V/s
PRESENTATION ON
Health Insurance Plans of
Health Insurance - An Overview
The term Health Insurance is generally used to describe a form of insurance that pays for medical expenses. It is sometimes used more broadly to include insurance covering Disability or Long Term Nursing or Custodial Care needs. Under the Insurance Act, 1938, insurance against sickness & medical treatment is not part of the Life Insurance Business but comes under miscellaneous insurance business, which is part of General Insurance business. In many country including India it comes under both business.
ICICI Pru HEALTH PLANSThere are several Health Insurance Plans of ICICI Pru , it is categorized on the following basis:
Hospitalization Plans: Cover expenses in case you need to be hospitalized. Such as HOSPITAL CARE.
Critical Illness Plans: Provide coverage against critical illnesses such as heart attack, organ transplants, stroke, and kidney failure among others. Such as CRISIS COVER, HEALTH ASSURE PLUS.
Specific Conditions Coverage: Designed specifically for certain conditions or illnesses such as diabetes or cancer. Such as DIABETES CARE, CANCER CARE, DIABETES CARE PLUS, CANCER CARE PLUS DIABETES ASSURE,
HOSPITAL CARE PLAN
FEATURES & BENEFITS
• Hospitalsation benefit (DHCB) • Intensive Care unit (ICU) Benefit • Post Hospitalization Benefit • Surgery Benefit • Payout in addition to other plan • Cashless hospitalization • Multiple Claims
• Tax Benefits• Transparent coverage norms• Guaranteed coverage
HOSPITAL CARE At a Glance
Entry age 1 - 60 yrs
Policy Term 10 - 20 yrs
Maximum Cover Ceasing Age 80 yrs
Premium Payment Frequency Yearly, Half yearly& Monthly
Maturity / Death Benefit Not Payable.
CRITICAL ILLNESS PLANSCRISIS COVER PLAN
Features & benefit• Disability benefits• Disease benefits for 35 critical diseases• Death benefits• Lump sum paid irrespective of actual billing. • Coverage up to 75 yrs• Coverage continues even after claim• Tax benefit
Crisis Cover At a Glance
HEALTH ASSURE PLUS
Features & benefits• Benefits against 6 critical illness• Death benefits • Maturity benefits• Flexible withdrawal options • Tax benefit• Claim on basis of Diagnosis, not on medical
bill
Health Assure Plus At a Glance
Age of entry 18 - 60 yrs
Coverage term 10 - 50 yrs
Maximum cover ceasing age
75 yrs
Sum Assured 3 lacs – 20 lacs
Premium payment frequency
Monthly, half yearly & annually
Tax benefits As per tax laws under Sec 80C & 80D
Sum Assured 1 lacs - 10 lacs
Policy Term 10 - 30 yrs
Age of entry 18 yrs - 55 yrs
Maximum cover ceasing age
65 yrs
Premium payment frequency
Monthly, half yearly & annually
Tax benefits As per tax laws under Sec 80C & 80D
SPECIFIC CONDITION COVERAGE PLAN
DIABETES CARE,CARE PLUS& ASSURE PLAN
Features & Benefits
• Lump-sum payment, on diagnosis of the six critical illnesses, kidney failure(only in Diabetes Assure plan)
• Optional cover for eye & foot complications (only in diabetes care & care plus plan)
• Wellness program 3 Free check-ups every year • Reduced Premium on display of good control • Web support for better diabetes control • Tax benefit• No Maturity benefit payable in any plan Diabetes plans At a Glance
CANCER CARE & CARE PLUS PLAN
Features & benefits
• Covers given to both early and advanced stages of cancer
• Free cancer screening under wellness program
• Cash payouts at different stages for diagnosis, treatment and surgery
• Cover up to 10lakh against cancer, for premium as low as Rs 300 per month
• Tax benefit under section 80D
Cancer plans At a Glance
Entry age 25 yrs - 60 yrs
Policy Term 5 yrs
Sum Assured 3 lacs - 10 lacs
Premium payment mode Yearly, half yearly, monthly
Tax benefit As per the Tax laws
Entry age 20 – 60 yrs
Maximum cover ceasing age 70 yrs
Policy Term 10 - 50 yrs
Sum assured 5 lacs - 25 lacs
Min. single premium 1200 / annum
BAJAJ ALLIANZ HEALTH PLANS
BAJAJ ALLIANZ deals with two health products which are as follows• CARE FIRST (Hospitalization Plan)• HEALTH CARE (6 in 1 plan)
CARE FIRST
Benefits & features• Hospitalization Cover• Day Care Treatment Care First At a Glance• Pre & Post-Hospitalization Cover• Cash Less Service Facility• Death benefit• Tax Benefit
Entry Age 18 yrs - 56 yrs
Sum Assured 1lacs – 7 lacs
Maximum cover ceasing age
65 yrs
Policy Term 3 yrs
Premium Payment Frequency
Yearly, half yearly Quarterly , monthly
Health Care
It is three year Health Insurance Plan providing comprehensive health cover with a life insurance plan. This plan covers the Six Plans that’s why it called as 6 in 1 plan.
