5 2 10885 hospicash brochure
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8/8/2019 5 2 10885 Hospicash Brochure
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Enjoy the benefitsof a Hospital cover that are
Virtually... free!
A non-participating health insurance planwith Return of Premium
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Health Problems can strike us anytime-anywhere,
leaving behind a huge financial burden on us and our
dependants. In India, average financial loss per#hospitalisation is Rs 8000 . Moreover, healthcare costs
are always escalating. While buying health insurance,
we do wonder - what if nothing happened to me?
All the money paid as premiums would go waste! That’s
wherewepresenttoyouauniquesolution.
Tata AIG Life Hospi CashBack, a Guaranteed Issue
product – which covers you for hospitalisation expenses
and, at the same time, refunds all the premiums back,
evenifyouhadmultipleclaims.
Keyfeatures
• Dai ly f ixed amo unt paid on each day of st
Hospitalisationfrom1 overnightstay
• Option of Silver and Gold Plan to suit your
individualneeds
• Pr ov id es long- te rm m ed ical cov er ag e, for
15 years, without undergoing any medical tests
beforebuyingthePolicy
• Multiple claims possible as long as the annual limitandlifetimelimitsarenotexhausted
• Pre-existing diseases covered after a waiting period
of2yearsfromthedateofissue
• Once the Policy matures, Total Premiums paid*or Total premiums paid + Guaranteed Addition of
10% of Total premiums paid are returned back
• If death occurs during the Policy term, we pay higher
ofSumAssuredorTotalpremiumspaid
• Death Benefit and Maturity Benefit, payable evenaftermultipleclaims
• Pays in addition to your existing insurance cover
• Tax benefit u/s 80C of the IncomeTax Act,1961
# NSS 60th Round: Morbidity, Healthcare and Care of the Aged, ReportNo. 507 2006.
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* Total Premiums Paid means amount equal to the total premiums paid
during the lifetime of the Policy. Such amount should be excluding
interestandtax.
HowdoesmyPolicywork?
Step 1: Buy the Policy without undergoing any medical
testsorsubmittinganypreviousmedicalrecords.
Step 2: In case you get hospitalised for any illness orinjury, you can claim the daily hospitalisation income
benefit from us upto the maximum limits given under
yourplan.
Step 3: Receive all your premiums (exclusive of service
tax)backattheendof15years.
Eligibility Criteria
Tata AIG Life Hospi CashBack: Silver & Gold
Term of Policy 15 yearsPremiumPayment term 15years
Minimum / Maximum 18 - 55 years
Issue Age
Maximum Maturity Age 70 years
$Premium Mode Annual / Semi-Annual /
Quarterly / Monthly
$: Modal loading is applicable if premium payment mode is other than
annual. AnnualPremiumRate:. No loading.;Semi-Annual Premium Rate:
MultiplyAnnualPremiumRateby0.51;QuarterlyPremiumRate:Multiply
Annual Premium Rate by 0.26. Monthly Premium Rate: Multiply Annual
PremiumRateby0.0883
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PackageOptions&PolicyBenefits:
Silver Package Gold Package
Daily Hospitalisation Income Benefit Rs. 500 Rs. 1,000
Coverage (number of days/year) 15 30
LifetimeMaximum
(Days) 90 180
MaturityBenefit
Youcanchooseeitherofthetwooptions
i) 100% of Total Premiums paid are returned back, OR
ii) 100% of Total Premiums paid are returned +
GuaranteedAdditionof10%ofTotalpremiumspaid
DeathBenefit
In case of Death of the Life Insured during the Policy
term and where the Policy is in force, we will pay the
higherof:
(a) Sum Assured* (which is equal to 5 times the
annualised premium)
(b) Total of all premiums paid (exclusive of service tax)
However, for the first Policy year, the death benefit
wouldbelimitedtoreturnoftotalpremiumspaid.
*Sum assured (5 x Annualised premium) at Policy inception
willremainconstanttillendofthePolicyterm.
SurrenderValue
In case the Policy is surrendered after 3 annualpremiums are paid, an amount equal to the refund
percentageof TotalPremiumspaidtilldateofsurrender
forthatparticularyearwouldbepaidback.
