ICICI Prudential Smart Health Cover is a critical illness insurance plan offered by ICICI Prudential Life Insurance Company, providing protection against 34 critical illnesses such as Angioplasty, heart attack, etc. It is health variant plan offered along with ICICI Pru iProtect Smart. In addition to extensive protection against 34 critical illnesses, you also get the following benefits under this plan:
Premium waiver in the event of permanent disability due to an accident
Immediate payouts on first diagnosis of any of the covered illnesses
Tax benefits on paid premiums and maturity proceeds
Special premium rates for women policyholders
This plan covers breast and cervical cancers
Policy will terminate once the benefits are paid.
Eligibility - Who is the ICICI Prudential Smart Health Cover for?
Listed below are the eligibility factors for ICICI Prudential Smart Health Cover:
|Entry age (minimum to maximum)
||18 to 50 years
Sum Assured and Premium Range - What you get and what it costs?
The Policy Term and Sum Assured for ICICI Prudential Smart Health Cover are as follows:
|Policy Term (minimum to maximum)
||10 to 30 years
|Premium Payment Mode
|Maximum Sum Assured
*Premiums vary based on age, location, plan term, and other factors.
Plan coverage - What the ICICI Prudential Smart Health Cover covers
Listed below are benefits offered by ICICI Prudential Smart Health Cover:
- Benefit payout: The Sum Assured will be paid under 2 conditions:
- In the unfortunate event of demise of the life assured
- Diagnosis of any of the covered critical illnesses
The policy will cease once the benefit is paid.
- Fixed premium rate: There is no increase in premium rate. You can choose the longest term available so that you can pay lower premiums.
- Death benefit: A lump sum amount is paid to the policyholder if diagnosed with a critical illness. In the event of demise of the life assured, the benefit will be paid to the nominee.
- Premium waiver: In the event of permanent disability due to accident, the premium for all benefits under the policy will be waived, provided the policy is in force at the time of accident.
- Critical Illness Cover: You don’t have to submit hospital bills to receive critical illness benefit, only the medical documents as proof of diagnosis. ICICI Prudential Smart Health Cover offers protection against 34 critical illnesses including heart attack and angioplasty. The Critical Illness Cover for angioplasty is up to maximum Rs.5 lakhs. If it exceeds Rs.5 lakhs, the Life Cover and CI cover for other illnesses will be reduced.
- Waiting period for CI cover: There is no waiting period for critical illness caused due to accident. No benefit is payable if the diagnosis, symptoms or care for a critical illness occurs during the first 6 months from policy commencement or 3 months from policy reinstatement after 3 months of policy lapse. In such a case, the company will refund all the premiums paid from policy risk commencement date or reinstatement date, after which the policy will cease.
Exclusions - What the ICICI Prudential Smart Health Cover doesn’t cover?
ICICI Prudential Smart Health Cover doesn’t cover death caused by suicide within a year from the policy commencement or reinstatement date. In such a scenario, the company will not pay the policy benefits except the following:
- 80% of the premium paid (excluding Service Tax) for death within a year from the policy commencement date.
- 80% of the premium paid (excluding Service Tax) for death within a year from the policy reinstatement date.
Other Key Features – Freelook Period, Surrender Values, Grace Period etc.
Listed below are other key features of ICICI Prudential Smart Health Cover:
Freelook Period: From the date of receipt of the policy document, you are given 15 days to review the terms and conditions of the policy. If you have any objection to the terms and conditions, you have the option to return the policy. You will receive refund of the premium paid after certain deductions. The Free Look Period is 30 days for policies that are purchased through Distance Marketing such as phone, SMS, email, website, magazines, newspaper advertisements, etc.
Policy revival: You can revive or reinstate a policy within 2 years from the date of first unpaid premium, provided you submit a reinstatement request in writing, proof of insurability, and pay all premiums due with reinstatement charge.
Grace Period: If you fail to pay the premium on the due date, the company offers you a grace period of 15 days for monthly payment mode and 30 days for annual and half-yearly modes to pay the premium due without interest. If the premium is not paid within the grace period then your policy will lapse.
Tax benefits – How you can save with the ICICI Prudential Smart Health Cover?
Under ICICI Prudential Smart Health Cover, you can get tax benefits on:
Premiums paid under Section 80C of the Income Tax Act, 1961.
Premiums paid towards critical illness rider under Section 80D of the Income Tax Act, 1961.
Other benefits – How you can save with the ICICI Prudential Smart Health Cover?
There are several other benefits of purchasing critical illness insurance plans from ICICI Prudential Life Insurance Company such as:
- Manage policy: You can use the online features available on the company website to easily manage your policy such as premium payment, switch funds, print premium statement, etc.
- Customer service: For any policy related queries, you can contact 24/7 ClaimCare Cell at toll-free number 1800 266 7766 or email at email@example.com. You can make a claim via SMS to 56767 or report hospital cashless claim via fax at 1800 103 4778.
- Term Insurance Calculator: You can calculate life cover and premium using the term insurance calculator available on the company website.
- Online Application: You can apply for a critical illness plan online on the company website.
- Grievance redressal: It takes 3 to 15 days to acknowledge and resolve a grievance, respectively.
Why should you buy ICICI Prudential Smart Health Cover from ICICI Prudential Life Insurance Company?
Following are the reasons why you should buy critical illness plans from ICICI Prudential Life Insurance:
- The Claim Settlement Ratio of ICICI Prudential Life Insurance Company is 96.2% for FY2016.
- The life cover plan, iProtect Smart was voted as ‘Product of The Year’ in 2016.
- ICICI Prudential Life has won the ‘Insurance Company of The Year Award’ in 2011.
ICICI Prudential Smart Health Cover FAQs
Listed below are some of the frequently asked questions about critical illness insurance plans offered by ICICI Prudential:
What is an accelerated benefit?
The critical illness benefit is not additional benefit. Therefore, the life cover will reduce with critical illness benefit.
What is the maximum maturity age of the policyholder?
The maximum maturity age of the policyholder is 75 years.
What is the Premium Payment Term (PPT)?
For Regular Pay, the PPT is same as that of the Policy Term and for Limited Pay, the PPT is 5 years less than the Policy Term.
What is maximum critical illness benefit?
The maximum critical illness benefit is Rs.25 lakhs.
What is the minimum premium amount I should pay?
The minimum premium amount is Rs.2,400 p.a. excluding Service Tax.
How long does it take for the claim to be processed?
The special ClaimCare team will assess and process your claim within 8 days. You will be informed if more documents are required to process your claim.
How long do I have to wait for the claim settlement?
Once the claim is processed, the claim benefit will be settled within 12 days.