Medimanage.com Exclusive: Tata AIG General Insurance today launched its first indemnity based health insurance policy called: "MediPrime". Till date, Tata AIG, like its international joint venture partner AIG marketed only benefit products under Health, that provided event based lumpsum benefits. This launch brings a 10 year old heavy weight general insurance brand like Tata AIG into Health Insurance in India, this sure will bring a great impact to the market.
The products is a standard hospitalization mediclaim policy, which covers inpatient hospitalization for accidents and sickness, with comparable terms and conditions with other existing Health Insurance products.
Here are the prominent features of Tata AIG MediPrime (as per the brochure):
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Features
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Particulars
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Sum Insured Options
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Rs. 2, 3, 4, 5, 7.50, 10 Lakhs
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Entry Age
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18 to 65 Years.
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Medical Test
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For Sum Insured of Rs. 7.5 and Rs 10 Lakhs. From 46 years and above.
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Members that can be covered
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Self, Spouse, upto 3 Kids
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Maximum Renewal Age
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Lifetime renewable
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Pre-existing Ailments
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Covered after 4 continuous renewals
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Waiting Periods
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30 Days Waiting Period for all illness, and 2 Years for specified ailments.
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Copay
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No Copay
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Room Rent Limits
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No Limits
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Surgery Limits
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No Limits
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No Claim Bonus
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10% upto maximum 50%
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TPA
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Family Health Plan (TPA) Ltd. (same as Apollo Munich)
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If you are familiar with existing products in the market, you will realize that the product is quite standard, and similar to other "lifetime renewable" health insurance products from other private insurance companies like Apollo Munich, Max Bupa, Bharti AXA.
Some of the features which differentiate Tata AIG MediPrime are:
- The product covers treatment under AYUSH (Ayurvedic, Unani, Sidha and Homeopathy) with limits - (This is also provided by Oriental Happy Family Floater)
- No Loading on Claims. Only No Claim Bonus would be reduced. - (This is also provided by Apollo Munich)
Premium Quote Comparison of Tata AIG MediPrime and other leading products:
Here's a simple comparison of premium quotes for a family, Husband 30 years, Wife 29 years, Kid 2 years for a Rs. 3 Lakh Cover.
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Product Name
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Premium (Inclusive of Service Tax)
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Oriental Happy Family Floater
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Rs. 5305
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Apollo Munich Easy Standard
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Rs. 6066
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Tata AIG MediPrime Health Insurance
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Rs. 7592
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Apollo Munich Optima Restore
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Rs. 8282
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Bajaj Allianz Health Guard
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Rs. 8552
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Max Bupa Heartbeat Silver
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Rs. 9829
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Final Take:
MediPrime launched today, is a standard "comparable" health insurance product with other lifetime renewable health insurance policies. From a price point, this product is more expensive than the sweet spot pricing of Apollo Munich (with more or less same features), and the same claims processing TPA. The product would largely be pitted against Apollo in the metro markets.
The point is, all the Private Insurers listed above do provide excellent products, with excellent benefits, but with the same hitch: They are extremely reluctant covering a member with even a minor adverse medical history or condition. Tata AIG, as the industry knows it, is largely an underwriter driven company. What could hence make the difference, in the long run, is how the company, capitalizes on its underwriting strengths, and views such proposals with minor adverse medical history, differently. A huge market of customers in this category is available to be tapped.
As usual, we will keep you posted of any developments or findings. Watch this space.
If you have any questions, you can use the comments section below.
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