Page 44 - The Insurance Times November 2024

FEATURE

'Elevate' scales new heights

V ery rarely does a foreign brokerage firm express 23,611 (excluding GST) annually, going by the rate chart

views on specific products of companies. So,
given by the company for Zone A regions in the country -
when Jefferies stated that ICICI Lombard's new
policyholders from other zones may get discounts from these
health insurance product, Elevate, was a game-
changer in the industry, it caught the attention of many levels on premiums.
In an era of spiralling medical inflation, the unlimited sum
stakeholders.
assured is indeed an excellent option for policyholders.
In a fairly competitive health insurance space, Elevate does
Another key feature is the guaranteed cumulative bonus.
have several unique features - such as an unlimited cover, Elevate will offer 20 per cent cumulative bonus for each
replenishment of sum assured without any ceiling, claimfree year, subject to a maximum of 100 per cent of
cumulative bonus additions even when claims are made in regular annual sum assured.
its base policy.
But the advantage here is that even if you make a claim in
These apart, there are other add-ons that are quite unique, a year, the cumulative bonus is not reduced, unlike in other
such as for inflation protection, reduction in waiting periods medical covers.
for specified illnesses, 100 per cent addition in sum assured
So, five claim-free years on a Rs. 10 lakh cover will give an
each year, worldwide cover and the like.
additional Rs. 10 lakh as cumulative bonus. A claim in the
The policy is also open for those from age 18 to age 125, sixth year will not hurt the bonus accrued thus far.
which is quite unique.
There is also a reset benefit offered by Elevate in the base
With all these features, Elevate's premiums for various ages cover, which resets up to 100 per cent of the sum assured
and family sizes are quite reasonable. for unlimited number of times in case of any illnesses, if the
cumulative bonus or other riders to boost the sum assured
We look at some key features in this policy that aren't
are not found enough.
commonly available elsewhere, and the premiums charged,
to judge its suitability for policyholders. So, with a Rs. 15-lakh cover, if a person makes two claims
of, say, Rs. 12 lakh and Rs. 5 lakh in a year, the policy will
Bolstered Basic Cover honour both the hospitalisation bills in full. This reset benefit
ICICI Lombard's Elevate health insurance cover starts at Rs. will not get triggered for the first claim.
5 lakh sum assured. Medical policies are available for sum
It is advisable for you to understand the difference between
assured going up to a figure as high as Rs. 3 crore.
buying a new policy and porting the existing one. Porting
However, where Elevate scores is that it also has an option allows policyholders to carry the benefits of their old policy
for unlimited cover, with no ceiling on the sum assured. And into a new one, ensuring that you don't lose the benefits
the premiums are affordable. you had accrued with your old policy. A significant concern
for many when considering porting their policy is whether
A 40-year-old person with a younger spouse and two children
the waiting periods will reset or continue. This is a crucial
can get a Rs. 3 crore cover for Rs. 47,657 (excluding GST),
difference between buying a new policy and porting an
while an unlimited sum assured will cost a little more with
existing one to another insurer. Porting ensures a seamless
an annual premium of Rs. 51,510 (excluding GST).
transition, carrying over your existing waiting periods and
For perspective, Rs. 15 lakh sum assured cover costs Rs. other benefits.

The Insurance Times November 2024 39