Health insurance is a type of insurance that covers medical expenses that arise due to an illness. These expenses could be related to hospitalisation costs, cost of medicines or doctor consultation fees.
Types of Health Insurance
There are two basic types of health insurance:
1. Mediclaim Plans
Mediclaim or hospitalisation plans are the most basic type of health insurance plans. They cover the cost of treatment when you are admitted
2. Critical Illness Insurance Plans
Critical Illness Insurance Plans cover specific
Why do you need Health Insurance now?
No one plans to fall ill or get hurt, but a serious illness can strike anyone at any time. The cost of treating the illness can cause serious financial strain on the savings you have accumulated over time. This means that you might have to compromise on providing your child
For e.g. Herceptin, a cancer medicine costs approximately 1,10,000 for a vial of 440
How to choose a good health insurance plan?
Anybody who has already bought a health insurance policy will tell you that buying one is one of the smartest financial decisions any earning individual can make. Now, that you have decided to buy a health insurance policy, you need to know how to select a good health insurance plan that will take care of all your needs. To make this decision easier for you here is a list of benefits any good health insurance plan should offer you:
- Protection against a large number of critical illnesses
- Flexibility to choose your health cover
- No increase in premiums during the policy term even if your health condition changes
- Long policy term that covers you even in your old age
- Large hospital network so that you have easy access to medical treatment
Should I buy a Mediclaim plan or a Critical Illness Insurance plan?
1. What does health insurance cover?
2. What are the tax benefits of health insurance?
3. Why is health insurance necessary?
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ICICI Pru iProtect Smart
*The critical illness benefit is an accelerated benefit and the death benefit will be reduced by the critical illness cover paid to the policyholder. The future premiums payable for the residual CI Benefit will reduce proportionately. In case the CI Benefit equal to the Death Benefit, the policy will terminate on payment of the CI Benefit. Only doctor’s certificate confirming diagnosis needs to be submitted. On payment of Angioplasty, if the CI Benefit is more than `5,00,000 the policy will continue for other CIs with CI Benefit reduced by Angioplasty payout. To know more about the illnesses covered, please refer to the Sales brochure. Available under Life and Health and All in One options.
^Tax benefit of `54,600 is calculated at highest tax slab rate of 31.2% (including Cess excluding surcharge) on life insurance premium u/s 80C of `1,50,000 and health premium u/s 80D of `25,000. Tax benefits under the policy are subject to conditions under Section 80C, 80D, 10(10D) and other provisions of the Income Tax Act, 1961. Goods and Services Tax and Cesses, if any, will be charged extra as per prevailing rates.Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above.
+Accidental Death benefit is up to `2 Crores. Accidental Death Benefit is available in Life Plus and All in One options.
*For further details, please refer to the information provided in the product brochure. ICICI Pru iProtect Smart UIN 105N151V06.
ICICI Pru Heart/Cancer Protect
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. The total single premium amount will be ` 6,223. If you choose monthly mode, then the premium amount works out to ` 158.
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. In case of Minor Conditions, the total payout will be capped at 100% of the Sum Assured.
6Under 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.
ICICI Prudential Life Insurance Company Limited. IRDAI Regn No. 105. CIN: U66010MH2000PLC127837. ADVT No: W/II/0975/2016-17. UIN: 105N151V05