Tata AIG Critical Illness Plan

Brief Overview

Tata AIG General Insurance Company came into being in the year 2001, as a joint venture between the Tata Group and American Insurance Group. The company offers health insurance, motor insurance, travel insurance, marine insurance and multiple other kinds of insurance covers. In the last 20 years, Tata AIG has launched various innovative and customer-centric insurance products, and this has helped them make a mark in the insurance industry. The company’s endeavour is to become the most preferred and most trusted general insurance company.

Tata AIG also understands the current health scenario. With the changing lifestyle of the modern man, there has been an unabated growth in the different kinds of a critical illness. To help its customers deal with the high treatment costs the company offers a Critical Illness Policy. A fixed benefit health insurance policy, Tata AIG Critical Illness Policy will offer cover against 11 major illnesses and their related medical treatments. 

A critical illness can not only cause physical strain but also take away your mental peace. The treatment cost is sky-high and affording good quality treatment may otherwise be difficult. The Critical Illness Policy by Tata AIG will offer 100% of the sum insured in a lump sum when the policyholder is first diagnosed with any of the listed illnesses. This lump sum amount can come in very handy in the treatment process.

Best Features of Tata AIG Critical Illness Policy

Let us first take a look at the best features of Tata AIG Critical Illness Policy

• A fixed benefit plan offers a lump sum benefit to the insured when he suffers from any of the listed illnesses
• The policy covers 11 of some of the very common critical illness
• The benefit is very useful in dealing with the treatment and other financial obligations that may arise for the family
• The company offers free medical second opinion for any of the covered illnesses
• Any Indian adult up to the age of 65 years can opt for this policy
• There is a wide range of sum insured to choose from

Benefits of Tata AIG Critical Illness Policy

With the unpredictabilities of life, it is best that you keep your future covered against all possible risks. Tata AIG Critical Illness Policy protects you against 11 critical illnesses, here is a list of benefits that come with this policy.

1. Wide Coverage
   Under this policy there are 11 critical ailments that are covered, these are Stroke, Heart attack, Cancer, Organ transplant, Kidney failure, Bone marrow transplant, Paralysis, Coma, Major burns, Open chest CABG, Multiple Sclerosis and Blindness.
2. The Second Opinion
   In such a crucial time when you are assailed by doubts, you can go for a second opinion to another doctor/ hospital. Your Critical Illness Policy would cover it all.
3. Enhance the Sum Insured
   When planning for the future, the more you have the better. Under this policy, you have the option to enhance the sum insured at the time of renewal.
4. Start Early and Save More
   When you buy this policy at a younger age, you end up saving all the more. The premium that you pay will increase with age.
5. Tax Benefits
   You can greatly cut down on your taxes, as with Tata AIG Critical Illness Policy, you get to reduce your taxable income and save up to INR 15,000 in taxes.
6. Overcome Financial Crisis
   A critical illness can not only affect your physical health but also your mental health. The worry of the high-cost treatment can take away your peace of mind. With Tata AIG critical illness policy, you can leave your financial worries behind and concentrate on getting better.

Plan Details of Tata AIG Critical Illness Policy

• Free Look Period
  When you purchase the Tata AIG Critical Illness Policy, the company gives you a period of 15 days to review the terms and conditions of this policy. During this period, if you feel that you are not satisfied, you have the option to return the policy. The premium that you have paid for the policy will be refunded to you after deducting the stamp duty charges and the proportionate risk premium.
• Waiting Period
  A waiting period of 90 days is applicable from the first inception of the policy. This period is not applicable when a policy is renewed.

What is not Covered in Tata AIG Critical Illness Policy?

There are certain situations that are not covered under the Tata AIG Critical Illness Policy, these situations are called exclusions. Given below is the list of the major exclusions in the policy. For an exhaustive list, you can refer to the company website. 

• Pre-existing medical conditions and any complications that arise from them
• Illnesses or diseases other than the 11 specified above
• An illness of which the symptoms first occurred before or within 90 days following the policy issue date or the last commencement date
• A critical illness that is a result of a mental or physical condition that existed before the policy issue date

Renewal Process of Tata AIG Critical Illness Policy

Timely renewal of every insurance policy is imperative as you would be at the risk of being without cover.  Tata AIG ensures that all the insurance-related procedures are easy and simple to follow so that the customers are not hassled. To renew your policy, you can go to the company website and go to “renewal”. You then need to enter your policy number, you will be directed to your policy details. Check all the details and if you are satisfied with all the parameters, proceed to make the premium payment. In case you wish to enhance the sum insured, you can do it now. The payment of the premium can be done through net banking, credit/ debit card or UPI.

Things to Remember

• Once your policy reaches its expiry date, it would enter a 30-day grace period. Not renewing the policy within this period will cause termination of the policy. Claims made in the grace period are not accepted.
• The maximum entry age of the policy is 65 years, however, renewal is allowed for life

Tata AIG Critical Illness Policy - Claim Process

In case you are diagnosed with any of the 11 listed critical illnesses, you need to submit a written notice to the company within a period of 7 days. You or your representative then needs to furnish the claim forms, which can be downloaded from the company website or can be obtained from a branch office. All these forms must be submitted to the company within 30 days after the date of such loss. You will receive the lump sum amount in the bank account that you have registered with the company. 

• Required Documents
  While making a claim, the following documents are required:
  • Duly filled and signed Claim Form
  • All the treatment-related medical reports
  • All investigative tests reports
  • Precise diagnose of the treatment of the disease for which the claim is being made
  • Copy of policy document
  • Any other document, required by the Claims Team

Tata AIG Policy Network Hospitals

With a collaboration with over 6,200 leading hospitals, Tata AIG has a strong presence all over the country. In a network hospital, the company settles the treatment bill directly with the hospital, and so the hospitalisation becomes very easy and trouble-free for the policyholder. This also saves him from the worry of arranging money at the last moment. However, it should be remembered that cashless health treatment does not mean that you would not have to pay anything. The uncovered expenses will be borne by you.

Review of Tata AIG Critical Illness Policy

Critical Illness Policy by Tata AIG can act as a blessing as the amount that is received in the form of the benefit can be used in the exorbitant cost involved in the treatment of a critical illness. The policy, therefore, offers a security blanket to the insured and helps him in avoiding a financial crisis. Tata AIG also offers a very simple and easy-to-understand claim process, which is majorly based on the diagnosis report. The amount also comes in very handy as an income replacement. It can thus be said that Tata AIG Critical Illness Policy is an affordable option to save yourself from a financial burden that may fall upon you because of a critical disease. 

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