Mumbai: Private insurer Tata AIG General Insurance launched its first domestic lifetime renewable reimbursement health insurance policy, MediPrime.

"MediPrime is specifically designed to meet the current requirements of the consumer and ensure their needs from a health policy are met," Tata AIG Managing Director and CEO Gaurav D Garg said here.

This plan is a comprehensive offering and is designed to cater to the retail consumers, he said.

MediPrime has features like no sub-limit for in-patient hospitalisation, total reimbursement or no co-pay and ayush benefit that is coverage for non-allopathic in-patient treatments like ayurvedic, unani or homoeopathy.

Co-pay means that out of the total billed amount, the patient is required to pay certain percent.

It is available for individuals between 18-65 years with cashless options currently through a network of 3,000 hospitals.

The policy also provides 10 percent discounts if three or more members of the family are covered under the individual plan.

The slab for the policy begins from 2 lakh and goes up to 10 lakh.

Garg said all cashless claims would be authorised within four hours on receipt of all documents and claims would be settled in seven working days after completion of formalities.

Tata AIG General Insurance is a joint venture company, formed by the Tata Group and American International Group, Inc (AIG).