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ICICI prudential health saver is a unit linked health insurance plan, designed in such a way that draws attention towards it at the first sight. There are those who still consider health insurance premium is an unnecessary expense as they assume they are young and healthy, drive vehicle very carefully or have enough coverage from their employer, for them ICICI prudential health saver can be head turner as like other ULIPs it also comes as a bundle of insurance and investments. It makes people feel that "paisa to wapis mil jaega na"- (at least they will get there investment back). Let's go deeper and understand whether ICICI Prudential health saver is really a worth purchase or not?

 

ICICI prudential Health saver is a unit linked health insurance plan having 2 portions in it. One is health insurance and other is investment. Health insurance portion takes care of medical expenses in case of hospitalisation of insured and on the other side investment portion builds a health fund which takes care of expenses not covered in the hospitalisation benefit. Unlike other health insurance plans offered by life insurance providers which are more like cash benefit plans, in ICICI Prudential Health saver plan, hospitalisation insurance benefit is just like any other mediclaim.

The premium payment after deduction of allocation charges, administration charges, Insurance charges gets invested in a portfolio of your choice (out of 7 different portfolios) and termed as Health savings fund. This health savings fund can be used after 3 completed policy years in the percentage specified for different years for the reimbursement of health care costs incurred like on medicines and drugs, diagnostic expenses, dental expenses, co-pays in medical insurance and other miscellaneous medical expenses not covered in medical insurance.

Features of ICICI Prudential Health saver

1. Reimbursement of medical tests subject to a limit of Rs 5000 or 1% of annual sum assured limit whichever is lower, once every 2 years.
2. In case of claim the accumulated no claim bonus will be reduced by 10% of the base annual limit in the following year.
3. A co-pay of 20% will be applicable on medical expenses in case –

• Stay in single AC room with a room rent of more than 1% of annual coverage limit
• Get treatment in non-listed hospital network.

Though in case of emergency hospitalisation related to trauma or cardiac cases, co pays will not be levied.

4. In Health savings fund 4 switches are allowed every policy year. Subsequent switches will be charged Rs 100 per switch.

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