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Policy Anniversary Refund Percentage
1 0%
2 0%3 40%
4 43%
5 46%
6 50%
7 54%
8 58%
9 63%
10 68%
11 73%
12 79%
13 85%
14 92%
15 100%
GuaranteedSurrenderValue
You can surrender your plan after three years premiums
have been paid in full. In this case, the minimumGuaranteed Surrender Value that you are entitled to is
30% of the “Total Premiums Paid” excluding the
premiumforthefirstPolicyyear.
LoanProvisions
PolicyLoan
While this Policy is in force and provided that it has
a Cash value, you may apply for a Policy loan, for such
an amount within the cash value, and subject to suchterms and conditions, as the company may fix from time
totime.YourPolicymustbeassignedtous.
We reserve the right to determine the loan amount to
be granted, and to defer the granting of Policy loan for
aperiodnotexceedingsixmonthsfromdateofrequest.
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Note:Theabovepremiumsareexclusiveofservicetax.Thecurrentapplicableservicetaxrateis1.03%.
^Service tax is payable on Insurance premiums as per applicable tax laws. Tata AIG life Insurance Company Limited reserves the right to recover from the
Policyholder, anyleviesor duties (includingservicetax), asimposedby thegovernment, bypremiumadjustment.
Kindly referto thesalesillustrationfor theexact premiumrates.
Sample Annual Premium Table in Rs. ^
Age Gold Package Silver Package
Male Female Male Female
30 11,390 12,820 16,430 18,490
35 12,610 14,170 18,340 20,620
40 13,180 14,490 18,990 21,070
100% of Total
Premiums paid
100% Total
Premiums paid +
Guaranteed Addition
of 10% of TotalPremiums paid
100% of
Total Premiums
paid 100%
Total Premiums paid +
Guaranteed Addition
of 10% of Total
Premiums paid
Male Female Male Female
7,730 8,370 11,250 12,140
8,300 8,950 12,070 13,090
8,620 9,150 12,440 13,220
LoanInterest
Daily interest shall accrue on Policy loan at a rate which
we shall determine. Interest shall be payable on each
Policy anniversary after the loan date and until the loan
is repaid. Any unpaid interest shall be added to the
principal loan and bear interest at the same rate. At any
time while the Policy is in force, you may repay the
principalandaccruedinterest, onanypartoftheloan.
When the loan with accrued interest together with any
indebtness exceeds the cash value, the Policy will
become void.
DeductionfromProceeds
The unpaid loan or any indebtness on this Policy will be
deducted from any payment or proceeds under this
Policy at the time of settlement. Our claim for any
indebtness will have priority over the claim of any
creditor,assigneeoranyotherinterestedparty.
Benefit Illustration:
A 30-year Old Male buys Tata AIG Life Hospi CashBack -
Gold with100%MaturityBenefit-
DailyHospitalisationIncomebenefitavailabletohimwillbe- Rs.1,000
Assuminghe was hospitalisedfor75days,claimspaidwillbe
– (Rs. 1,000x 75days)- Rs.75,000
PremiumPaidthroughthePolicytermwillbe(Rs.11,390*15years)- Rs.1,70,850**
At the endof15years,moneyreturnedbacktohim- Rs.1,70,850**
**Premiumshownisexclusiveof servicetax.
RighttoReviewthePremiumRates
Thepremiumratesareguaranteedfortwo(2)Yearsfrom
the Policy Date and are subject to review thereafter,
based on the future expected mortality and morbidity
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experience. Upon review, if required, the mortality and
morbidity rates will be modified based on the claims
experience during the previous period and all other
assumptions will remain the same. The revised premiumrates will be applied to all Policyholders based upon
their issue age, i.e. if a Policyholder buys a Policy at age
25 Years and premiums are reviewed 2 Years later, at age
27Years, the revised premium rate of age 25Years will be
applicabletothisPolicyholderhenceforth.Further the revision in the premium rate will be subject
tothepriorapprovaloftheIRDA
W ha t i s n o t c ove re d u n de r Ta ta A I G L if eHospi CashBack?
