India is home to one of the largest population of cancer patients in the world, with the National Institute of Cancer Prevention and Research (NICPR) estimating the number of cancer patients in India to be around 2.5 million. The country sees over 5 lakh cancer-related deaths every year, with this number increasing. In addition to cancer, India is also home to a huge number of people with heart ailments, with almost each of us knowing someone suffering from heart conditions.
These numbers make it extremely important for us to protect our life and health, and while cancer/heart ailments cannot be completely eliminated from our lives, we can work towards steps to reduce the impact these killers can have on our family. The average cost of treating cancer/heart diseases can run in lakhs, making treatment for these highly expensive. ICICI Pru Heart/Cancer Protect Plan is designed to reduce some of this burden, with the plan offering financial protection against these ailments.
ICICI Pru’s Heart/Cancer Protect Plan can be purchased by anyone looking to protect themselves from the financial costs of treating cancer/heart related diseases. Listed below are the eligibility criteria one needs to satisfy in order to purchase this plan:
|Minimum entry age||18 years|
|Maximum entry age||65 years|
|Maximum maturity age||70 years|
Treating cancer is expensive, with chemotherapy and scans required at regular intervals. A typical chemotherapy cycle can cost anywhere between Rs.50,000 and Rs.2 lakh, with the total cost of treatment going up to around Rs.30 lakh in certain cases. Treatment for heart ailments are also expensive, with it likely to leave a huge hole in the bank account of a patient.
|Minimum sum assured*||Rs.2 lakh (for heart or cancer cover) Rs.4 lakh (for heart plus cancer cover)|
|Maximum sum assured*||Rs.25 lakh for heart cover Rs.50 lakh for cancer cover Rs.75 lakh for heart plus cancer cover|
|Policy period||Minimum: 5 years Maximum: 40 years|
|Premium payment mode||
|Premium**||Based on the sum assured chosen|
**Premiums vary based on age, location, plan term and other factors.
*It is possible for the cover to increase, based on the type of plan chosen.
ICICI Pru Heart/Cancer Protect Plan is designed to provide financial assistance to meet any expenditure arising out of diagnosis with cancer/heart ailments. The table below highlights the different benefits provided under this plan.
|Type of benefit||Features of the benefit|
|Lumpsum payout||The policyholder is paid a lumpsum amount if he/she is diagnosed with any illness covered under the plan. If it is a minor condition, 25% of the sum assured is paid, whereas a serious condition warrants payment of the full sum assured.|
|Increasing Cover Benefit||The sum assured increases by 10% each year. This amount is added to the sum assured until the time of first claim, subject to the increased sum assured being less than twice the initial sum assured.|
|Hospital Benefit||The plan provides a sum of Rs.5,000 per day if a policyholder is hospitalised on account of an ailment covered under the plan.|
|Income Benefit||The policyholder receives 1% of the initial sum assured for 60 months. The amount is paid monthly for 5 years.|
Note that there is no death benefit provided under this policy. The amount is paid only if the policyholder is diagnosed with cancer or a heart ailment.
Some of the exclusions of this policy are highlighted below:
|Free-look period||A policyholder can choose to return the policy if he/she disagrees with the terms and conditions. This can be done within 30 days of purchase (if policy was purchased through distance marketing). Policies purchased through other means have a 15 day free-look period.|
|Discounts on premium||The plan offers the following discounts:
|Policy revival||Lapsed policies can be revived only if all premiums are paid within 2 years of first unpaid due. This is subject to the rules followed by the company.|
|Nominee||A policyholder can appoint a nominee as per existing rules.|
|Assignment||Applicable, as per Section 38 of the Insurance Act of 1938.|
|Survival period||7 days for heart ailments|
Policyholders are entitled to tax benefits under Section 80D of the Income Tax Act. Under this section, one can save Rs.25,000 on premiums paid towards their scheme.
Some of the other benefits of choosing this plan are highlighted below:
ICICI Pru is one of the largest private insurers in the country, offering a number of products to customers. The brand is known for its attention to detail, helping one customise a plan based on their needs. It had a high claim settlement ratio of 96.20% as of 2015-2016, with the grievances solved ratio being 99.87%. Given these numbers, a policyholder can be rest assured that he/she will receive the protection offered under the ICICI Pru Heart/Cancer Protect Plan.
With the cost of treating heart related ailments increasing, it is important to have a plan to combat them. This scheme is ideal for people who wish to protect themselves against expensive medical bills. Purchasing this plan can ensure that one doesn’t go bankrupt in order to treat cancer/heart diseases.