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ICICI Lombard Health Insurance Benefits
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- Upto ₹75,000** Tax deduction under Sec 80D
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With a variety of general insurance products available, ICICI Lombard General Insurance Company is a well-known brand in the general insurance sector. In 2016, the business issued subordinated debt for the first time as a general insurer. The corporation entered the big leagues in 2017 when its GDPI surpassed INR 100 billion. The same swelled to INR 185.62 billion for FY 2021-22. Additionally, the business has won numerous honours, the most recent of which was the 2017 Asia Quality Excellence and Leadership Award, which boosts consumer confidence. The business received the Association of Talent Development BEST Awards for a record-breaking sixth time in 2018. As on March 31, 2022, the corporation has 29.3 million policies under its belt. A variety of health insurance policies are available from ICICI Lombard health insurance benefits, whether customers want to insure just one person or their entire family. For those who want additional coverage, the firm now provides fixed insurance benefits and supplementary health insurance policies in addition to standard mediclaim policies. Here is all you need to know about the benefits of ICICI Lombard health insurance.
ICICI Lombard Health Insurance Benefits
ICICI Lombard health insurance benefits are impressive and extensive for the policyholders. With these, policyholders enjoy maximum coverage, value-added services and all others for an affordable premium.
The following are the basic benefits of ICICI Lombard health insurance:
1. Reset Benefit
If the base sum insured becomes insufficient due to claims made earlier in the year, ICICI Lombard health insurance policies will refresh up to 100% of the baseline sum insured during the policy term. ICICI Lombard health insurance benefits may only be received once throughout the insurance period.
2. Complimentary Value-Added Solutions
ICICI Lombard health insurance benefits include access to complimentary value-added services such as expert e-consultations, health screenings, online doctor consultations, speech, physiotherapy consultations, and audiology. These benefits are free. Not only does it guarantee you receive more for your money, but also assists you in maintaining your health, gaining access to high-quality healthcare options, and quickly recovering from a medical issue.
3. No Age Restriction on Entry Age
The Insurance Regulatory Development Authority of India (IRDAI) states that anyone upto the age of 65 can buy health insurance. Individuals between the ages of 65 and 80 can choose from a variety of comprehensive senior health insurance plans. You may get ICICI Lombard health insurance products at any moment during your lifetime because there is no entrance age restriction regarding these ICICI Lombard health insurance benefits.
4. Lifetime Renewability
Under the ICICI Lombard Health Insurance benefits, there is no restriction on the policyholder's age at the time of policy renewal; as a result, you may take advantage of the lifelong renewability benefit. It guarantees that there are no limitations or age restrictions on the policy's lifetime renewals. Lifetime renewability relieves financial stress for retirees if they are faced with a major sickness.
5. Health Habits Points
Incentives for adopting healthy behaviours and engaging in physical activity, such as jogging, cycling, or exercising, are common among insurers today. When renewing your coverage, you may utilise these reward points to save on your premium. You can redeem these points to save on prescription costs, diagnostic fees, outpatient visits, etc. For adopting healthy practices, ICICI Lombard health insurance plan benefits reward you with wellness points. As per the terms and conditions, you can subsequently redeem these points.
6. Tax Benefits
Another benefit of ICICI Lombard Health Insurance policies is tax benefits. Section 80D allows for a tax deduction for health insurance premiums paid up to a limit of Rs. 55,000. (Rs. 25,000 for individuals and Rs. 30,000 for senior citizens).
There will be some policy-specific benefits that you will be provided but benefits of ICICI Lombard Health Insurance like, in-patient hospitalisation expenses, AYUSH treatment, pre and post-hospitalisation expenses, daycare treatment, road ambulance expenses will be provided to you regardless of the coverage you end up choosing.
The Bottom Line
Increased medical expenses might put a serious dent in your finances. The easiest approach to lessen financial losses and get peace of mind is to pay a minimal health insurance premium. Making use of ICICI Lombard health insurance benefits gives you that mental calm during a crisis, sparing you from concerns that you may have during hospitalisation. Depending on your insured coverage, ICICI Lombard health insurance plan benefits feature access to further benefits like critical illness, add-ons, etc.
ICICI Lombard Health Insurance Benefits FAQs
1. Do ICICI Lombard health insurance plan benefits include coverage for accidental death and total permanent disability?
The Personal Protect Policy from ICICI Lombard provides insurance for accidental death and total disability (PTD).
2. Is maternity coverage included under ICICI Lombard health insurance plan benefits?
A family floater of the ICICI Lombard policy offers an add-on maternity protection option. Following 36 months of uninterrupted coverage since the beginning of the insurance, the coverage becomes available. If you and your spouse are both insured by the same family floater policy, the benefit is accessible to you both.
3. What coverage options are available with ICICI Lombard convalescence benefits?
If the insured is hospitalised for any injury or illness covered by the policy for at least 10 consecutive days, a benefit payment of INR 10,000 will be made once throughout the ICICI Lombard health insurance policy period.
4. What advantages do ICICI Lombard health cards offer?
A health card from ICICI Lombard provides the third-party administrator's contact information and phone number (TPA). You can phone these numbers in case of a medical emergency for questions, explanations, and to request any kind of support. Additionally, you must present your health card to the hospital.
5. What tax benefits of ICICI Lombard health insurance do I receive for paying premiums?
The premium you spend for yourself, your wife, your dependent children, and your dependent parents is deductible under section 80D up to a maximum of INR 25,000 (INR 50,000 for those who are 60 years of age or over), minus service tax and education cess. According to the current tax laws, which are susceptible to change as tax laws change, this deduction is allowable.
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