An insurance product that banks can offer: hospital idemnity.

A hospital income plan (HIP) has been introduced by Progency Marketing Innovations, Nashville, Tenn. Progency partners with financial institutions to offer insurance and other products to consumers.

The HIP will pay cash directly to policy holders for an accident or illness that puts them in the hospital or emergency room, according to Progency, which is headquartered in Nashville, Tenn.

The HIP will pay policyholders up to $100 a day for hospital or emergency room stays with monthly premiums starting at less than $10 a month. The plan covers hospitalization due to common accidents, falls, heart attacks, strokes, pneumonia, cancer and more.

The HIP product is a guaranteed-issue insurance, which means that no one can be denied the coverage, and it does not require medical exams or other testing.

The HIP service adds to the company's range of insurance offerings that include hospital accident protection (HAP), accident insurance, term life insurance, and a health services savings program called Wellness Extras.

The HIP insurance is underwritten by Hartford Life Insurance and Accident Co.

Website: www.progenymarketing.com.