Rakesh has a good life. His job with a top multinational was going well, his kids were doing well in their academic life and his wife was also secured in a good job. Rakesh always knew the importance of planning and already had made some investments for his family’s goals.

One day Rakesh received a call from his best friend Ajay. Ajay, who generally was upbeat and always full of energy sounded really upset. Ajay’s wife was diagnosed with breast cancer just last week. Ajay’s life would never be the same again.

We often hear upsetting statistics that show how cancer is one of the fastest rising diseases in India, it is estimated that 14 million people are suffering from cancer*. Also, India is expected to have 17 lakh new cancer cases by 2020^! But it hurts the most when someone like a family member of friend, who is a part of our everyday life, is also a part of this statistic.

Rakesh rushed to meet Ajay as any good friend would have. This sudden news had shaken up Ajay’s entire family emotionally. Ajay also spoke about how the treatment like chemotherapy and radiation were very expensive and would cost him a lot of money. Ajay would have to dip into his savings to pay for this treatment. Rakesh didn’t say it to Ajay, but could see how this would end up creating a dent in Ajay’s family’s secure future.

While driving back home, Rakesh kept thinking if there was any way to win the battle against heart-related ailments or cancers.  Looking at Ajay’s state he felt helpless and worried. The same thing could have happened to him or his wife. After all, they too led hectic lives, coupled with poor lifestyle habits like not eating on time, little to no exercise and work related stress.

For the next few days, all Rakesh could think about was creating a contingency plan in case he or his wife were to be struck by heart-related ailments or cancers.  That’s when he heard about the newly launched health plan – ICICI Pru Heart/Cancer Protect. One feature that really caught his attention about this product was that it pays the claim money upfront on detection1, which was what he was looking for all along. After all, this is exactly what one needs when an illness of this nature is diagnosed. This money could help in so many ways – treatment with the best doctors, in the best hospitals, access to latest medicines and procedures, etc. The claim amount covers a range of heart ailments and cancers even before actual treatment starts!

As he spent more time doing his research on the product, he was amazed to see some other great features. He calculated his cover and was surprised to know that the plan would cost him just Rs. 100 per month2 for a cover of Rs. 20 lakhs! It was a very small price to pay for the multiple benefits that the plan offered. The plan waives all future premiums if one is diagnosed with an illness3. It took into account a very important aspect of the loss on income that someone could suffer due to the inability to work, by offering 1% of the claim amount as regular monthly income4, this, however, is an optional benefit. One can also opt for the hospital benefit5, which means the plan pays Rs. 5000 per day irrespective of the actual costs! One also has the option to increase the coverto take care of medical inflation. The best part was that it could be bought in just a few minutes.7

Rakesh bought the health plan immediately. It suited both his budget and his need. After all, at least one can be financially prepared and fight back to good health.

Stay prepared. Get a free quote here.

* – http://www.who.int/mediacentre/factsheets/fs297/en/

^ – http://indiatoday.intoday.in/story/over-17-lakh-new-cancer-cases-in-india-by-2020-icmr/1/671461.html

1 – The claim pay-out depends on the severity of the level of listed conditions and the coverage option chosen. A lump sum is paid out on diagnosis of any of the listed conditions. This payout is based on the level of the condition. In any case, the total payout in the policy cannot exceed 100% of the Sum Assured of the cover selected. Please refer to the sales brochure to know about the payouts at different level of condition. Doctor’s certificate confirming diagnosis needs to be submitted.

2 – The above mentioned premium rate is for a 29 year old healthy non-smoker male for a term of 20 years, monthly premium payment frequency and without any additional benefits. ICICI Pru Heart/Cancer Protect annual premium for Rs. 20 lakhs Cancer Sum Assured is Rs. 1,200. Applicable Goods & Services Tax and cesses are additional to the mentioned premium. 

3 – The Company shall waive all future premiums on a claim of Minor condition under the chosen cover; or on the diagnosis of Permanent Disability (PD)of the Life Assured due to an Accident. If both Cancer cover and Heart cover are chosen such waiver is allowed on a minor/major condition claim under either Cancer cover or Heart cover; or on the diagnosis of PD. This benefit is available only if the Policy is in force as on the date of diagnosis of the condition/at the time of accident.

4 – Under the Income Benefit, the Sum Assured has to be chosen at inception of the plan. An amount equal to 1% of the Sum Assured chosen at inception will be paid to the policyholder each month, for a period of 5 years upon a valid claim under any of the listed Major conditions. Where the Cancer cover and Heart cover are taken together, pay out under Income Benefit will be triggered for only that cover for which a claim of Major condition is registered and all Benefits through other cover remains unaffected.
5 – Hospital Benefit: You will get daily hospital cash benefit provided you get hospitalized for a continuous stay of 24 hours, due to any of the listed conditions under your chosen cover.

6 – With Increasing Income Benefit, the Sum Assured chosen at inception increases by 10% simple interest on each policy anniversary, for every claim free year. The maximum Sum Assured under the cover will be capped at 200% of the Sum Assured chosen at inception. This increase in Sum Assured will stop on occurrence of first claim under the cover. Where Cancer cover and Heart cover are chosen together, the Sums Assured for both the covers increase by 10% simple interest on each policy anniversary, for every claim free year. The maximum sum assured will be capped at 200% of the Sum Assured chosen at inception for each type of cover. In case of occurrence of first claim under any one type of cover, the increase in Sum Assured will stop for that cover type and Increasing Cover Benefit will continue for the other type of cover, for which no claim has occurred.

7 – Policy issuance is subject to realisation of payment and documents. Policy issuance is based on your responses to the medical questionnaire and basic document verification, provided all health questions are standard.

ICICI Pru Heart/Cancer Protect: UIN 105N154V01. ADVT: L/II/0446/2017-18

About The Author

ICICI Prudential Life Insurance Company Limited is one of the leading life insurance companies in India. We provide insurance plans & policies that include a range of products like term insurance, ULIPs, tax saving plans and pension & retirement plans.

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