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Tata AIA Life Hospi Cash Back Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

 

Tata AIA Life Hospi Cash Back Plan
 
Tata AIA Life Hospi Cash Back Plan is a Health Plan with Daily Hospitalization Income Benefit. It is a Traditional Plan without Bonus facility.
 
How it works – In this plan, premium needs to be paid for the entire period of 15 years. There are 2 variants to choose from:
  • Silver- Where the Daily Hospitalization Benefit is Rs 500 and can be availed for maximum of 15 days in a year and 90 days in the entire policy tenure
  • Gold- Where the Daily Hospitalization Benefit is Rs 1000 and can be availed for maximum of 30 days in a year and 180 days in the entire policy tenure
 
This is a long term health plan without pre-medical tests where pre-existing diseases are covered after 2 years of continuous renewal. If the Life Insured dies within the Policy Tenure, the Higher of the Sum Assured or the Total Premiums Paid is paid as Death Benefit and the policy terminates.
 
However, if the Life Insured survives till the end of the policy tenure, he would be paid the Maturity Benefit according to the option selected at the beginning of the tenure. There are 2 options for choosing Maturity Benefit. The premium would vary accordingly. They are:
  • 100% of Total Premiums Paid are returned back
  • 100% of Total Premiums Paid are returned back + Guaranteed Addition of 10% of Total Premiums Paid
 
 
Key Features of Tata AIA Life Hospi Cash Back Policy
 
  • It is a Hospitalization Benefit Plan where Daily Fixed amount is paid on each day of hospitalization from 1st Overnight Stay
  • There are 2 variants in this plan- Gold and Silver
  • This is a long term plan of 15 years without pre-medical tests
  • This policy covers Pre-Existing Diseases after 2 years of continuous renewal
  • If the Life Insured dies within the Policy Tenure, the Higher of the Sum Assured or the Total Premiums Paid is paid as Death Benefit
  • On survival till the end of the Policy Tenure, Total Premiums Paid or Total Premiums Paid + Guaranteed Addition of 10% of Total Premiums Paid is paid as Maturity Benefit
  • Death and Maturity Benefit is payable even after multiple claims
  • This plan can be taken over and above the existing health plans
  • The Premium rates are guaranteed for 2 years in this plan
 
 
Benefits you get from Tata AIA Life Hospi Cash Back Policy
 
Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee gets the higher of:
  • Sum Assured(i.e. 5 times the Annualized Premium)
  • Total of all Premiums Paid(exclusive of service tax)
 
Maturity Benefit – There are 2 options for choosing Maturity Benefit. The premium would vary accordingly. They are:
  • 100% of Total Premiums Paid are returned back
  • 100% of Total Premiums Paid are returned back + Guaranteed Addition of 10% of Total Premiums Paid
 
Medical Benefit — In this plan, there are 2 packages- Silver and Gold
 
 
Silver Package
Gold Package
Daily Hospitalization Income Benefit
Rs 500
Rs 1000
Maximum Coverage (no of days/year)
15
30
Lifetime Maximum Coverage (Days)
90
180
 
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.
 
 
Eligibility conditions and other restrictions in Tata AIA Life Hospi Cash Back Insurance Policy
 
 
Minimum
Maximum
Sum Assured (in Rs.)
5 X Annual Premium
Policy Term (in years)
15
Premium Payment Term (in years)
15
Entry Age of Life Insured (in years)
18
55
Age at Maturity (in years)
-
70
Payment modes
Annual, Semi-Annual, Quarterly and Monthly
 
 
Sample illustration of Premium Amount in Tata AIA Life Hospi Cash Back Plan
 
The below illustration is for a 30 years old Man opting for Gold and Silver Package with both types of Maturity Benefit

Tata AIA Life Hospi CashBack Plan Sample Premiums

 

 

Additional Features and Benefits of Tata AIA Life Hospi Cash Back Plan
 
Riders – There are no additional riders in this plan
 
 
What happens if?
 
You stop paying the premium - If the policy holder stops paying the premium,
 
You want to surrender the policy – There are surrender benefits after 3 policy years. A certain percentage of the Total Premiums paid till date of surrender for that particular year is paid as Surrender Value and the policy is terminated.
Minimum Guaranteed Surrender Value= 30% of all Premiums Paid – 1st year’s Premium
 
You want a loan against your policy – Loan facility is allowed in this plan.

 
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