Tata AIG launches Health Insurance - MediPrime : Review

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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):

Features

Particulars

Sum Insured Options

Rs. 2, 3, 4, 5, 7.50, 10 Lakhs

Entry Age

18 to 65 Years. 

Medical Test

For Sum Insured of Rs. 7.5 and Rs 10 Lakhs. From 46 years and above.

Members that can be covered

Self, Spouse, upto 3 Kids

Maximum Renewal Age

Lifetime renewable

Pre-existing Ailments

Covered after 4 continuous renewals

Waiting Periods

30 Days Waiting Period for all illness, and 2 Years for specified ailments.

Copay

No Copay

Room Rent Limits

No Limits

Surgery Limits

No Limits

No Claim Bonus

10% upto maximum 50%

TPA

Family Health Plan (TPA) Ltd. (same as Apollo Munich)

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.

Product Name

Premium (Inclusive of Service Tax)

Oriental Happy Family Floater

Rs. 5305

Apollo Munich Easy Standard

Rs. 6066

Tata AIG MediPrime Health Insurance

Rs. 7592

Apollo Munich Optima Restore

Rs. 8282

Bajaj Allianz Health Guard

Rs. 8552

Max Bupa Heartbeat Silver

Rs. 9829

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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