Why is ICICI Pru Heart/Cancer Protect special?
Today, heart attack and cancer are the most common major illnesses. If you take a moment, you will definitely remember a friend or family member who has experienced these tragic events. Today, thanks to the marvels of modern medicine, people can fight these traumatic conditions and emerge victorious. However, the costs associated with recovery could place a huge strain on your finances.
To counter these costs, you need a plan that can give you what other traditional health plans may not provide - a lump sum insurance payout on detection (without any medical bills). This cash payout can help to pay for your medical costs and can also ensure that your income never stops.
*Cancer has become one of the major causes of death - Source:http://www.ndtv.com/india-news/1-300-die-of-cancer-every-day-in-india-763726
One woman dies of cervical cancer every 8 minutes in India - http://cancerindia.org.in/cp/index.php/know-about-cancer/statistics
1 out of 2 women diagnosed with breast cancer dies in India - http://cancerindia.org.in/cp/index.php/know-about-cancer/statistics
Cancer drug price goes up from `8,000 to `1.08 lakh - Source: http://www.dnaindia.com/india/report-cancer-drug-price-goes-up-from-rs-8000-to-rs-108-lakh-2022667
Cost of cardiac treatment jumps two-fold - http://www.dnaindia.com/india/report-cost-of-cardiac-treatment-jumps-two-fold-1516602
Can you bear cost of cancer? – Source: http://timesofindia.indiatimes.com/business/personal-finance/Can-you-bear-cost-of-cancer/articleshow/47954246.cms
1The above mentioned premium rate is for `10 Lakh Cancer Cover and `10 Lakh Heart Cover for a 30 year old healthy male for a policy term of 5 years with Hospital benefit, Income Benefit and Increasing Cover Benefit, under Single Premium option. The total premium amount for 5 year’s cover will be ` 8,926. So the monthly premium amount works out to ` 148.76.
2A discount of 5% on the first year’s premium will be offered on purchase of ICICI Pru Heart / Cancer Protect when life assured and his/ her spouse is covered under the same policy. The policy benefits of both the Lives Assured shall be independent of each other. The Sums Assured of both the lives could be different. A claim made by one Life Assured under the policy does not affect benefits of other Life Assured. This Family benefit has to be chosen at the inception of the policy only, spouse cannot be added once the policy is issued. This discount is not applicable on Single Pay Policy. With one policy, you can avail either Family Benefit or Loyalty Benefit.
3Existing customer discount of 5% on the first years premium is available only for policies with Regular Premium Payment Option, it is not applicable for Single pay policies. With one policy, you can avail either Family Benefit or Loyalty Benefit.
4A 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. Please refer to the sales brochure to know about the payouts at different level of condition.
5The 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. If both Cancer cover and Heart cover are chosen such waiver is allowed on a minor/major condition claim under either Cancer cover or Heart cover; or on the diagnosis of PD. This benefit is available only if the Policy is in force as on the date of diagnosis of the condition/at the time of accident.
6In case of Minor Conditions, the total payout will be capped at 100% of the Sum Assured.
7Under the Income Benefit, the Sum Assured has to be chosen at inception of the plan. An amount equal to 1% of the Sum Assured chosen at inception will be paid to the policyholder each month, for a period of 5 years upon a valid claim under any of the listed Major conditions. Where the Cancer cover and Heart cover are taken together, pay out under Income Benefit will be triggered for only that cover for which a claim of Major condition is registered and all Benefits through other cover remains unaffected.
8With Increasing Income Benefit, the Sum Assured chosen at inception increases by 10% simple interest on each policy anniversary, for every claim free year. The maximum Sum Assured under the cover will be capped at 200% of the Sum Assured chosen at inception. This increase in Sum Assured will stop on occurrence of first claim under the cover. Where Cancer cover and Heart cover are chosen together, the Sums Assured for both the covers increase by 10% simple interest on each policy anniversary, for every claim free year. The maximum sum assured will be capped at 200% of the Sum Assured chosen at inception for each type of cover. In case of occurrence of first claim under any one type of cover, the increase in Sum Assured will stop for that cover type and Increasing Cover Benefit will continue for the other type of cover, for which no claim has occurred.
Tax benefits will apply to the premiums paid and benefits received as per the prevailing tax laws. Tax benefits under the policy are subject to conditions u/s 80D of the Income Tax Act, 1961. Indirect taxes and applicable cesses will be charged extra over the premium amount as per the applicable rates. Tax laws are subject to amendments from time to time. ICICI Pru Heart/Cancer Protect: UIN 105N154V01. W/II/0069/2017-18.