TATA AIG Rolls Out Revolutionary Health Plan, MediCare Select
TATA AIG Launches Advanced Health Insurance Scheme "MediCare Select" to Increase Retail Presence and Enhance Coverage Availability
Stepping up its game in the healthcare sector, TATA AIG General Insurance Company has dropped a bomb with the launch of MediCare Select - a next-gen health insurance solution, designed to revolutionize healthcare access across India.
In line with this forward-thinking approach, TATA AIG aims to boost its hospital network from 11,500 to over 14,000 facilities by FY27. This strategic move underscores their commitment to strengthening their retail health portfolio and delivering future-proof health solutions.
Positioned as an all-inclusive plan, MediCare Select caters to a diverse customer base - from infants to the elderly, with no age limits, and affordability at its core. The product's customizable nature and practical offerings like the Young Family Discount and Professional Discount make it accessible across income brackets and life stages.
Neel Chheda, Chief Underwriting and Data Science Officer at TATA AIG General Insurance Company Limited, expressed his excitement about the launch, saying, "MediCare Select brings together value, versatility, and access - offering meaningful protection that aligns with the changing healthcare needs of today's consumers. In a world where medical costs are skyrocketing and health conditions keep evolving, this product empowers individuals and families to stay insured without compromising."
Top Features of the MediCare Select:
- Restore Infinity Plus: Offers unlimited restorations of the sum insured during a policy year for both related and unrelated ailments.
- Infinite Advantage: Covers one claim during the lifetime of the Policy without any sum insured limit.
- OPD Covers: Includes an OPD Care rider to cover outpatient treatments, consultations, dental care, teleconsultations, and vision care.
- Consumables Benefit: Option to cover non-payable hospital consumables like bandages, gloves, and slings - usually forming a substantial portion of hospital bills.
- Maternity Care: An option to select maternity coverage, including delivery complications, and vaccinations of the newborn baby in the first year - with the option to reduce the waiting period from 24 months to 12.
- Professional Benefit: A 7.5% discount on premium for salaried individuals.
- Early Access: Allows for the utilization of the Sum Insured of the multi-year policy at any time during the Policy Period for single premium policies.
- Young Family Benefit: A 10% discount for families where the eldest member is 40 or younger.
- Daily Cash Benefits: Provides daily cash benefits for opting for twin or multi-sharing accommodations, without affecting the base sum insured or bonus.
- No Claim Bonus: Offers a 50% bonus per policy year (maximum up to 100%) with a 50% reduction in case of a claim.
- Favourable Experience Discount: Offers a flat 20% discount at policy inception and up to 20% at renewal based on claims history over three years.
Over the past three years, TATA AIG has seen a growing adoption of its retail health offerings, and this launch will help extend that reach to more geographies and segments, ensuring broader access to quality healthcare.
Recently, TATA AIG also introduced over 70 riders and benefits as part of its health portfolio, paving the way for dynamic and modern modular products. With a focus on innovation, convenience, and consumer empowerment, MediCare Select marks a significant stride towards redefining health insurance for a more informed, health-conscious India.
For more details, check out www.tataaig.com.
- This new health insurance solution from TATA AIG, MediCare Select, aims to reshape healthcare access across India.
- TATA AIG plans to boost its hospital network, reaching over 14,000 facilities by FY27.
- The MediCare Select plan caters to a diverse customer base, from infants to the elderly, with no age limits.
- Affordability is at the core of MediCare Select, making it accessible across income brackets and life stages.
- The Young Family Discount and Professional Discount make the product affordable for various demographics.
- Neel Chheda, Chief Underwriting and Data Science Officer at TATA AIG, described MediCare Select as offering meaningful protection aligned with consumers' changing healthcare needs.
- Restore Infinity Plus in MediCare Select offers unlimited restorations of the sum insured during a policy year for both related and unrelated ailments.
- Infinite Advantage in MediCare Select covers one claim during the lifetime of the Policy without any sum insured limit.
- The OPD Care rider in MediCare Select covers outpatient treatments, consultations, dental care, teleconsultations, and vision care.
- The Consumables Benefit option covers non-payable hospital consumables like bandages, gloves, and slings.
- Maternity Care in MediCare Select includes delivery complications and vaccinations of the newborn baby in the first year, with the option to reduce waiting period.
- A 7.5% discount on premium is offered for salaried individuals with the Professional Benefit.
- Early Access in MediCare Select allows for the utilization of the Sum Insured of the multi-year policy at any time during the Policy Period for single premium policies.
- The Young Family Benefit offers a 10% discount for families where the eldest member is 40 or younger.
- Daily Cash Benefits provide daily cash benefits for opting for twin or multi-sharing accommodations.
- No Claim Bonus offers a 50% bonus per policy year (maximum up to 100%) with a 50% reduction in case of a claim.
- The Favourable Experience Discount offers a flat 20% discount at policy inception and up to 20% at renewal based on claims history over three years.
- TATA AIG's adoption of retail health offerings has grown significantly over the past three years.
- TATA AIG has introduced over 70 riders and benefits as part of its health portfolio, promoting dynamic and modern modular products.
- MediCare Select focuses on innovation, convenience, and consumer empowerment.
- The launch of MediCare Select is a significant step in redefining the health insurance industry in India.
- With MediCare Select, TATA AIG helps extend its health offerings to more geographies and segments, ensuring broader access to quality healthcare.
- With climate change impacting chronic diseases and respiratory conditions, innovation in healthcare becomes essential.
- Fitness and exercise play a crucial role in maintaining cardiovascular health, digestive health, and overall wellness.
- Autoimmune disorders, neurological disorders, and skin conditions require extensive therapeuties and treatments.
- A focus on environmental science is crucial in creating sustainable solutions for healthcare and wellness products.
- The manufacturing industry can adopt environmentally friendly practices to reduce the impact on health and the environment.
- Mental health is now recognized as a critical area for workplace-wellness initiatives, and retail businesses can play a role in creating supportive environments.
- In the finance and investment sector, wealth management firms can invest in wellness startups promoting health and fitness.
- As technology advances, artificial intelligence, data, and cloud computing will play a significant role in personalized healthcare and lifestyle management.
- Entrepreneurship, diversification, and inclusivity are key to innovation in the healthcare, interior design, transportation, leadership, and real estate sectors.
