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.

in-patient-hospitalisation-overview icon

Hospitalization Benefit

Income Tax Benefit

Health Savings Benefit

Compare this plan with other Health Plans

Key Features

It is a Health ULIP without Bonus facility

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

There is a free health check-up once every 2 years after the first year under this plan

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 an option to continue cover post 5 years even after stopping premiums

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

Hospitalization Benefit

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

Health Savings Benefit

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.

Death Benefit

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.

Maturity Benefit

There is no Maturity Benefit in this plan.

Income Tax Benefit

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.

Riders

There are No Additional Riders in this plan

Investment Fund Options

In this plan, there are 2 Investment Strategies in this plan:

Life Cycle Based Portfolio Strategy
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.

Top-up

No Information.

Switching

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.

Eligibility

	Minimum	Maximum
Annual Limits (in Rs.)	2,00,000	10,00,000
Policy Term (in years)
Premium Payment Term (in years)
Entry Age of Life Insured (in years)	25	55
Entry Age of Family Floater (in years)	90 days	55
Max Age for Hospitalisation Insurance Benefit cease (in years)	-	75
Age at Maturity for dependent children (in years)	-	25
Annual Premium (in Rs.)	10,000	No Limit
Payment modes	Monthly, Half Yearly, Yearly

FAQs

what happens if policyholder stop paying the premium before 3 policy years

If the policy holder stops paying the premium before completion of 3 policy years, then the policy will lapse and all benefits would cease. During this period, Hospitalisation Insurance Benefit will cease and the policyholder will only have the benefit of investment in the respective unit funds. However, the policy can be revived within 2 policy years from the due date of the first unpaid premium.

what happens if policyholder stop paying the premium after 3 policy years but before 5 years

If the policy holder stops paying the premium after 3 policy years but before 5 years then if the fund value falls below 110% of one full year's premium, the policy will be foreclosed. However, the policy can be revived within 2 policy years from the due date of the first unpaid premium.

what happens if policyholder stop paying the premium after 5 years

If the policy holder stops paying the premium after 5 policy years, then the policy can be continued under Cover Continuance Option without payment of further premium. However, you can opt to continue hospitalisation cover anytime post 5 years even after stopping premiums.

what happens if policyholder want to surrender the policy

There is no Surrender Benefit in this plan

what happens if policyholder want a loan against your policy

Loan facility is not available under this plan.