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Our world is growing every day, and a majority of the population from our world lives fast-paced lives. While this hustle-bustle may help them advance their careers or achieve their life goals faster, their lifestyle choices may be taking a severe toll on their physical well-being. If anything unfortunate happened to us, it would be quite a burden on the individuals dependent on us. An easy way to protect our loved ones in our absence is through a term insurance plan. A term insurance plan will provide an enhanced sum assured to the beneficiaries at affordable premiums.
There are various policies available out there for individuals to choose from. However, these plans may not cover all the specific requirements you may desire from an insurance policy. Therefore, insurance companies provide a feature called 'life insurance riders@.
Riders@ are additions to an insurance plan that will provide the policyholder with coverage for specific situations. Out of the many riders available, getting a comprehensive health-based rider with your insurance plans will be quite beneficial. With the rising healthcare costs, such riders@ can help the policyholder take care of the medical bills.
Comprehensive Health Rider by TATA AIA Life Insurance
The Tata AIA Life Insurance Non-Linked Comprehensive Health Rider (UIN: 110B031V02) is a critical illness rider@ that improves the existing protection provided under the base plan and provides all-around protection for the policyholder by offering multiple health-based coverage options, over and above the base term insurance policy.
This TATA AIA rider helps the policyholder get coverage for disability, hospitalisation, major and minor cardiac/cancer or other critical ailments under a single plan. With this rider's inclusion, the policyholder will not have to worry about the medical bills arising from any health issues covered in the plan.
Features and benefits of the Comprehensive Health Rider:
This rider@ allows the policyholder to choose from one of the 5 risk cover options, including hospitalisation, illness, and disability.
The rider@ also provides coverage against minor ailments/injuries and for major stage diseases. It also allows multiple claim payouts to the policyholder.
Policyholders can include their loved ones under the same plan by extending protection to them as well.
This rider@ allows policyholders to cover themselves and their families against any risks covered under the plan. They can include them either at the time of policy purchase or during any policy anniversary.
With this rider@, the policyholder will have the flexibility to choose how they wish to get their benefit amount. They can either go for a lump sum or monthly income for up to 10 years, or a combination of both.
Policyholders can opt for getting the return of balance premiums# when the plan matures.
This rider provides the policyholder income tax* benefits based on the prevailing tax laws.
The Comprehensive Health Rider@ provides the policyholder with coverage against a wide range of risks. The policyholder can opt for coverage against one or more risks based on their needs.
Some of the benefits included with the rider are:
Accident Permanent Partial/Total Disability benefit:
If the policyholder has experienced total or partial permanent disability of the life insured from an accident within the benefit option, a portion of the insured amount is paid. This amount will be paid as a 'Benefit Option', and it will depend on the extent of the disability suffered by the policyholder. If the paid out benefit is less than 100% of the insured amount, the coverage continues for the balance amount. The benefit terminates if 100% of the insured amount is provided.
Multistage Critical Illness Benefit:
When the policyholder gets diagnosed with a disease or is undergoing a procedure covered under the benefit, the insured amount provided to them will depend on the extent of the illness. If the ailment is at a minor stage, 25% of the insured amount is provided. If the ailment is at a major stage, 100% of the insured amount is provided.
Multistage Cancer Care Benefit:
If the policyholder gets diagnosed with cancer, the benefit provided to them will depend on the extent of the disease severity. If the disease is at a minor stage, 25% of the insured amount is provided. If the disease is at a major stage, 100% of the insured amount is provided. Multiple small claims for different cancers are allowed until the total payout exceeds 100% of the insured amount.
Multistage Cardiac Care Benefit:
If the policyholder is dealing with cardiac conditions, the benefit extent would depend on how severe the issue has gotten. If the policyholder deals with a minor stage cardiac condition, they get 25% of the sum insured. If the policyholder deals with a major stage cardiac condition, they get 100% of the sum insured. There will be a cooling-off period of 160 days between the minor condition's occurrence date and the consequent minor condition's occurrence date for several minor stage claims.
HospiCare Benefit:
If the policyholder is hospitalized due to some issue, the insurer will provide them with benefits based on different circumstances. The policyholder will enjoy different benefits like hospital cash benefit, ICU benefit and recuperation benefit.
Who can buy the TATA AIA Life Insurance Comprehensive Health Rider?
Any individual who has purchased a plan with Tata AIA and is between 18-60 years of age can include this rider in their plan. Including this rider@ can help the policyholder manage healthcare bills for various life-threatening diseases.
How to buy the Comprehensive Health Rider?
To purchase the comprehensive health rider@, the individual must include it in their plan when purchasing the plan. If the individual has missed the opportunity to improve the coverage during policy purchase, they can opt for the required benefit option during policy renewal. It will be subjected to the eligibility criteria of the option selected.
Conclusion
With the latest medical field advancements, dealing with critical medical illnesses has become relatively simple. However, dealing with the medical costs associated with their treatment has also been a major problem. Understanding this peril faced by its customers, Tata AIA has launched the Comprehensive Health Rider. Including the rider@ in an insurance plan will help the policyholder deal with the medical and hospital bills involved with fighting illnesses.
L&C/Advt/2023/Mar/1033
