Is ICICI Pru Heart/Cancer Protect plan your best bet against these two diseases?

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India is growing at a rapid pace, and so are the many lifestyle-related diseases in most of its metro cities. Statistics say that approximately 35-40% of all deaths in India are caused by cancer or heart diseases. Those who do manage to survive these two killer diseases are often left facing a hefty financial burden because of the high cost of treatment. To ensure protection against such financial risks, ICICI Prudential Life Insurance has launched a new health insurance plan called ICICI Pru Heart/Cancer Protect.

ICICI Pru Heart & Cancer Protect is a health insurance plan that offers you cover against two of the deadliest diseases in India – cancer and heart ailments. What differentiates this policy from other health insurance plans is that it provides you with the claim amount on first diagnosis itself, irrespective of the actual medical costs that you are required to pay when admitted to a hospital.

icici cancer insurance

Why should I buy this plan when I already have a health insurance?

There are various reasons you could opt for this policy even if you already have an existing health insurance policy.

*    Payout on diagnosis as against reimbursement of medical expenses – With other health insurance plans, you get your health care expenses reimbursed by the insurance company, based on the actual cost of treatment. But, with this policy, the sum assured is paid to you on the diagnosis of either disease.

As mentioned above as well, this feature is the differentiator as it eliminates doubts about non-payment of medical treatment costs, which is one of the reasons many people choose not to get health insurance. With payment on diagnosis, a policyholder’s fears of non-payment or partial payment can be put to rest.

*    High cover at an affordable cost – Heart and cancer cover is a specialised add-on in health insurance. As it includes only these two ailments, this policy provides you with adequate coverage at a more affordable cost in comparison to other health insurance plans.

*    Freedom to choose treatments and hospitals – Another benefit of this policy is that it offers you complete freedom to select the medical treatment and hospital. Upon diagnosis, you are given the cover amount, and you can approach any hospital of your choice and opt for a treatment suited to you.

Other Reasons to go for this policy

Waiver of future premiums at no additional cost – In case you suffer from any of these two ailments, whether a minor condition or permanent disability, this plan promises to pay all of your future premiums. This means that you enjoy full cover at no further costs or zero premiums.

Tax Benefit under Section 80D – Like many health plans, this one also offers tax benefits under section 80D. Under this policy, you can get tax benefits of up to Rs. 25,000 on the premiums you pay.

High Claim Settlement Ratio – ICICI Prudential Life has a claim settlement ratio of 96.87%; one of the best in the industry today. This reduces your worries about ICICI Prudential Life’s claims payout in case of diagnosis of either of these diseases.

Additional Benefits at Minimal Costs

There are a few add-ons which you could consider, to make your policy even more suitable to your requirements. These include:

1. Hospital Cash Benefit – Under this, you will receive Rs. 5,000 as daily cash benefits, if you are hospitalised due to a covered ailment. This amount is payable even if your actual cost of hospitalisation is less than Rs. 5,000.

However, this amount is payable for a maximum period of ten days per policy year, and thirty days over the entire policy term.

2. Increasing Cover Benefit – This add-on increases your sum assured by 10% for each claim-free year. However, the maximum sum assured is capped at 200% of the Sum Assured chosen at inception i.e. twice the original cover amount.

3. 1% Monthly Income Benefit – Under this benefit, an amount equal to 1% of the Sum Assured will be paid to you each month, for five years upon a valid claim under any of the listed ‘Major’ conditions. This amount is payable over and above the Sum Assured payable on diagnosis and even in the case of the policyholder’s death. It acts as a steady revenue stream in the event of loss of income.

Discounts Offered

5% Discount for the family – If you decide to buy this policy jointly with your spouse, you will get an additional 5% discount on the combined premium. More importantly, your spouse’s cover would be independent of yours and is not affected by a claim you make or vice versa. This discount will not be applicable from the second year onwards.

5% Existing Customer / Loyalty Benefit – A discount of 5% on the first year’s premium is offered if you are an existing customer of ICICI Prudential Life Insurance  However, this discount applies to only those plans for which you pay regular premiums. They are not applicable to single pay policies and do not apply from the second year onwards.

However, a customer can avail either Family Benefit or Existing Customer / Loyalty Benefit.

2% Discount on Online Purchase – If you buy this policy online, directly from the ICICI Prudential Life website, you get an additional discount of 2% on your premium amount.

2% Combo Discount – You get an added 2% discount if you opt for both, heart and cancer cover. This discount is calculated on the combined premium amount of both covers.

With all these discounts, you can reduce your premium amount by a maximum of 9%, making it more affordable.

Discounts at a glance: ICICI-Policy

Other Important Policy Terms

Minimum / Maximum Policy Term – You can buy this plan for a minimum period of 5 years and a maximum period of 40 years.

Minimum / Maximum Permissible Age – Policyholders must be a minimum of 18 years of age and a maximum of 65 years to buy this policy. However, policyholders can carry this cover for a maximum of 70 years of age.

6 Months Waiting Period – Waiting period is that period during which no policy claims are admissible. The waiting period for this plan is six months, which is standard across the insurance industry. In case the policyholder is diagnosed during this time for a condition which was claimable, ICICI Prudential Life will refund his/her premium, and the policy terminates.

Survival Period & Death Benefit – There is a survival period of seven days for heart diseases under this policy i.e. the policyholder will have to survive for seven days from the date of diagnosis to be eligible to receive the cover amount. However, there is no survival period for cancer.

If you are impressed with the features of this plan and have decided to go for it, you can quickly calculate your premium based on your age, gender and sum assured.

ICICI Prudential Life Insurance is one of the most trusted life insurance companies in India. So, if you are looking for the right partner for your health, this could probably be it.

Karan is CA by Qualification with the rare distinction of being awarded All India Rank 22. He is also the founder of this website and loves to help people with their Tax Queries.