ICICI health insurance review
One of the most sought after names in the health insurance services sector, ICICI health insurance provides a set of comprehensive schemes for both individuals and families.
4 main benefits of buying ICICI health insurance:
Medical expenses cover
At the time of hospitalization and advanced treatment, ICICI health insurance works as an economic shield for the person. In such a difficult time, it saves your savings.
Health cover ensures that you get cover for daycare expenses, sickness treatment expenses, ambulance expenses, and post-hospitalization expenses. Apart from this, if you have the appropriate health cover then you can get better medical treatment anytime and anywhere.
Benefit of tax benefit
The insured gets the benefit of tax deduction under Section 80D of the Income Tax Act on the premium paid for a health insurance policy. The limit of tax deduction on premium under section 80D is Rs 15,000 for an individual or Rs 20,000 for senior citizens (above 65 years of age).
Also, an amount of Rs 20,000 is available for exemption for premium paid to dependent parents. Therefore, the taxpayer can get the maximum benefit of tax exemption under Section 80D of the Income Tax Act by investing in health insurance.
Emergency health protection
At present, medical emergencies can arise anytime like unexpected coronavirus outbreaks. Also, due to changing lifestyles and increasing stress levels, people now suffer from very serious diseases. People can get stressed and worried for many reasons. Anything can happen in life.
At such a time, you have enough money for medical treatment and you do not have to take stress for this, for that it is necessary to have appropriate health cover.
Cashless claim benefit
ICICI health insurance facilitates cashless claims in emergency medicine and planned hospitalization. That is why the insurance providers can get the treatment done without any out of pocket payment in the empaneled hospitals on behalf of the company. The insurance company will settle the claim directly with the hospital.
Most Indians do not have adequate health insurance policy. The main reason for this is a lack of awareness about the importance of health insurance and financial planning.
It should be understood that you can avail health insurance by getting proper insurance with proper cover. This helps you and your family adequately with any financial need arising from health issues.
Also Read – HDFC ERGO Health Insurance
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Types of plans ICICI insurance company provides:
Personal plans – These are basic ICICI health insurance schemes, which cover the cost of hospitalization of the insured.
Family plans – This is an ICICI health insurance scheme that covers all members of the family in a single coverage model. In this case, a fixed sum of insurance is provided to any family member who is falling ill.
Senior citizens scheme – These are special insurance policies designed to meet the requirements of senior citizens over the age of 60. The scheme covers specific serious diseases like kidney disease, heart attacks, etc. This section also includes cancer insurance and other schemes.
Personal accident insurance these schemes provide coverage for hospitalization in case of any motor accident.
Maternity plans – These policies provide coverage for pre and postnatal medical care and delivery expenses. They provide the cost of an ambulance as well as coverage for newborns for a certain period.
Unit-linked health insurance plan these plans offer health insurance coverage to cover costs that do not have coverage under the policy. These are insurance cum investment plans that help you deposit funds.
ICICI health insurance has come up with a new insurance policy to deal with the Lombard Coronavirus (Covid-19). This policy has been launched in a mode of group insurance. Under this policy, the insurance company will pay the entire amount in case of Covid test positive at any government authorized center.
A lump sum amount will be paid on the detection of sickness during the policy period. However, its initial waiting period will be 14 days. The tenure of this policy is fixed for 1 year.
Special features related to policy
In Lombard’s Covid-19 Protection Cover, the sum assured is Rs 25,000, while the premium is Rs 149. This plan includes Health and Virtual Assistance, Ambulance Assistance, and Telecommunication through Chat.
Who will get the cover?
The policy benefits of the Covid-19 Protection cover will be available to people between the age of 18 and 75 years, including senior citizens who are believed to be the most affected by the virus.
Choosing the right cover
When choosing a health insurance policy it is really important to understand your requirement as it will help you to choose the right cover. You may already have Group Medical Cover (GMC), but is this enough for you?
Do you want to buy an Individual Policy so that you are not dependent on your employer? Do you want to increase your coverage for a super top-up policy?
Asking yourself such questions will help you know what you need, thus leading you to buy a suitable cover.
If you are still in doubt, you can always contact the insurance company, who will guide you to buy a health insurance policy that suits your requirement.
Check the company’s background before taking a policy
● Always check the background of the insurance company from which you are planning to buy insurance.
● Knowing their offers and their networked hospitals will help in understanding the company better.
● Examine the different companies, their offers, services provided, their market conditions and buy the appropriate policy only after all your research.
● Price should not be the only major consideration for choosing health insurance cover.
Understand the terms and conditions of the ICICI health insurance policy properly
Every health insurance policy has certain terms and conditions that refer to the things that are covered and excluded under the policy.
It is important to look at the waiting period, coverage for pre-existing diseases, room rentals, sub-limits, etc. Therefore, before purchasing the policy, understand the terms and conditions of the policy properly.
Doing so will ensure that if you buy the policy, you are not unaware at the time of the claim if you do not cover a particular item.