This is the review of the Hospital Cash scheme from Tata AIG. It is called HealthCare+. This policy is only sold over phone. Be prepared to give your credit card details or any other form of payment.
POLICY:
This is an add on policy for any pure health insurance scheme. Here, you dont get money to cure the illness, but based on how many days you spend in the hospital. Let me explain. If you are hospitalised for a serious surgery for two days and it costs 3 lacs. A normal health insurance will give you the full 3 lacs if it is covered. But this policy will give you only your sum insured per day for TWO days of hospitalisation. It does not matter how serious the illness or expense was - you get paid a fixed sum per day of hopitalisation.
These kind of policies aim to compensate you for the "other" costs involved with hospitalisation that is not covered by a normal Health cover. Like for instance, the salary/ business that you lose for each day you spend in hospital, or expenses for your near and dear ones to travel and meet you etc. So this policy should be taken only after you have a pure health insurance cover.
The policy provides 5 levels of benefit. level 1 is 500 rs per day, level 2 is 1000 rs per day, level 3 is 2000 rs per day, level 4 is 3000 rs per day and level 5 is 5000 rs per day. Any one can take the scheme - no income proof is required. Also, premium remains same for all ages. In case of accident, the above mentioned cover is doubled. For each unclaimed year of policy, you get 5% more on the sum insured.
They cover you only for hospitalisation within India.
*PLUS POINTS:
*Bigger cover per day like 5000 rs for sickness available in Level 5(premium 6711 per person). Though the plan looks expensive, you get sec 80D benefit. Also, unlike other such schemes(for instance Bajaj has a similar plan), this plan offers cash for upto 180 days of hospitalisation per year.
Covers upto the age of 55.
For every unclaimed year, your daily benefit increases by 5% upto a max 5 years. That is, if you take Level 5, after 5 full years, your cash per day will be 6381 Rs.
There is guaranteed issuance - no income proof required, no health checkups.
For accident hospitalisation also, you can get sum assured for 180 days per year max.
This plan can be clubbed with other plans. WHich means, you can submit xerox copies of your hospital records/ doctor statements. Tata AIG does not bother if you have another hospital cash policy that pays you for the same illness - so you dont have to submit your original hospital documents with them.
LIMITATIONS
For sickness hospital cash, it takes 90 days to get the cash. So dont rely on this policy to provide for immediate expenses. Also, one day is deductible. Which means that if you get hospitalised for 10 days, you will get only 9 days benefit.
Day treatment does not constitute hospitalisation. So you cannot make a claim. You have to spend at least 24 hours continuously in the hospital.
For accident hospitalistion, you have apart from the per day allowance, a "Accident Medical Expense Reimbursement". For level 1, it is 5000 rs, level 2 10000 and so on upto level 5 25000. However, 5% of this sum is deducted and remaining paid based on the actual treatment expense.
*COMPARISON
*With Bajaj Allianz Hospital Cash program
Bajaj plans offer double benefit for upto 7 days for ICU treatment. They dont have double benefit for accidental hospitalisation.
Bajaj has different premiums for different age levels.
For 2000 rs per day benefit for upto 60 days for a 30 year old person, the premium with Bajaj is 1686 Rs. Double benefit for ICU admission for upto 7 days.
The above for TATA AIG is 2821 rs(Level 3). Please note, you have 180 days benefit, and double accident benefit for the same period. Also, no medical checkup or income proof or age related loading.
Bajaj issues policy for upto 60 years old persons. Tata AIG - only upto 55.
ICICI also has a similar hospital cash programme, but my trust level with the company is very less. They are known to reject claims on trivial grounds. Hence I wish not to do any comparison with their product. But their product is more comprehensive and more expensive.
PROCESS and CUSTOMER SERVICE
I had mailed their customer service citing my interest in the policy. I got a call the next day while I was away from town and asked him to call me two days later. Promptly they have called me and explained the scheme.
I have been reading about lots of issues about the folks in tata aig. I had a similar experience when in dec 2007 one of their agents called me after I sent a mail to the customer service for the same Hospital Cash scheme. The guy knew nothing about the policy and did not even know that the accident hospitalisation benefit is double the sickness benefit. I told him that I will not be interested in dealing with him at all.
But my second experience was good. This time it was the call center in Pune that called me, on a monday. I asked him how could I trust him and give the credit card number. He told me detail of the mail I sent to the tata aig and hence he is calling. Also he said they are in a call center where no pen, paper, electronic device is allowed. So the employees cannot note down your card details and use it later. Dont know if all of this is true, but I felt reassured. Also, you DONT need to give the CVV number of the card.
I gave my card details for a policy for me and my wife, level 5. The physical policy paper reached me exactly in 5 days time, that is, on friday noon. I am impressed. They also sent me an SMS saying the policy was dispatched.(though the SMS reached me AFTER the actual policy paper reached)
FINAL NOTE:
I will update these pages if I ever have to make use of this policy. That is the real test of any policy - when it comes to a claim. I do not have currently any info that helps in this matter. Also, what all they define as "pre-existing" could be a controversy. ONly a claim process will clarify all of this.
*UPDATES:
*I had a nightmare renewing the policy this Jan. I had made the payment in advance on Jan 6th 2009 though it was expiring only in Jan end'09. since I was going to be out of the country for two months. I got calls from them in march'09 asking me to renew! And thats when I understood they did not renew it. Of course, they said it was only a mistake. but I disagree.
I wonder that if the levels of service for even a renewal is so bad, then what about making a claim!
Comments and Experiences from other customers of this policy invited.:)
