A good health insurance policy is a basic need in today’s day and age as it gives you financial coverage for unexpected medical treatments, hospitalisation, and emergencies. It helps you stay financially prepared for all of life’s surprises without blowing up your entire savings. It should be a part of your financial portfolio as there are many other great benefits that it offers.
Benefits of Fixed Benefit Health Insurance Plans
Fixed benefit health insurance plans offer fixed lump sum payouts in case of the occurrence of an insured event. The payouts are provided irrespective of the expenditure incurred by the policyholder.
Some of the key benefits of a fixed health insurance plan are:
Lump sum payout:The guaranteed sum assured is paid out by the insurance company in case any event covered under the policy occurs. This is paid out irrespective of the actual treatment cost.
No limits:These health insurance plans offer complete flexibility to the customer for choosing their preferred hospital. They can get treated at any medical institution since the fixed benefit is paid out upon the occurrence of the ailment itself. In case of the diagnosis of any major illness that is covered under the policy, you get the payout immediately without having to substantiate the claims with medical bills.
Coverage of non-medical costs:Non-medical costs and other needs after treatment can be covered with this lump sum payout whenever possible. This includes medicines, fees of caregivers, transportation charges, and a lot more.
Affordable premiums:Fixed benefit health insurance plans usually have lower premiums which make them more affordable for a much broader section of customers.
Fixed premiums:You can cover yourself for a longer policy term, and the premiums will remain fixed throughout.
Tax benefits:You can avail deduction under Section 80D of the Income Tax Act up to ₹ 25,000 on health insurance premiums paid for yourself and your family. This increases to ₹ 50,000 if the insured is more than 60 years old. You can get the same benefit for health insurance premiums paid for policies covering your parents, i.e. upto ₹ 25,000 for parents less than 60 years and upto ₹ 50,000 for more than 60 years of age.1
Health insurance plans by ICICI Prudential Life: ICICI Prudential Life offers various health insurance plans that come with fixed benefits. Here are a few options that you can choose from, based on how well they suit your specific needs.
1. ICICI Pru Heart/Cancer Protect:
Cancer and heart attacks are two of the most dreaded illnesses that people face today. However, with modern medical evolution, there are cures which help in fighting off life-threatening illnesses like these. There are huge costs associated with the treatment, which can dent one’s finances drastically. The ICICI Pru Heart/Cancer Protect offers protection against such illnesses. With this plan, there is a lump sum payout upon diagnosis of ailments covered without the need for any medical bills.
This payout helps you keep your income intact while also paying for medical costs. Some of the other features included are:
Affordable premiums:For coverage of ₹ 10 lakhs for cancer treatments and ₹ 10 lakhs for heart ailments, the yearly premium is only ₹ 6,397 for a healthy male of 30 years of age. The term of the policy is 40 years. The monthly mode of payment will mean premiums of only ₹ 568 per month (inclusive of taxes), making the plan feasible and light on the pocket
Waiver of premium:You get a waiver of premium in case of permanent disability from an accident or on the diagnosis of any of the listed minor conditions. You need not pay the premium anymore but still get full coverage.2
Income replacement:The lump-sum payout helps take care of expenses and replaces the income lost due to the medical condition. For a 5-year tenor, 1% of the sum assured chosen at inception, will be paid out as the income benefit in case of diagnosis of any major condition under the cover.
Increasing cover benefit:Your sum assured will increase by 10% simple interest every year, till the time the first claim is made. The maximum sum assured under increasing cover benefit is limited to 200% of the sum assured chosen at inception.
Discount on the premium paid:In case you buy insurance under the family plan for yourself and also your spouse, you can get a special discount of 5% on the premiums that you pay for the first year.
Lumpsum payouts:In case of any minor condition illnesses being diagnosed, you will get a payout up to 25% of the sum assured.3
2. ICICI Prudential Smart Health Cover with ICICI Pru iProtect Smart:
Here are some of the salient features of this handy health insurance plan:
Extensive coverage against multiple illnesses:This plan covers a total of 34 critical illnesses for greater peace of mind.4
Lumpsum payouts:Upon diagnosis of any listed major/ minor critical illnesses, critical illnesses, the lump sum payout is made without you having to prove the same with hospital/medical bills.5
Fast processing of claims:Upon the first occurrence of any terminal illness or death, the lump sum payout is immediately processed.
Fixed premium:You only have to pay fixed premiums for the entire tenor of the insurance policy. Premium amounts will not change at all, and this helps you plan better.
Waiver of premium:In case of any permanent disability arising from an accident, the policyholder will continue to get full coverage for the entire duration of the policy without having to pay any premium.2
As can be seen, health insurance plans come with many benefits and are a necessity for you and your family. Without further ado, secure yourself from medical emergencies today.
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1Tax benefits under the policy are subject to conditions under Section 80C, 80D, 10(10D) and other provisions of the Income Tax Act, 1961.Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above.
2 The Company shall waive all future premiums on a claim of Minor condition under the chosen cover; or on the diagnosis of Permanent Disability (PD) of the Life Assured due to an Accident.
3 In case of Minor Conditions, the total payout will be capped at 100% of the Sum Assured.
4 Critical Illness Benefit (CI Benefit) is optional and available under Life and Health and All in One options. This benefit is payable, on first occurrence of any of the 34 illnesses covered. Only doctor’s certificate confirming diagnosis needs to be submitted. The benefit is payable only on the fulfilment of the definition of the diagnosed critical illness. The CI Benefit, is accelerated and not an additional benefit which means the policy will continue with the Death Benefit reduced by the extent of the CI Benefit paid. The future premiums payable under the policy will reduce proportionately. If CI Benefit paid is equal to the Death Benefit, the policy will terminate on payment of the CI Benefit. To know more in detail about CI Benefit, terms & conditions governing it, kindly refer to sales brochure. Critical Illness benefit is available till age of 75.
5 A lump sum is paid out on diagnosis of any of the listed conditions. This payout is based on the level of the condition. In any case, the total payout in the policy cannot exceed 100% of the Sum Assured of the cover selected. Only doctor’s certificate confirming diagnosis needs to be submitted. The benefit is payable only on the fulfilment of the definition of the diagnosed condition. Please refer to the sales brochure to know about the payouts at different level of condition.
ICICI Pru Heart/Cancer Protect . UIN: 105N154V03
ICICI Pru iProtect Smart UIN 105N151V06