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It is rare for life insurers to offer products similar to what their general insurance counterparts do. ICICI Prudential Life has come out with ‘Wish,’ a term insurance like product with health cover rider like features, directed specifically at women.
The company has launched two health plans that would pay the sum assured or a portion of it in case of diagnosis major/ minor critical illnesses, and in instances where major/minor surgeries are required.
There is an additional maternity care benefit that also caters to childbirth related complications.
If there are no illnesses or surgeries during the entire period of policy coverage, nothing would be payable to the policyholder.
There are a few interesting features such as the premium remaining the same through the entire coverage period and a premium sabbatical while still enjoying the benefits.
Read on for more on the new ICICI Prudential Life Wish policy.
Multiple Coverages
As mentioned earlier, there are two options offered to policyholders.
The Health Care Plan covers minor and major critical illnesses under the ‘vital care’ benefit and against surgeries under the ‘surgical care’ benefit.
The other option is the Health Care Plus Plan that provides the vital care and surgical care benefits and an additional maternity care benefit.
The vital care benefit is available for sum assured of Rs. 10 lakh to Rs. 50 lakh. ICICI Prudential Life Wish offers coverage for 830 years under the regular pay option.
The surgical care benefit carries 50 per cent of the sum assured in the vital care option. There are separate premiums charged for each benefit.
Those opting for the maternity care benefit will get 25 per cent of the surgical care sum assured additionally by paying an extra premium.
The vital care part covers 11 women specific critical illnesses: five major and six minor ailments.
Major critical illnesses include seven cancers, myocardial infarction, rheumatoid arthritis, and a couple of other diseases.
Minor critical illnesses include urinary incontinence, thyroid disorders, uterine prolapse among others.
On diagnosis of major critical illnesses during the coverage period, 100 per cent of the vital care sum assured will be paid, and the policy would be terminated.
If a minor critical illness is diagnosed, a fixed percentage of the cover amount (10 per cent, 50 per cent or 100 per cent depending on the ailment) would be paid and the vital care cover would continue with the remaining amount (sum assured minus paid out amount).
The surgical care benefit covers nine women specific surgeries (five major and four minor surgeries).
When diagnosed with the need for a major surgery, 100 per cent of the surgical care sum assured would be paid and this cover would cease.
But the vital care benefit would continue with premiums payable for this benefit alone.
In case of a minor surgery, 40 per cent of the surgical care sum assured would be paid and the cover would be terminated.
Here too, the vital care benefit would continue.
The policy has regular and limited premium payment options. Even if the policy coverage runs for 2530 years, the insurer has stated that the premiums would remain the same for the entire period.
Also, ICICI Prudential Wish allows you a premium sabbatical.
So, you can skip one premium payment in your entire policy period and still continue to enjoy the benefits. Interestingly, if you pay all the premiums without skipping any, the last premium to be paid when your policy enters the final year, would be waived off.
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