An emergency fund, life insurance, and health insurance are all integral components of a well-rounded personal finance strategy.
They provide financial security, protect against unexpected events, and in turn offer peace of mind. Allowing you to focus on your well-being and long-term financial goals. This will aid you in uninterrupted wealth creation in the long run.
Tata AIA has launched a product combining health insurance, Life coverage, and wealth creation. Tata AIA Pro-Fit aims to provide a comprehensive plan.
What are the advantages(pros) and disadvantages(cons) of Tata AIA Pro-Fit which combines three different options?
Will Tata AIA Pro-Fit set a good or bad example for a comprehensive plan?
In this article, let us explore each aspect of Tata AIA Pro-Fit and find out whether it is a one-stop solution or not.
Table of contents
- Life Cover of Tata AIA Pro-Fit – Analysis
- Health Cover of Tata AIA Pro-Fit – Analysis
- Wealth Accumulation of Tata AIA Pro-Fit
3.)Additional benefits of Tata AIA Pro-Fit – Analysis
4.)Advantages of Tata AIA Pro-Fit – Analysis
5.)Disadvantages of Tata AIA Pro-Fit – Analysis
6.)Tata AIA Pro-Fit vs. Tata AIA Life Guaranteed Return Insurance Plan
7.)Tata AIA Pro-Fit vs. Tata AIA Life Insurance Value Income Plan
8.)Final Verdict on Tata AIA Pro-Fit – Good or Bad?
1. An Overview of Tata AIA Pro-Fit
Tata AIA Pro-Fit offers financial security to you and your family members during medical emergencies without jeopardizing your family’s long-term financial goals such as a dream home, school, marriage, retirement, and so on. You benefit from a Unit-Linked Insurance Plan, which allows you to develop your health savings through market-linked returns and prepare for any medical emergencies.
Tata AIA Pro-Fit is a combination of three different products of Tata AIA.
- Tata AIA Smart Health
- Tata AIA Sampoorna
- Tata AIA OPD care
Please refer to the official brochure of TATA AIA Pro-Fit for more policy details.
2. Features of Tata AIA Pro-Fit – Review
Tata AIA Pro Fit focuses on four different aspects Wellness benefits, medical benefits, and life insurance, all while building your wealth over time. Let us delve into each subcategory and find out the benefits that we get.
i) Life Cover of Tata AIA Pro-Fit – Analysis
- Whole of Life cover – Enjoy the benefit of cover up to 100 years of age.
- Disability Cover – Provides a lump sum payment in the event of total and permanent disability as a result of an accident.
- Hospital Cover – Get daily cash benefit of up to 20,000/- on hospitalization and up to 40,000/- on ICU admission.
- Death Cover – Ensure financial protection for your loved ones in your absence.
- Critical illness Cover – Benefit payment upon diagnosis of any of the 57 Critical illnesses mentioned.
- Daycare Cover – Benefit payout for 136 listed and all other non-listed daycare surgeries.
ii) Health Cover of Tata AIA Pro-Fit – Analysis
- Cashless claims – Obtaincashless claim service across network hospitals
- Click and Claim – Enjoy claim settlement by just uploading photocopies of reports
- Health Concierge – Get personal assistance for the admission and discharge process
- OPD Care cover – Get services like Outpatient consultations, physiotherapy sessions, pharmacy and diagnostic cover, etc
- Overseas Treatment Booster – Avail an additional 10% of the sum assured to cover overhead expenses for self and companion
iii) Wealth Accumulation of Tata AIA Pro-Fit
Market Linked Returns – Opportunity to create a health corpus using a variety of funds. This fund can be withdrawn for funding the following treatments – Ayush Treatment, Wellness treatment, Panchakarma, Nutrition, and Weight Loss.
3. Additional benefits of Tata AIA Pro-Fit – Analysis
- Vitality discounts – Upfront discount on first-year premium and renewal premium discount based on vitality status
- Free annual health checks with Vitality
- Auto Debit and additional units worth ₹ 120 per year allocated to the fund value
- 2% discount for life assured age less than or equal to 30 years, transgender life assured, female life assured.
- Extra allocation of 0.50% of the premium to the fund value for female life assured.
4. Advantages of Tata AIA Pro-Fit – Analysis
- Instead of buying separate products, you can buy Tata AIA Pro-Fit
- Generally, riders have to be purchased separately but, here most of the riders are included in the plan itself.
5. Disadvantages of Tata AIA Pro-Fit – Analysis
- Since it involves health cover and life cover, a major portion of the premium is utilised for these services and the balance is utilised for wealth accumulation.
- Combining so many plans will dilute the purpose of every individual plan.
- Even though there are so many benefits, one may not require it all. Eventually, it comes as a package and one cannot avoid it.
6. Tata AIA Pro-Fit vs. Tata AIA Life Guaranteed Return Insurance Plan
Please read the review of ‘Tata AIA Life Insurance Guaranteed Return’, which promises to provide the benefits of a life insurance policy as well as a guaranteed recurring income to act as an investment in attaining your medium to long-term financial objectives.
7. Tata AIA Pro-Fit vs. Tata AIA Life Insurance Value Income Plan
Please read the review of The ‘Tata AIA Life Insurance Value Income Plan’, which is an endowment plan with a life insurance option. It guarantees the protection of your dreams at various periods of life while not compromising your necessities through financial resources.
8. Final Verdict on Tata AIA Pro-Fit – Good or Bad?
Tata AIA Pro-Fit offers Health Cover, Wellness, Medical Benefits, and Life Cover while growing your Wealth over the long term. In general, you may need to buy life insurance and health insurance separately for your insurance basket. But Tata AIA Pro-Fit offers a combined benefit.
The main drawback of Tata AIA Pro-Fit is it offers a bundle. Even if you do not require such a benefit, you may need to pay for it.
Another disadvantage is that your investment portion will not aid you in fulfilling your future goals under Tata AIA Pro-Fit. The premium is first deducted for life cover, health cover, and allied benefits. So, this plan is not ideal for your investment basket.
Please beware of insurance agents who will push you into buying this plan. It is solely for the ‘high agent commission’ that they get.
Tata AIA Pro-Fit neither serves the purpose of insurance nor serves the purpose of investment. It is just a combined plan without any proper focus on any of the aspects.
It is advisable to buy a Term Plan for your life cover. The Term Plan offers high coverage at an affordable premium. For health insurance, the family floater is the best option.
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