ICICI Pru’s New Insurance Plan Covers Diabetics, Others With Health Problems

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It is often difficult to access temporary coverage when diagnosing health problems such as diabetes or high blood pressure. ICICI Prudential Life Insurance, a private life insurer, recently introduced ICICI Pru Precious Life, the industry’s first temporary coverage to help people with serious health conditions. It is designed to benefit those with existing medical conditions such as obesity, diabetes, cholesterol, high blood pressure, asthma. People who have successfully recovered from cancer or have undergone critical surgeries such as angioplasty or open heart surgery are also eligible for this temporary coverage.

Term insurance plans are insurance products that provide protection against loss of family income due to the death of the winning member. ICICI Pru Precious Life is an innovative term insurance plan that provides appropriate life coverage to clients taking into account the nuances of various health conditions.

Characteristics: Depending on the protection desired by the client, ICICI Pru Precious Life offers two types of temporary cover: the Life option and the Life Plus option. In the ‘Life’ program, the nominee will receive the sum insured in the event of the unfortunate death of the policyholder. In addition to the death benefit, the client will be covered for the accidental death benefit if they choose the “Life Plus” term coverage.

Eligibility: Anyone over the age of 18 can benefit from the advantages of ICICI Pru Precious Life. The maximum age to purchase temporary coverage is 60 years old.

Premium: Policyholders will have three different payment options: one-time compensation, limited compensation, and regular compensation. Premiums should only be paid for the selected premium payment term. It can vary from 5 years to 40 years.

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Premiums can vary from 5 years to 40 years.

Once premiums have been paid for the premium payment term, policy benefits will continue for the policy term.

Customers will have the option of paying monthly, semi-annual or annual premiums. The minimum amount that a policyholder must pay to benefit from the advantages of ICICI Pru Precious Life is ??2,400.

Sum insured: The minimum amount of “sum insured” for this temporary cover is ??200,000. The maximum guaranteed under the underwriting policy approved by the Board. For the accidental death benefit, the minimum “sum insured” is set at ??1,000,000. The maximum benefit will be equal to the sum insured chosen by you. There is no maturity, paid-up value or survivor benefit available under this product.

“We have large segments of the population who have been diagnosed with one or more lifestyle-related conditions or other health issues. Individuals in these segments will find it difficult to obtain life coverage, leaving their families financially vulnerable. “, Puneet Nanda, ICICI Prudential Life Insurance, Deputy Managing Director.

Death benefit options: ICICI Pru Precious Life offers flexible options to benefit from death benefit coverage under ICICI Pru Precious Life – Lump sum, income, lump sum and income, increasing income.

For the “lump sum” option, the entire benefit will be payable in the form of a lump sum. Under the “Income” option, the amount of death will be payable in equal installments in advance for 5, 10 or 15 years at the option of the policyholder at the time of purchasing the temporary cover.

If one chooses the option ‘Lump sum and income’, the percentage of the sum insured to be paid as a lump sum and the balance will be provided in monthly installments. In the “Increase in income” option, the amount of the benefit is payable in monthly installments for 10 years starting at 10% of the amount of the benefit per year in the first year. The income amount will increase by 10% per annum in simple interest each year thereafter. At the time of the claim, the candidate will have the option of converting all or part of their monthly income into a lump sum. Your policy premium will vary depending on the death benefit payment option you choose.

Fiscal advantages: Premiums paid for capital insurance are applicable for a tax benefit under section 80C of the Income Tax Act, 1961. A deduction of up to ??1.5 lakh per exercise.

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