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ICICI Prudential Health Saver Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

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.
 
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 4th and 5th Policy year, 50% of the Health Fund from the 6th to the 10th Policy year and 100% of the Health Fund from the 11th year onwards. The benefit can be claimed after 3 completed years of the policy.
 
 

Key Features of ICICI Prudential Health Saver Insurance Plan

  • 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 you get from ICICI Prudential Health Saver Insurance Policy

  • 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 4th and 5th year, 50% of Health Fund in the 6th to 10th years and 100% of Health Fund from the 11th 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.
 

Eligibility conditions & other restrictions in ICICI Prudential Health Saver Policy 

 
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
 
 

Sample Illustration of premium of ICICI Prudential Health Saver Plan

The below illustration is for a healthy Male (non-tobacco user) opting for Annual Hospitalisation Limit: Rs. 3 lacs

ICICI Prudential Health Saver Plan Sample Premiums

 

Additional Features and Benefits of ICICI Prudential Health Saver Plan

Riders – There are No Additional Riders in this plan
 
Investment Fund Options
In this plan, there are 2 Investment Strategies 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.
 
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 4th and 5th year, 50% of Health Fund in the 6th to 10th years and 100% of Health Fund from the 11th year inwards. The minimum amount that can be claimed is Rs. 1,000.
 


Charges in ICICI Prudential Health Saver Plan

Premium Allocation Charge – This charge is deducted from the Premium Paid by you
 
Policy Year
Premium Allocation Charge
1st
20% of Premium Paid
2nd and 3rd
9% of Premium Paid
4th to 10th
2% of Premium Paid
11th year onwards
NIL
 
 
Policy Administration Charge— This is the charge for the administrative working of the policy and is deducted by cancellation of units on a monthly basis.
 
Mode of Payment
Premium Allocation Charge
Yearly and Half-Yearly
Rs 60 p.m.
Monthly
Rs 90 p.m.
 
 
Fund Management Charge– This charge is deducted by adjusting the NAV of the units on a daily basis.

 

Type
Charge
Health Flexi Growth Fund
1.50% of Health Flexi Growth Fund Value
Health Multiplier Fund
1.50% of Health Multiplier Fund Value
Health Flexi Balanced Fund
1.00% of Health Flexi Balanced Fund Value
Health Balancer Fund
1.00% of Health Balancer Fund Value
Health Protector Fund
0.75% of Health Protector Fund Value
Health Preserver Fund
0.75% of Health Preserver Fund Value
Health Return Guarantee Fund
1.50% of Health Return Guarantee Fund Value
 
 
Discontinuation Charge— This charge is for discontinuing the plan before the end of the Policy Tenure. There is no charge for discontinuation in this plan.
 
Insurance Charges for Hospitalization Insurance Benefit — This charge is paid for the Hospitalization Benefit provided according to the Sum At Risk. This is based on the mortality rates which are specified for all ages and amount of cover being provided.
 
Service Tax would be applicable on the charges depending on the applicable rates.
 
 

What happens if?

You 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.
 
You 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.
 
You 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.
 
You want to surrender the policy – There is no Surrender Benefit in this plan
 
You want a loan against your policy – Loan facility is not available under this plan.



 
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