Cancer and heart attacks are two of the most common diseases affecting people today. If you take a few seconds, you will certainly remember someone who has suffered or is suffering from these conditions. Fortunately, the latest technology in medical science and the marvels of modern medicine are making it easier for people to fight cancer and heart problems, and emerge victorious today. However, the costs associated with the recovery from these diseases could put you in a deep financial crisis.
Having a health insurance policy may not always be enough to combat the financial stress that comes with these illnesses. Often, heart and cancer protection are specific critical illness riders that are not part of the regular health plans. These add-ons provide financial cover if diagnosed with ailments related to cancer or the heart. A standard insurance policy for cancer covers several costs associated with diagnosis and treatment, including hospitalization, chemotherapy, radiation, and surgery, among others.
To meet these medical costs, you need special health insurance plan that can provide what other policies may not offer – such as a lump-sum insurance payout on detection. This can help pay off medical bills and ensure your income is never interrupted.
ICICI Pru Heart/Cancer Protect is one such health insurance policy that offers cover against specific illnesses like cancer and heart ailments. In addition to this, the plan allows you to claim the insurance amount on the first diagnosis, regardless of the real cost of treatment.
Cancer and heart ailments are serious chronic conditions that can place a severe strain on finances due to the specialized care and recovery time they demand. ICICI Pru Heart/Cancer Protect is a dedicated insurance plan that covers all the expenses related to cancer and heart problems.
Key Benefits of ICICI Pru Heart/Cancer Protect
High Cover at an Affordable Cost: The plan offers high coverage at reasonable premiums, making it easy for everyone to have cancer and heart protection. For instance, you can get a heart cover of 7 lakhs or a cancer cover of 20 lakhs, at approximately Rs. 100 per month.
Immediate Payout on Diagnosis: Unlike most health plans, ICICI Pru Heart/Cancer Protect pays out the assured sum on initial diagnosis of cancer or a heart-related condition, irrespective of the actual expenditure on treatment. This gives policyholders the freedom to choose a hospital and treatment that they want. Knowing that they have financial security allows patients to recover from these conditions without any worry. The plan continues even after the first payment is made for a minor condition, and the policyholder does not have to pay further premiums, safeguarding you from future expenses.
Discount for the family: Individuals who use the ICICI Pru Heart/Cancer Protect plan to cover their spouses are entitled to a 5% discount on health insurance premium for the initial year.
Waiver of insurance premium: If diagnosed with a permanent disability or affected by a minor condition, ICICI Prudential Life will waive the remaining insurance premiums. Thus, policyholders continue to get the full coverage of the plan at zero premiums or no cost.
Increasing Cover Benefit: One of the best features of this policy is that with every claim-free year, the sum assured increases by 10%. This cover increases to a maximum of 200% (of the initial sum assured), until a claim is made, enabling policyholders to afford the rising medical costs.
Monthly Income Benefit: ICICI Pru Heart/Cancer Protect plan also offers an additional 1% of the sum assured for five years. This payout comes in handy if you need to take a break from working due to a serious condition, as it provides you with a steady income. The benefit is over the lump-sum payment on diagnosis of the disease and is paid to the nominee even after the death of the policyholder.
Tax benefits u/s 80D of the Income Tax Act: You can get tax benefits of up to Rs. 25,000 for insurance premiums paid towards this insurance policy.
Before choosing an insurance partner, consider the following:
Reputed Insurer: Remember, if you are suffering from a serious health condition, you will be in no position to fight the insurance company for your claim. For this reason, it is essential that you buy insurance from a reputed company that can assist you with the claims process with no trouble.
The efficiency of claims process: Claim settlement ratio and claim settlement time are important factors to consider when choosing an insurance company. A quick settlement process and high settlement ratio indicate that the insurer can handle claims quickly and can be trusted to protect you. For instance, ICICI Prudential Life has a claim settlement ratio of 96.87%, making it one of the most reliable and efficient insurers in the country.
Conclusion: When battling cancer or heart diseases, having a health insurance plan that offers a lump-sum payout on detection can make a great difference to your treatment. This lump-sum can help pay your medical bills so that recovery is the only thing you need to focus on. ICICI Pru Heart/Cancer Protect can ensure you get the right treatment while meeting all your financial needs. In addition to this, the various other benefits of this plan make it an ideal choice for those who want complete protection against these two major diseases, for themselves and their loved ones.
Disclaimer- Insurance is a subject matter of solicitation. The information provided in this website cannot substitute for the advice of a licensed professional. This information is of a general nature only and is not intended to address the specific circumstances of any particular individual or entity and not necessarily comprehensive, complete, accurate or up to date; not professional or legal advice (if you need specific advice, you should always consult a suitably qualified professional).