ICICI Prudential Crisis Cover Plan
ICICI Prudential Crisis Cover Plan is a Critical Illness Health Plan with loads of additional benefits. Thus, it is a Critical Illness Plan without Bonus facility.
How it works – In this plan, premium needs to be paid every year till the end of the Policy Tenure. However, this plan covers 35 Critical Illness and hence, if the Life Insured is diagnosed with any one of them, the Sum Assured is paid out depending on the group.
If the Life Insured has been diagnosed with an illness from Group 1, then the entire Sum Assured is paid out and the policy is terminated. There are 21 diseases under Group 1 like: Apallic Syndrome, Benign Brain Tumour, Blindness, Brain Surgery, Cancer, Chronic Lung Disease, Coma, Major Burns, Major Head Trauma, Major Organ Transplant, Paralysis, Stroke, Surgery to Aorta, End Stage Liver Disease, Coronary Artery Bypass Surgery, Heart Attack, Heart Valve Surgery, Kidney Failure, Loss of Independent Existence, Loss of Limbs and Terminal Illness.
However, if the Life Insured has been diagnosed with an illness from Group 2 and the policy Sum Assured is more than Rs 10 lakhs, then only Rs 10 lakhs would be paid out and the policy continues with the reduced coverage and subsequently reduced payment. However, if the policy Sum Assured was Rs 10 lakhs or less, then the entire Sum Assured would be paid out on diagnosis and the policy would be terminated. There are 14 diseases under Group 2 like: Angioplasty, Alzheimer’s Disease
Aplastic Anaemia, Cardiomyopathy, Deafness, Loss of Speech, Medullary Cystic Disease, Motor Neuron Disease, Multiple Sclerosis, Muscular Dystrophy, Parkinson’s Disease, Polio Myelitis, Primary Pulmonary Hypertension and SLE with Lupus Nephritis.
Being a Critical Illness Health plan, there is no Maturity Benefit in this plan. However, if the Life Insured dies within the policy tenure, the entire Sum Assured is paid to the nominee without any waiting period being applicable. Also in case of Total & Permanent Disability, the entire Sum Assured is payable to the Life Insured. This benefit is payable even if it occurs because of an accident during the waiting period.
Key Features of ICICI Prudential Crisis Cover Insurance Plan
- This is a Critical Illness health plan
- This plan pays the Sum Assured on diagnosis or undergoing any of the 35 diseases and procedures (critical Illnesses), Total and Permanent Disability and death
- This plan can be continued up to 75 years of age
- On diagnosis of Group 2 illnesses, the plan even continues after Rs 10 lakhs have been paid
- In this plan, a lump-sum benefit is paid on diagnosis of the illness irrespective of actual billing
- The benefit under this plan can be availed in addition to payment received from other medical insurance plan
Benefits you get from ICICI Prudential Crisis Cover Insurance Policy
Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee the Sum Assured as Death Benefit and the policy terminates.
Maturity Benefit – There is no Maturity Benefit on Policy Maturity.
Income Tax Benefit - Eligible for tax benefits on premium paid u/s 80C & 80D of the Income Tax Act1961.
Eligibility conditions & other restrictions in ICICI Prudential Crisis Cover Policy
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Minimum
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Maximum
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Sum Assured (in Rs.)
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3,00,000
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20,00,000
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Policy Term (in years)
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10
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50
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Premium Payment Term (in years)
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Equal to PT
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Entry Age of Life Insured (in years)
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18
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60
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Age at Maturity (in years)
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-
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75
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Premium (in Rs.)
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2,400
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No Limit
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Payment modes
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Yearly, Half-Yearly and Monthly
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Sample illustration of Premium Amount in ICICI Prudential Crisis Cover Plan
The below illustration is for a healthy Male (non-tobacco user) age opting for a Sum Assured = Rs. 5,00,000 with Policy Term = 20 years
What happens if?
You stop paying the premium – – If you stop paying the premiums the policy lapses and all benefits cease.
You want to surrender the policy – The policy does not acquire a Surrender Value.
You want a loan against your policy – Loan facility is not available in this policy.