Benefits & Features
6 in 1 Health plan at a glance
• Death benefit
• Hospital care benefit
• Critical Illness benefit
• Surgical benefit
• Accidental Total / Partial Disability Covers
• Post hospitalization benefit
Others benefits
• Multiple Claim
• Cashless benefit
Entry age 18-57 yrs
Maximum age maturity 65 yrs
Term policy 3 yrs
Premium payment mode Yearly,half yearly Quarterly,monthly
Minimum single premium 1000 / year
Tax benefit As per the tax laws
Comparison Between ICICI Pru & Bajaj Allianz
Basis ICICI Prudential BAJAJ Allianz
Hospitalization benefits
At least For 2days & max for 90 days per policy year , expense cover range up to 20 lacs
At least for 1day, expense cover range up to 7 lacs
3D’s benefit Full sum assured is payable in crisis cover plan if death/disability due to an accident
Care first plan also provide the death & disability benefit(if permanent disability occur)
Maturity benefit Payable in health assure plus plan if no claims made during policy term
Does not provide such benefit
Surgery benefit Hospital care gives this benefit depending on surgery grade
Max Rs 50,000 per policy year
Critical illness benefit
It covers 35 critical illnesses It cover 11 critical illnesses
Policy term Policy term varies from 5-50 years in its different plans
Its each policy term are of 3 years.
Entry age Min 1 year & max 60 yrs throughout its different plans
Min 18 yrs & max 57 yrs throughout its different plan
Basis ICICI Prudential Bajaj Allianz
Special condition plans
It has special plan for diabetes & Cancer .
Such plans are not available here
Hospital networks 4583 hospitals allover India 2000 hospitals allover India
Multiple claim One can make multiple claim during a policy term but it should not exceed the benefit limit
It also provide multiple claim benefit for various surgical , hospital cash and post hospitalization benefits
Cashless hospitalization
Only in network hospitals Only in network hospitals
Tax benefit As per the tax laws under section 80C & 80D
As per the tax laws under section 80C & 80D
Maximum age of ceasing
80 yrs in hospital care, 75&65 in critical illness plan 70 in all special condition plan
65 in all of the plans
Renewal In most of the plans Policy term are quite long to cease the maximum age, but wherever needed plan can be renewed
Necessary after 3 yrs to continue the policy to the next 3 yrs
CONCLUSION
From the point of view of consumers both the companies havemostly common plans with common benefits. But ICICI Pru lifehave some more advantages over BajajAllianz life insurance inthe following ways:-
• More specialized plans for special diseases• Larger network of hospital• Easier Claim.• High benefit limit in comparison to Bajaj Allianz.• Policyholder can claim for benefit amount from this policy as well as from
the other medical Insurance policy.• Policies are available for the child of 1 yr up to 60 yr old person.• One of the policy of ICICIPru is a health-cum-life insurance plan i.e Health
Assure Plus Plan.
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