Tata AIA Life Insurance (Tata AIA), one of India's leading life insurance companies, has launched Tata AIA Pro-Fit. This innovative and personalised health solution caters to one’s unique needs. This exceptional plan provides comprehensive coverage for one’s medical expenses and health & wellness benefits and presents an opportunity for wealth creation, which doubles up as a health emergency fund.
As per the 2021 Indian Economic Survey, 65 per cent of medical expenses are paid as Out-Of-Pocket (OOP) fees. In several cases, people dipped into their long-term savings during health emergencies as they found their basic health cover policy insufficient. Tata AIA’s Pro-Fit comes to the rescue with benefits that include:
- Cover for more than 130 surgeries, daycare procedures, and 57 critical illnesses.
- Avail cashless claim services at network hospitals in India.
- Reimbursement for diagnostic tests up to Rs. 25,000.
- Cover for medical expenses related to treatments done in India and 49 countries.
- The Overseas Treatment Booster pays additional benefits up to Rs. 10,00,000 for Critical Illness treatment abroad (can be used for travel, accommodation, companion costs, etc.)
- Tax-free redemptions made for treatment-related expenses.
- Unique benefits to encourage women and the younger population to start investing in their health.
- “Pride” discount for transgender people.
- Health and & wellness benefits with the world-renowned programs – Vitality and Medix.
- Photocopies of medical reports are accepted; no need for original papers.
Announcing the launch of the new solution, Samit Upadhyay, President & Chief Financial Officer, Tata AIA Life Insurance said, “Critical illness can happen at any age and these often-extortionate living and medical costs. Even if treated entirely, many such diseases can recur. Further, the post-diagnosis and care payments cause a significant financial drain. The fact that 65 per cent of all health spending in India is out-of-pocket expenses points to the significant gap in the nature and extent of health coverage in India. Tata AIA Pro-Fit Health plan is a plan that is designed to accompany your health journey and provide you coverage for up to your chosen term or even the whole of your life. The plan covers you from early detection to prevention and treatment to recovery, using value-added services such as Medix and Vitality - a unique behavioural change programme that actively supports and rewards your healthy choices.”
When a registered medical practitioner recommends, health-related withdrawals from the plan will be tax-free (Income Tax benefits would be available as per the prevailing income tax laws). This would include expenses related to complementary and alternative Medicines such as Ayurveda, homoeopathy, panchakarma, nutrition, etc. The solution even offers coverage for health-related costs in India or abroad.
In addition, consumers can benefit from the Vitality wellness program, including rewards for following a wellness regime, free health check-up services, etc. Consumers also get access to Medix's empanelled doctors and consultants worldwide, thereby obtaining expert advice for treating critical illness with Medical Case Management (PMCM).
Looking at the investment side of the plan, Pro-Fit allows policyholders to grow their investments with market-linked returns offered under ULIP funds. Policyholders receive a lump-sum payout in case of total and permanent disability due to an accident, apart from an in-built death cover that ensures financial protection for the loved ones in the absence of the policyholders.
Policyholders can enjoy all these benefits until they are 100, ensuring complete peace of mind. Moreover, Smart lady discounts provide female policyholders a two per cent discount on first-year rider premiums and 0.5 per cent additional units in the ULIP fund. Consumers purchasing the plan before they turn 30 get an extra two per cent discount on their premiums. A unique two per cent ‘Pride’ discount is also available to transgender consumers for the first year.