AIG Daily Health Benefit is an insurance product that pays up to R1,000.00 per day when one is hospitalized due to illness, accident, or childbirth. Individuals between the ages of 18 and 65 are eligible to purchase the product.
When the insured is hospitalized, the AIG Daily Health Benefit plan pays out cash. Since the insured will be unable to work while hospitalized, the benefit provides financial assistance for non-medical expenses.
The plan can be expanded to include a spouse and up to five children. Children under the age of 18 can be added to the product, but full-time students under the age of 25 can also be covered.
Childbirth is also compensated, and the plan covers hospitalization for three days due to childbirth. Maternity benefits are available only to women between the ages of 18 and 49.
The AIG Daily Health Benefit has a daily spend limit of up to R2,500.00. Furthermore, the plan has a 180-day claim limit per insured person per year.
The coverage is limited to a maximum of 30 days of coverage per event per year. The plan has a waiting period on certain covers for hospitalization.
We will go over these plans in greater detail below, including the waiting period and other details.
AIG Daily Health Benefit Overview
The AIG Daily Health Benefit provides up to R1,000.00 per day in cash while hospitalized. The policy pays for hospitalization due to illness, injury, or childbirth. There is no waiting period for hospitalization as a result of an accident.
Individuals between the ages of 18 and 49 are eligible for coverage during childbirth. Only the primary policyholder and his or her spouse are eligible for the childbirth benefit. Childbirth benefits cover three days during childbirth admission. Maternity benefits have a 12-month waiting period.
If a person is hospitalized for more than 48 hours, the illness benefit covers the entire hospital stay. If the covered individual is admitted again within 7 days due to the same incident, the plan does not apply again.
If the insured is admitted to the High Care unit, AIG increases the coverage amount. When admitted to a high care unit, the cover amount increases to 150%.
A stay in the intensive care unit is more beneficial than a stay in the high care unit. When in intensive care, the payout is 200% of the payable amount.
Children can be added to the plan in addition to a spouse and the primary member. The primary member may include a maximum of 5 children in the plan. Children who can be added must be under the age of 18 or under the age of 25 if they are full-time students.
The AIG Daily Health Benefit has several limitations and hospital exclusions. These limitations and exclusions are detailed below.
AIG Daily Health Benefit Limitations
The AIG Daily Health Benefit plan comes with certain limitations that the policyholder needs to be familiar with. The limitations of the plan include:
- Only one spinal injury per person per year is covered.
- Rehabilitation care, step-down facilities, and hospice are not included.
- Treatment for chronic or acute pain, gastrointestinal tract infections or diseases, and treatment of pelvic inflammatory diseases is limited to three days.
- Chronic illnesses that require ongoing medication for more than three months have a 15-day annual limit.
Aside from the cover limitations, the plan further provides provisions for hospitalization. Here is what the AIG Daily Health Benefit doesn’t cover if hospitalized due to:
- Disorders of the mind and behavior, or their consequences.
- Injuries caused by oneself.
- Participation in, or attempt to participate in, any illegal or criminal activity.
- Any accident, injury, illness, or dependency syndrome caused
Any physical examinations, investigations, or operations where no objective indications or impairments exist; abnormalities that existed at the time of your birth; being on active duty or in training as a police officer, traffic officer, security officer, or reservist for the government or any private organization; working in the mines or with explosives; professionally participating in or training for a sport; and any air travel, except as a passenger on a legally licensed commercial aircraft, are all excluded from the AIG Daily Health Benefit.
The AIG Daily Health Benefit exclusions are clear and straightforward, with the majority discouraging risky behavior. Some, however, may be unavoidable due to occupation, in which case a different insurance policy will be required. For example, if you are training to be a police officer, you may need to obtain separate income protection and/or disability insurance.
The policyholder must strictly refrain from demerit acts that could result in an unsuccessful claim. The plan’s exclusions are critical, and the policyholder should always follow the plan’s guidelines for a successful claim.
Advantages of AIG Daily Health Benefit:
The product can be applied for online. Cash is made available when needed most. The product covers over 1 incident on the plan. Children and a spouse can be included on the AIG Daily Health Benefit. The premiums on the plan are very competitive. There is no waiting period for hospitalization caused by an accident. Those over 60 years of age can only get cover for themselves and their spouse. The plan pays up to 200% of the cover for every day spent in intensive care. Maternity Benefits are also available to those between the ages of 18 and 49. There are no restrictions on how the payout can be used.
Disadvantages of AIG Daily Health Benefit
There is a 12-month waiting period for maternity benefits, which is too long. Childbirth is only covered for women below the age of 49. Those who are injured or become ill because of dependency symptoms are not covered. Hospitalization due to abnormalities present at birth is not covered by the plan.
AIG Daily Health Benefit Application:
You must be in possession of a valid South African ID number. You must be between the ages of 18 and 65, and between the ages of 18 and 49 to qualify for the maternity benefits.
The AIG Daily Health Benefit pays policyholders while they are hospitalized. Unlike medical aid, which pays for hospital stays, the Daily Health Benefit pays the policyholder directly. The policyholder is free to spend the money however he or she sees fit.
Many of the benefits provided by the plan have waiting periods. It is beneficial to be aware of all of the waiting periods associated with the plan in order to file a successful claim. Moreover, knowing the policy exclusions is also beneficial.