Benefits of Fixed Benefit Health Insurance Plans

• Lump Sum Payout: The guaranteed sum assured is paid out by the insurance company in case any event covered under the policy takes place. This is paid out irrespective of the actual treatment cost.
• No Limits: These health insurance plans offer complete flexibility to the customer for choosing his/her preferred hospital. He/she 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 lots more.
• Affordable premiums: Fixed benefit health insurance plans usually have lower premiums which make them more affordable for a larger 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 get 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

1. ICICI Pru Heart/Cancer Protect:

• Affordable Premiums: For coverage of ₹ 10 lakh for cancer treatments and ₹ 10 lakh for heart ailments, the yearly premium is ₹ 6,397 only 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 ₹ 568 per month (inclusive of taxes) only. This makes the plan really light on the pocket.
• Waiver of premium: You get a waiver of premium in case of permanent disability from an accident or on diagnosis of any of the listed minor condition. 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 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:

• 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 major/minor listed 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 getting full coverage for the entire duration of the policy without having to pay any premium.²

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