Tata AIG Life Hospi CashBack : Return of Premium health product

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TATA AIG’s guaranteed Issue & Return of Premium health product – Tata AIG Life Hopi Cash Back, is first of its kind health product which not only covers you for hospitalization expenses and, at the same time, refunds all the premiums back, even if you had multiple claims, sound interesting! but does it worth putting your money ?

Once you hear the premium amount you will be forced to think otherwise…

Let us review the product with based on features and then discuss the premium amount part.

Silver and Gold plan:

It is available in two varieties Silver and Gold and naturally as name suggests Gold plan will give you better benefits compared to silver plan and at the same time charges you high.

Term of the policy is 15 years and minimum and maximum age of entry is 18 and 55 years respectively.

It do not require to undergo medical test and it also do not requires you to submit previous medical history.

Gold plan will charge you yearly premium of

Rs. 11, 390(With only premium return) for a healthy male of 30 years.

It comes with

  • Daily hospital income benefit of Rs. 1000 (500 in case of silver plan).
  • Cover 30 days/year (15 days in case of Silver Plan).
  • LifeTime Max Days 180 (90 in case of Silver Plan).

Multiple claims possible as long as the annual limit and lifetime limits are not exhausted.

Note that this policy pays only if person is hospitalized from 1st overnight stay.

Pre-existing diseases covered after a waiting period of 2 years from the date of issue.

On Death:

Higher of Sum Assured (Which is 5 times annual premium) or Total Premium paid is paid to nominee.

Death Benefit and Maturity Benefit, payable even after multiple claims.

The most important part is it pays in addition to your existing insurance cover.

Maturity Benefit:

Total Premiums paid or Total premiums paid + guaranteed Addition of

10% of Total premiums paid are returned back. (This excludes charges of service tax paid).

If you choose 10% guaranteed addition then your premium rates will increase further.

Apart from this plan offers a loan facility, surrender facility from 3rd year onwards.

Surrender charges are very high and only on 15th year you will get 100% of your premium, otherwise it ranges from 60% of premium paid (3rd year) to 8% of premium paid(14th Year).

That’s what all about its features.

Now let us discuss premium amount paid.

Those who opt for 10% guaranteed addition on premium paid will have to pay Rs. 16,430 compared to Rs. 11,390(Rs. 12,820 and Rs. 18,490 in case of Female of same age that is 30 years).

One more negative point o this plan is premium rates can increase from 3rd year onwards.

Now suppose if you opt for normal mediclaim policy which offers you the same features(Medicalaim policy offers much more benefits for eg. Many mediclaim policy pays fixed amount in case person diagnosed with major dieses irrespective of hospital benefits: check out Health First from same TATA AIG) with a yearly premium of Rs. 2000 and invest rest of the amount of Rs. 9000 in some good ULIP or Mutual fund or any investment instrument which offer you interest more then 9% ?

It has a restriction on number of days of hospital benefit.

For eg. For a total premium payment of Rs. 1,70,850 for 15 years you will at the max. gets 180,000 as hospital benefits(Almost double of what you have invested).

Total turn out to be around Rs. 3,50,000 (that too in case you consume all the 180 days).

So if you are sure that you will be in the hospital for 180 days in the coming 15 years this policy is good bet ;-)

Advantages:

  • Its India’s first policy which pays full premium back irrespective of number of claim paid.
  • No medical test.
  • 10% guaranteed addition facility.

Disadvantages:

  • Very high premium rates
  • Premium rates are not constant throughout term (anyways you will get your money back on maturity).
  • Only hospital charges are paid that too after overnight stay.

Conclusion:

First of all this is not a mediclaim policy so if you are looking for features of mediclaim plan avoid this.

and to be more specific do not mix medical policies with Life Insurance polices until and unless you have special requirement like No medical test in case of this policy.

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