ICICI Prudential Health Saver Plan

ICICI Prudential Health Saver Plan is a Unit Linked Health Insurance Plan with comprehensive benefits. Thus, it is a Non-Traditional Insurance Plan without Bonus facility.

Key Features

In this plan, there is a guaranteed coverage up to age 75 against medical expenses incurred due to hospitalisation

This plan also provides for coverage against pre-existing illnesses & conditions after 2 years subject to acceptance by the company

Being a health plan, this plan provides comprehensive cover by allowing reimbursement for health expenses not covered by the hospitalisation benefit after 3 years

A No claim Bonus of 5% of the annual limit can be accrued for every claim free year up to a maximum of 25%

In this plan, there is a facility of cashless hospitalization but in case of stay in single A/C room with a room rent of more than 1% of the annual limit, a co-pay of 20% on the eligible medical expenses will be applicable

In this plan, there is a facility of reimbursement of Medicines and Drugs, Diagnostic Expenses, Dental Expenses, Co-pays or deductibles as part of the medical insurance cover and other miscellaneous medical expenses not covered under regular medical insurance from the Health Fund upto certain limits

There is a facility of cover continuance without payment of additional premium after the first 5 years premiums have been paid

Benefits

This policy covers Hospitalization expenses which includes

• Room and boarding
• Doctors fees
• Intensive Care Unit
• Nursing expenses
• Surgical fees, operating theatre, anesthesia and oxygen and their administration
• 125 listed Day care Procedures
• Pre and post hospitalization expenses up to 30 and 60 days respectively
• Emergency ambulance expense upto Rs 1,000
• Reimbursement of medical tests subject to a limit of Rs. 5,000 or 1% of the annual limit, whichever is lower, once every two years after the first year

In this plan, there is a facility of reimbursement of

• Medicines and Drugs,
• Diagnostic Expenses,
• Dental Expenses,
• Co-pays or deductibles as part of the medical insurance cover and
• Other miscellaneous medical expenses not covered under regular medical insurance
• From the Health Fund after 3 Policy years of 20% of Health Fund in the 4 th and 5 th year, 50% of Health Fund in the 6 th to 10 th years and 100% of Health Fund from the 11 th year inwards. The minimum amount that can be claimed is Rs. 1,000.

In case of death of the Life Insured within the Policy Tenure, the nominee gets the entire Health Fund Value as Death Benefit and the policy terminates.

There is no Maturity Benefit in this plan.

Tax benefits on the premium amount paid up to Rs. 15,000 in case of individuals and Rs 20,000 for senior citizens are allowed as a deduction from the taxable income each year under section 80D of the Income Tax under the existing tax laws of the Income Tax, 1961.

There are No Additional Riders in this plan

1. Life Cycle Based Portfolio Strategy
2. Fixed Portfolio Strategy- there is a choice of 7 funds
   1. Health Flexi Growth Fund
   2. Health Multiplier
   3. Health Flexi Balanced
   4. Health Balancer
   5. Health Protector
   6. Health Preserver
   7. Health Return Guarantee Fund
   Under Fixed Portfolio Strategy, Automatic Transfer Strategy can be opted to avoid market volatility.

   There are 4 free switches that are allowed in every policy year. Subsequent switches will be charged at Rs. 100 per switch by cancellation of units.

   Partial Withdrawal

   In this policy, there is Partial Withdrawal Facility but only under Health Savings Benefit where there is a facility of reimbursement of Medicines and Drugs, Diagnostic Expenses, Dental Expenses, Co-pays or deductibles as part of the medical insurance cover and Other miscellaneous medical expenses not covered under regular medical insurance from the Health Fund after 3 Policy years of 20% of Health Fund in the 4 th and 5 th year, 50% of Health Fund in the 6 th to 10 th years and 100% of Health Fund from the 11 th year inwards. The minimum amount that can be claimed is Rs. 1,000.

   How it works

   In this plan, premium needs to be paid every year till the end of the policy tenure. The premium, net of charges, is invested according to the choice of available funds or portfolio strategy chosen under Health Fund.

   This plan pays for regular hospitalization benefits like Room and boarding, Doctors fees, Intensive Care Unit, Nursing expenses, Surgical fees, operating theatre, anesthesia and oxygen and their administration, 125 listed Day care Procedures, etc.

   There is a facility of Health Savings Benefit, where reimbursement of Medicines and Drugs, Diagnostic Expenses, Dental Expenses, Co-pays or deductibles as part of the medical insurance cover and other miscellaneous medical expenses not covered under regular medical insurance are paid from the Health Fund 20% of the Health Fund in 4 th and 5 th Policy year, 50% of the Health Fund from the 6 th to the 10 th Policy year and 100% of the Health Fund from the 11 th year onwards. The benefit can be claimed after 3 completed years of the policy.