Page 38 - The Insurance Times March 2025

able, depending on the premium instalment mode, to main- lakh to Rs. 50 lakh. ICICI Prudential Life Wish offers cover-
tain continuity benefits related to the waiting period. The age for 830 years under the regular pay option.
policy has a yearly term with the option for annual renewal.
The surgical care benefit carries 50 per cent of the sum
Shriram General Insurance has previously introduced ben- assured in the vital care option. There are separate premi-
efit-based health insurance products such as the Shri ums charged for each benefit.
Criticare Policy, which provides a lump-sum payment upon Those opting for the maternity care benefit will get 25 per
diagnosis of a specified critical illness or medical condition.
cent of the surgical care sum assured additionally by paying
This policy covers 22 critical diseases, including cancer, open
an extra premium.
heart surgery, permanent paralysis of limbs, loss of speech,
blindness, and major head trauma. The vital care part covers 11 women specific critical ill-
nesses: five major and six minor ailments.
To support policyholders facing daily expenses during
hospitalisation, SGIC offers the Shri Hospital Daily Cash Ben- Major critical illnesses include seven cancers, myocardial
efit. This plan provides financial support for out-of-pocket infarction, rheumatoid arthritis, and a couple of other dis-
costs that may exceed the coverage provided by traditional eases.
health insurance policies. Minor critical illnesses include urinary incontinence, thyroid
disorders, uterine prolapse among others.
ICICI Prudential Life 'Wish' for women On diagnosis of major critical illnesses during the coverage
It is rare for life insurers to offer products similar to what period, 100 per cent of the vital care sum assured will be
their general insurance counterparts do. ICICI Prudential Life paid, and the policy would be terminated.
has come out with 'Wish,' a term insurance like product with If a minor critical illness is diagnosed, a fixed percentage of
health cover rider like features, directed specifically at the cover amount (10 per cent, 50 per cent or 100 per cent
women.
depending on the ailment) would be paid and the vital care
The company has launched two health plans that would pay cover would continue with the remaining amount (sum as-
the sum assured or a portion of it in case of diagnosis ma- sured minus paid out amount).
jor/ minor critical illnesses, and in instances where major/
The surgical care benefit covers nine women specific sur-
minor surgeries are required.
geries (five major and four minor surgeries).
There is an additional maternity care benefit that also ca-
When diagnosed with the need for a major surgery, 100 per
ters to childbirth related complications.
cent of the surgical care sum assured would be paid and this
If there are no illnesses or surgeries during the entire pe- cover would cease.
riod of policy coverage, nothing would be payable to the poli-
cyholder. But the vital care benefit would continue with premiums
payable for this benefit alone.
There are a few interesting features such as the premium
In case of a minor surgery, 40 per cent of the surgical care
remaining the same through the entire coverage period and
sum assured would be paid and the cover would be termi-
a premium sabbatical while still enjoying the benefits.
nated.
Read on for more on the new ICICI Prudential Life Wish
Here too, the vital care benefit would continue.
policy.
The policy has regular and limited premium payment op-
Multiple Coverages
tions. Even if the policy coverage runs for 2530 years, the
As mentioned earlier, there are two options offered to poli- insurer has stated that the premiums would remain the
cyholders.
same for the entire period.
The Health Care Plan covers minor and major critical ill- Also, ICICI Prudential Wish allows you a premium sabbati-
nesses under the 'vital care' benefit and against surgeries
cal.
under the 'surgical care' benefit.
So, you can skip one premium payment in your entire policy
The other option is the Health Care Plus Plan that provides
period and still continue to enjoy the benefits. Interestingly,
the vital care and surgical care benefits and an additional
if you pay all the premiums without skipping any, the last
maternity care benefit.
premium to be paid when your policy enters the final year,
The vital care benefit is available for sum assured of Rs. 10 would be waived off.
34 March 2025 The Insurance Times