Except for the Death Benefit, no benefit shall be payable
under this Policy for any event in respect of which
a claim is made, caused directly or indirectly, wholly or
partly,byanyoneofthefollowing:
1. Benefits will not be available for any Pre-existing
Condition, as defined in the Policy, until 24 months
of continuous coverage has elapsed, since inception
ofthefirstPolicywithus.
2. Daily Hospitalization Income Benefit for covered
illness will not be payable for the Waiting Period.
"Waiting Period" means a period of 90 days from the
issue date or commencement date or reinstatement
date, whichever is later, of the insurance policy.
3. Where in our opinion the Insured was diagnosed
of Acquired Immunodeficiency Syndrome (AIDS)
or infection by any Human Immunodeficiency
Virus(HIV);
4. War, declared or undeclared, or revolution;
5. Service in the armed forces in time of declared or
undeclared war or while under orders for war-like
operations or restorationof public order;
6. Self -destruction or any attempted self - destruction
or self-inflicted injury while sane or insane;
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7. Accident occurring while or because the Insured
is u nd er t he inf lu ence of a lcohol or a ny
non-prescribed drug;
8. Violation or attempted violation of the law or
resistance to arrest;
9. Pregnancy, miscarriage or child-birth, including
caesarean section, abortion, voluntary termination
of pregnancy, fertility, birth control and all related investigation.
10. Any congenital defect or abnormality which has
manifested or was diagnosed before the Insured
attains17yearsofage;
11. Corrective aids, contact lenses, hearing aids and
treatment of refractive errors unless necessitated
byInjury;
12. P s yc h o s i s , m e n t a l / n e r v o u s d i s o r d e r s , o r
investigation and treatment of psychological,
emotional, mental or behavioral conditions, or sleep
disturbance disorders, treatment of alcoholism, or
drug abuse or any other complications arising there
fromoranydrugaccident;
13. Cosmetic or plastic surgery or any elective surgery
or cosmetic procedure that improves physical
appearance, surgical and non-surgical treatment of
o b e s i t y ( i n c l u d i n g m o r b i d o b e s i t y ) a n d
weight-control programs, or treatment of an
optional nature;
14. Any form of dental care or surgery unless
necessitated by the injury (excluding denture and
related expenses);
15. Special nursing care, routine health checks or
convalescence, Custodial Care, general debility,
lethargy,rest cure;
16. Any treatment or surgical procedures/surgery
which is unproven or not yet accepted in accordance
with standards of good medical practice, or which is
not performed bya Registered Medical Practitioner;
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17. Immunisation, vaccination, inoculation or
treatments related to communicable diseases
requiringisolationorquarantineunderthelaw;
18. Speech therapy, diabetic class, nutritional
counselling, or group support treatment; treatments
and supplies for smoking cessation programs and
thetreatmentofnicotineaddiction;
1 9 . A n y t r e a t m e n t s o t h e r t h a n a l l o p a t h y / western medicines.
OtherFeatures:
FreeLookPeriod
You can cancel the Policy by giving a written
notice within the Free Look Period of 15 days from the
receipt of the Policy and the market value of the
invested premiums along with the charges paid will be
refunded after deducting Medical Fees, Stamp Duty,Mortality / Morbidity Charges and rider premium, if any,
onproportionatebasis.
GracePeriod
A grace period of thirty-one (31) days from the due date
will be allowed for payment of each subsequent
premium. The Policy will remain in force during the
grace period. If any premium remains unpaid at the end
of its grace period, the Policy shall lapse and have
no further value except as may be provided under the
non-forfeitureprovisions.
Reinstatement
In case your Policy has lapsed; you may reinstate the
same at the absolute discretion of Tata AIG Life within
two years of the first unpaid premium. However,
the Company would require:
• A written application from youfor reinstatement
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• Current health certificate and other evidence
ofinsurability
• Payment of all overdue premiums with interest• Repayment or reinstatement of any indebtedness
outstanding on the due date of the unpaid premium
plus interest.
Non-forfeitureProvisions
If you fail to pay the premium within the Grace Period,
after Premiums have been paid for at least three
(3) consecutive years, you may choose the following
non-forfeiture option by writing to us within 90 daysaftertheduedateofthepremiumindefault:-
Cash Value–To surrender this Policy for its Cash Value.
