~Source: Dealing with the cost of cancer treatment in India: Are patents the problem?
Link: https://spicyip.com/2012/06/dealing-with-cost-of-cancer-treatment.html
ICICI Pru iProtect Smart
* This benefit is payable, on first occurrence of any of the covered 34 illnesses. The Critical Illness Benefit is accelerated and not an additional benefit which means, the policy will continue with the Death Benefit reduced by the extent of the ACI Benefit paid. Premium payment on account of ACI Benefit will cease after payout of ACI Benefit and the future premiums payable under the policy for death benefit will reduce proportionately. If ACI Benefit paid is equal to the Death Benefit, the policy will terminate on payment of the ACI Benefit. In case of incidences covered under accidental Permanent Disability as well as Critical Illness, benefits shall be paid out under both the options. In case no ACI Benefit is triggered within the ACI Benefit term, then ACI Benefit will terminate and premiums corresponding to it will not be payable. However you would be required to pay premiums for all other Benefits to keep the policy in force. The ACI Benefit for Angioplasty is subject to a maximum of `5,00,000. On payment of Angioplasty, if the ACI Benefit is more than `5,00,000 the policy will continue for other CIs with ACI Benefit reduced by Angioplasty payout. The future premiums payable for the residual ACI Benefit will reduce proportionately.
^Tax benefits of ₹ 54,600(₹ 46,800 u/s 80C & ₹ 7,800 u/s 80D) is calculated at highest tax slab rate of 31.20%(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 subject to conditions under Section 80C, 80D,10(10D), 115BAC and other provisions of the Income Tax Act,1961. Good and Service 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 (ADB) is up to ₹2 crores(Subjected to underwriting guidelines). ADB is available in Life Plus and All in One options. In case of death due to an accident Accidental Death Benefit will be paid out in addition to Death Benefit. Accidental Death Benefit will be equal to the policy term or (80-Age at entry), whichever is lower.
*For further details, please refer to the information provided in the product brochure. ICICI Pru iProtect Smart UIN 105N151V07.
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 `176.
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.
7On diagnosis of Permanent Disability (PD) due to an accident, the future premiums under your policy for all benefits are waived. To know more about definitions, terms & conditions applicable for permanent disability due to accident, kindly refer sales brochure of ICICI Pru iProtect Smart.
8A Life Assured shall be regarded as Terminally Ill only if that Life Assured is diagnosed as suffering from a condition which, in the opinion of two independent medical practitioner’s specializing in treatment of such illness, is highly likely to lead to death within 6 months. The terminal illness must be diagnosed and confirmed by medical practitioner’s registered with the Indian Medical Association and approved by the Company. The Company reserves the right for independent assessment.
ICICI Prudential Life Insurance Company Limited. IRDAI Regn No. 105. CIN: U66010MH2000PLC127837. ADVT No: W/II/1798/2020-21. UIN: 105N154V03