An insurance product that banks can offer: hospital idemnity.

• Position: New Products - Hospital income plan - Brief Article

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...