The COVID-19 pandemic has made the entire world realise that medical exigencies can arrive anytime and cause a substantial financial setback that is often tough to handle. The continually rising medical inflation in our country and skyrocketing costs of availing healthcare facilities means that a single instance of hospitalisation can burn a large hole in your pocket and ruin your entire financial planning.
However, you can prevent all this by investing in a reliable health insurance policy. In case of a medical emergency, it would cover most of the healthcare expenses you may incur, including hospital room rent, doctor's consultation fees, costs towards diagnostic tests, medicines, ambulance charges, and even post hospitalisation expenses to a certain extent.
Though there is no shortage of health insurance offerings in India from different insurance providers, one plan stands out in the market - ICICI Lombard Complete Health Insurance Plan. True to its name, it can be the complete solution for yourself and your family members' health insurance requirements. Read on to know more about some significant features and benefits of this plan.
What is ICICI Lombard Complete Health Insurance Plan?
The Complete Health Insurance Plan by ICICI Lombard is a comprehensive medical insurance policy that can secure you and your entire family against unforeseen healthcare expenses. You can either purchase this plan only for yourself or include your family members under the family floater option. This plan comes with an option of lifelong renewability, and you can add your spouse, kids and parents under the floater benefit.
You will also have the flexibility to optimise the coverage based on your precise healthcare needs by selecting add-ons such as maternity cover, OPD cover, critical illness cover, donor expenses cover, etc.
Some other noteworthy features of this plan include:
No limit on hospital room rent
When you get hospitalised, you must pay room rent for staying in the hospital room with all medical facilities. Room rent of a private hospital can quickly run into several thousand rupees for each day. Standard health insurance plans usually put a cap on the coverage of room rent. In case your hospital's room rent is above that capping, you will have to pay the difference out of your pocket.
However, with ICICI Lombard Complete Health Insurance Policy, there will be no capping or limit on hospital room rent. It means that in case of sudden hospitalisation, you can choose to stay in the room of your choice and avail the best possible treatment without worrying about the finances.
No co-pay clause
Under the co-pay clause of a health insurance policy, the insured person or policyholder is liable to bear a particular portion of the medical expenses incurred by him/her during a medical emergency. Usually, health insurance plans come with a co-pay clause, and the co-pay percentage is fixed at the time of policy inception.
However, ICICI Lombard Complete Health Insurance Plan comes with zero or no co-pay clause. It means that in case of a medical emergency, the entire expenses incurred by the policyholder will be borne by the insurance company (except for non-medical costs).
Coverage for pre-existing diseases
Many health policies exclude pre-existing diseases from the ambit of their coverage. However, ICICI Lombard Complete Health Insurance Plan covers pre-existing conditions, albeit after a waiting period of two years. By choosing a sum insured of ₹3 lakhs or more, you will be able to get the coverage for your pre-existing diseases after two years of continuous coverage under the policy.
Coverage for COVID-19 treatment
The Complete Health Insurance Plan by ICICI Lombard will also secure you against the hospitalisation expenses you may incur to treat coronavirus or COVID-19 disease. Therefore, it eradicates the need to purchase a separate corona insurance policy to protect yourself and your family members against the pandemic. However, a waiting period of 15 days from the policy start date will be applicable.
No pre-medical check-up
Many health insurance providers in India make it mandatory for their customers to undergo a pre-medical screening for buying a mediclaim policy. However, to purchase ICICI Lombard'sLombard's Complete Health Insurance Policy, you don't need any pre-medical check-ups or screenings if you're aged 45 years or below.
Additional sum insured
In case you do not claim on your policy, you will be rewarded with an additional sum insured (ASI) by the insurance company. For every claim-free year, your medical insurance policy's sum insured will increase by 10% (up to a maximum of 50%). However, in case of a claim, you won't be eligible for ASI, while the other policy benefits will remain intact.
Complimentary health check-up
By buying ICICI Lombard Complete Health Insurance Policy, you will get one complimentary health check-up coupon (two - in case of a floater policy). You can use these coupons to get a complete health check-up of yourself or your family members at any network hospital, free of cost.
Apart from the benefits mentioned above, you can also avail certain tax deductions u/s 80D of The Income Tax Act, 1961, by paying yearly premiums for ICICI Lombard Complete Health insurance Policy. So, if you're planning to buy health insurance for yourself or your family members, this policy is a reliable choice.