guidelines.
Renewal steps to be followed through paisawiki.com:
- Visit the official website
- Go to the renewal option on the home page
- Provide the information such as policy type, policy number, age etc.
- Calculate the premium and compare with the other plans.
- Pay the premiums online through credit/debit card
Ans: TATA AIG Critical Illness Policy has a free "lookup" period of about 15 days. One can rethink about the terms and conditions of the policy and change their mind. If not satisfied, then he/she can return the policy within 15 days of the purchase of the policy citing a proper reason for dissatisfaction over the terms and conditions.
After the approval, your amount is returned after deducting some amount as per the policy guidelines.
Ans: TATA AIG Critical Illness Policy has a lifetime renewal option and could be renewed by paying the premiums at the prevailing rates during the time of renewal.
One can also opt for the renewal option at the time of purchase of the policy.
Ans: Any sexually transmitted diseases, including AIDS, are not covered in the policy.
Ans: Any claim related to TATA AIG, Critical Illness policy, can be denied by the corporation if the insured commits suicide, self-injured, participate in warfare, involved in dangerous sports, or have illness other than the specified list.
Written By: Paisawiki - Updated: 12 February 2021