Such Cash Value is equal to the Refund of Premium in
the event of Policy surrender as set forth under the
Eligibility&PlanOptions.
Backdating
Nobackdatingisallowedinthisplan.
Tax Benefits
Premiums paid under this plan are eligible for tax
benefitsunderSection80CoftheIncomeTaxAct,1961#,
as applicable. Moreover, life insurance proceeds enjoytaxbenefitsasperSection10(10D)ofthesaidAct.
# Tax laws are applicable as per the Income Tax Act, 1961
and are subject to amendments made therein from time
totime.
Insurance Act, 1938, Section 41 (Prohibition
ofRebates)
No person shall allow or offer to allow, either directly or
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indirectly, as an inducement to any person to take out
or renew or continue an insurance in respect of any kind
of risk relating to lives or property in India, any rebate of
the whole or part of the commission payable or anyrebate of the premium shown on the Policy, nor shall
any person taking out or renewing or continuing
a Policy accept any rebate, except such rebate as may be
allowed in accordance with the published prospectuses
ortablesoftheinsurer.Any person making default in complying with the
provisions of sub-section 1 above shall be punishable
with fine, which may extend to five hundred rupees.
InsuranceAct, 1938, Section45
No Policy of life insurance effected before the
commencement of this Act shall after the expiry of two
years from the date of commencement of this Act and
no Policy of life insurance effected after the coming intoforce of this Act shall, after the expiry of two years from
the date on which it was effected be called in question
by an insurer on the ground that statement made in the
proposal or in any report of a medical officer, or referee,
or friend of the insured, or in any other document
leading to the issue of the Policy, was inaccurate or false,
unless the insurer shows that such statement was on
a material matter or suppressed facts which it was
material to disclose and that it was fraudulently made
by the Policyholder and that the Policyholder knew at
the time of making it that the statement was false or thatitsuppressedfactswhichitwasmaterialtodisclose:
Provided that nothing in this section shall prevent the
insurer from calling for proof of age at any time if he is
entitled to do so, and no Policy shall be deemed to be
called in question merely because the terms of thePolicy are adjusted on subsequent proof that the age of
the life insured was incorrectly stated in the proposal.
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TataAIGLife -ANewLookat Life
Tata AIG Life Insurance Company Limited (Tata AIG Life)
is a joint venture company, formed by the Tata Groupand American International Group, Inc. (AIG).
Tata AIG Life combines the Tata Group's pre-eminent
leadership position in India and AIG's presence as
an international insurance organisation. The Tata Group
holds 74 per cent stake in the insurance venture with
AIG holding the balance 26 per cent. Tata AIG Lifep ro vi d es i n su ra n ce s o lu t io n s t o i n di v id u al s
and corporates.
Tata AIG Life Insurance Company was licensed to
operate in India on February 12, 2001 and started
operationsonApril1,2001."
Disclaimer
Buying a life insurance Policy is a long-term
commitment. An early termination of the policy
usually involves high costs and the surrender value
payable may be less than the total premiums paid.
The brochure is not a contract of insurance.
The precise terms and conditions of this plan are
specifiedinthePolicycontract.
Wherever this brochure refers to taxation matters,
Tata AIG Life does not take responsibility for any
specific advice on taxation implications. You are
advised to check with your personal tax advisor for
advicerelevanttoyourcircumstances.
The indications about taxation matters presented in
this brochure are based on our interpretation of
currenttaxlawsandthesemaychangeinthefuture.
For complete details, please contact our Insuranceadvisor or visitTata AIG Life’s nearest branch office or
call our toll-free number 1-800-11-9966 (MTNL &
BSNL lines).
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1-800-11-9966(for MTNL/BSNL subscribers)
For details
Tata AIG Life Insurance Company Ltd. (Regn. No. 110)
Registered & Corporate Office: Peninsula Towers,th
6 Floor, Peninsula Corporate Park, Ganpatrao Kadam Marg,Lower Parel, Mumbai 400 013.Visit us at www.tata-aig-life.com
Insurance is the subject matter of the solicitationUniqueReferenceNo.:L&C/Adv
t/2008/Oct/1621
UIN:110N
066V01
PRBR00331
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