India’s largest private life insurance company, ICICI Pru Life, has come out with an innovative health insurance product which provides financial assistance for the treatment of heart diseases and cancer. The product helps the policyholder to focus on the treatment without worrying about the financial implications of treating these conditions.

The Heart / Cancer Protect product provides multiple benefits in a single policy. An amount of 25% of the policy cover amount is paid out immediately upon the policyholder being diagnosed with a minor condition such as angioplasty, implanting a pacemaker or early-stage cancer. In case the policyholder is diagnosed with a major condition the company will pay out the entire cover amount instantly.

The lumpsum payment feature is unique as the policyholder can then seek treatment from any hospital they choose anywhere in the country or abroad. There is no compulsion for the policyholder to choose a particular hospital which is empaneled with the insurance company, or worry about collecting documents for the purpose of reimbursements.

After the upfront payment for minor conditions is made, the policy continues to remain in force for the balance amount without the policyholders having to pay any more premiums. The product ensures policyholders against future financial commitments after being diagnosed with a heart or cancer ailment. Individuals can choose to take the income replacement benefit as an add-on, which provides 1% of the insurance cover as a monthly payment to the policyholder.

What this means in simple terms is that the disease will not put an end to the income of the policyholder, they will still have a source of income and that should be a relief to a person.

To make the product attractive to consumers from all strata of society, the company has priced it in such a manner that is it very’ affordable. A cancer cover of ‘ 20 lakh or a heart cover of’ 10 lakh can be obtained on payment of ‘ 100/- per month. Customers can choose to buy the heart cover or the cancer cover or both.

Heart and Cancer diseases are expensive to treat, this product aims to provide policyholders with the financial resources to gel treated.

 We all are aware that medical costs are constantly rising. To take care of this aspect, the product offers an option for consumers to increase the amount of cover by 10% every year.

The Heart / Cancer Protect product is available through all the distribution channels of the company and the company claims this product can be purchased easily in a matter of minutes.

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