Advantages Of Purchasing TATA AIG Health Insurance Policy
Updated On Jan 10, 2022
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TATA AIG is a general insurance firm founded as a joint venture between the TATA Group and AIG. AIG, or American International Group, is a major financial services company in the United States, while TATA Group is a major Indian industrial giant. The firm was founded in 2001 and has been providing unique insurance solutions in the general insurance industry ever since.
TATA AIG provides travel insurance, health insurance, automobile insurance, and even business insurance. As of September 30th, the business has an Asset Under Management of around INR 14,295 crore. With over 6,220 people scattered across India in over 200 office locations, the organisation has a broad network that spans the whole country. To know more about TATA AIG Health Insurance Policy, read on.
Benefits Of TATA AIG Health Insurance Policy
When it comes to health insurance, TATA AIG offers a variety of health insurance policies. It provides indemnity health plans, fixed benefit plans, plans for the complete family or just one person, and even group health insurance.
Following are the benefits of TATA AIG Health Insurance Policy -
- Additional Benefit Of Free Health Check Up - TATA AIG's health insurance policies all include a free check-up. These check-ups are permitted up to a certain number of times each year or every two to four policy years. Individuals may undergo routine health check-ups for free and preserve their health by taking advantage of free health check-ups.
- Additional Protection Over Employee Coverage - Individuals who are currently enrolled in a group health plan supplied by their work may also choose TATA AIG health insurance coverage. Individuals can use these health plans to supplement their existing group health coverage. Individuals can select plans according to their coverage requirements and increase their sum insured to cover all of their medical expenses.
- Cashless Benefit - TATA AIG's networked hospitals accept cashless claims. You may discover a list of networked hospitals on the company's website, and if you receive treatment at one of these hospitals, you will not be responsible for any medical charges. Your expenditures would be handled and paid for by the insurance.
- Claim Settlement Ratio - TATA AIG has a strong claim settlement ratio of 76.04 percent for fiscal year 2019-20, guaranteeing that the majority of claims placed on it are settled in the minimum amount of time. You would just notify the corporation of your claim, and it would be readily resolved. The ratio of claims settled fluctuates over time.
- Coverage Against Medical Expenses - TATA AIG health insurance provides some of the greatest coverage advantages. There are specific coverage benefits in addition to the fundamental coverage benefits of inpatient hospitalisation, day care treatments, domiciliary treatments, ambulance expenditures, pre and post hospitalisation, and so forth. Some of the company's premium plans include coverage for bariatric procedures, maternity charges, OPD expenses, and so on.
- Incurred Claim Ratio - The Incurred Claim Ratio (ICR) changes from year to year, and Tata AIG's ICR for the fiscal year 2018-19 was 78 percent. The ratio is the portion of the earned premium that is used to pay claims by the firm. Because the ratio is significantly below 100 percent, it indicates that the remaining premiums assisted the corporation in making a profit. The incurred claim ratio varies over time.
- Tax Rebates - If the premiums for health insurance plans are paid, Section 80D allows claim of tax credit of up to Rs. 55,000 (Rs. 25,000 for individuals and Rs. 30,000 for senior citizens).
Endnotes
Tata AIG Health Insurance provides a variety of health plans that are designed to meet all of your financial demands in the event of a medical emergency. They provide a choice of plans for individuals and families, as well as coverage against COVID-19, which is essential in these difficult/critical times.
Do read- Benefits Of Purchasing SBI Health Insurance Policy
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
