Objective

An online health insurance policy that endows its policyholders with a customized protection by making available different add-ons that can be attached to the plan as per their own desire.

Suited for

This policy can be taken on an individual or family floater basis including spouse and children under a single policy.

What does it do?

It provides for inpatient hospitalisation, pre and post hospitalisation, day care procedures that do not require an overnight stay in hospital, regular free health check-up and emergency ambulance. This plan can be extended to include any one or both the add-ons by paying extra premium. First add-on allows hospital daily cash to meet subsequent expenses and convalescence benefit for recovery. Second add-on can cover critical illness and donor expenses.
A policyholder can select any one or both of these options to modify the policy to suit their needs. Certain complementary services such as free health check-up, e-consultations with specialists and free coupons for purchase from certain outlets are also provided.
Policyholder can also opt for sub-limits or/ and voluntary deductible where the agreed initial portion of expenses have to be borne by policyholder before the insurer pays for the bills. This will reduce the premium payable as insurers offer discount on opting for these benefits.

Pros

This policy allows a lifetime renewability.
There is no sub-limit.
This policy can be bought online.
Premium paid under this policy qualifies for deduction under section 80D of Income Tax Act.

Cons

Option II covering critical illness and organ donor expenses is over priced.

Our View

A policy that provides a wide coverage for hospitalisation expenses. It is a good policy but not a complete health solution, as its name suggests because it misses out Out patient treatment and maternity expenses. Above all, the Critical Illness benefit is a bit expensive as compared to standalone policies. It is recommended for those who are familiar with insurance concepts and are wise enough to customize the policy to suit their requirements after understanding the benefit of each add-on. Others who have reliable advisors to explain consequences of each customization may also consider it.

Eligibility

Entry Age (years)

Minimum

18; 6 in case of individual policy and 3 months in case of floater plan

Maximum

No limit

Maximum Policy Renewal Age (years)

No Limit

Coverage Type

Individual/ family floater

Policy Term (years)

1 or 2

Sum Insured (Rs)

Maximum

10 lakh

Minimum

3 lakh for individual; 2 lakh for family floater

Tax Benefit

Premium paid is eligible for tax benefit under section 80D of the Income Tax Act

Discount

Available if opted for Voluntary Deductible
Discount on premium if opted for sub-limits

No Claim Bonus

10% of sum insured for each claim free year, upto maximum of 50%. In case of claim, the sum would be reduced by 20% on next renewal

Pre Policy Medical Check Up

Not required below 46 years of age

Free look Period

15 days

Grace Period for Policy Renewal

15 days

Policy Termination

Either of the insurer or policyholder are allowed to terminate by giving a 15 days notice period. Insurance company shall refund a pre fixed percentage of premium.

Customer Service

Address

ICICI Lombard General Insurance Company Limited
ICICI Bank Towers
Bandra Kurla Complex
Mumbai 400 051 or ICICI Lombard General Insurance Company Limited
ICICI Lombard House
414, Veer Savarkar Marg,
Near Siddhi Vinayak Temple,
Prabhadevi, Mumbai 400025

Mail to

customersupport@icicilombard.com

Call to

1800-2666

Network Hospitals

Https://www.icicilombard.com/Content/ilom-en/Hospital_list/search.asp

Scope Of Cover

Cashless facility

Available at empanelled hospitals in India

Re-imbursement facility

available if treatment taken in non-empanelled hospital

Pre-post hospitalisation

Relevant medical expenses covered from 30 days prior and 60 days post hospitalisation

In-patient Treatment

Covered

Day-Care Procedures

covered

Emergency Ambulance

reimbursement of expense upto Rs 1500 per hospitalisation

Value Added Services

Health Check-up

available free of cost at every policy year subject to maximum 2 coupons per year for floater policies

Online chat with doctors

available

Discount on wellness services

discount vouchers on certain services from specific outlets

Optional Add-Ons (require payment of extra premium)

Option I

Hospital Daily Cash

paid once during the policy period for each completed day of hospitalisation subject to maximum of 10 consecutive days with 3 days deductible. It pays Rs 500 per day for sum insured of Rs 1 lakh/ 2 lakh; Rs 1000 per day for sum assured of Rs 3/4/5 lakh; Rs 2000 per day for sum assured of Rs 7/10 lakh

Convalescence Benefit

Rs 10000 payable once during policy period in case of hospitalisation for a period of 10 or more consecutive days

Option II

Critical Illness(for sum insured Rs 3/4/5 lakh)

It will cover illnesses like Cancer, Coronary Artery By-pass Graft Surgery, Myocardial Infarction (Heart Attack), End Stage Renal Failure (Kidney Failure), Major Organ Transplant, Stroke, Paralysis, Heart Valve Replacement Surgery and End Stage Liver Failure

Donor expenses

reimbursement of upto Rs 50000

Exclusions and Waiting Period

Pre-existing disease

covered after 2 years or 4 years(forRs 1 / 2 lakh sum insured) of continuous coverage

No claim period

Any disease contracted during the first 30 days of commencement of the policy

Waiting Period

24 months for treatment of specific illnesses like Cataract, hernia, arthritis, sinusitos etc.

General Exclusions

Non-allopathic treatmenttreatment of AIDS or related condition