 "Say no to medical bill shock! This health plan offers infinite claim amount")
ICICI Lombard, a leading private general insurer in India, has unveiled an AI-powered health insurance plan called "Elevate", which promises extensive coverage and flexibility, with a particular focus on addressing concerns about limited sum insured amounts.
A key feature of Elevate is the "Infinite Claim Amount" add-on. This provides policyholders with comprehensive financial protection, eliminating worries about exceeding the sum insured limit in a single claim situation.
Traditional Health Insurance:
Sum Insured: This is the maximum amount an insurance company will pay for covered medical expenses within a policy year.
Scenario: Imagine you have a health insurance plan with a sum insured of Rs 10 lakh (1 million rupees). If you suffer a major illness and your hospital bills reach Rs 15 lakh, the insurance company will only cover Rs 10 lakh (your sum insured). You'll be responsible for the remaining Rs 5 lakh.
Infinite Claim Amount in Elevate:
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Overcoming Sum Insured Limits: This add-on removes the traditional sum insured restriction. If you have an Elevate plan with the "Infinite Claim Amount" add-on, the insurance company will cover the entire cost of your covered medical expenses, regardless of how much it exceeds the base sum insured amount.
Example:
Let's say you have an Elevate plan with a base sum insured of Rs 5 lakh and the "Infinite Claim Amount" add-on. Unfortunately, you experience a critical illness requiring hospitalization with a bill of Rs 20 lakh.
Traditional Plan: In a regular health insurance plan, you would only receive Rs 5 lakh from the insurance company, leaving you to pay the remaining Rs 15 lakh out of pocket.
Elevate with Infinite Claim Amount: With Elevate, the "Infinite Claim Amount" feature kicks in. The insurance company will cover the entire bill of Rs 20 lakh, even though it surpasses the base sum insured of Rs 5 lakh. This provides complete financial protection for that specific claim.
Policyholders can claim unlimited medical expenses once in the lifetime of the policy regardless of the sum insured with the Infinite Care benefit. However, this optional cover can only be purchased during the first two policy years.
You get the "Infinite Claim Amount" benefit only once in your entire policy lifetime, irrespective of how long you have the policy. It covers eligible medical expenses within specific categories. You must maintain this add-on continuously until you use it. Once you use it, the coverage ends, and the total sum insured for that year gets depleted. This add-on works independently of other optional coverages you might choose. If you decide to remove it during policy renewal, you cannot add it back later. If you utilize the "Infinite Claim Amount" benefit, the coverage ceases to exist and cannot be reinstated in future renewals.
Other key highlights
PED Coverage from Day 30
Under this health insurance policy, the waiting period for pre-existing obesity, hypertension, coronary artery disease, diabetes, asthma and hyperlipidemia is reduced to 30 days with the JumpStart optional cover. However, the cover should be chosen for a period of three consecutive policy years.
Unlimited Restoration of the Sum Insured
With the Reset benefit, the sum insured of your ICICI Lombard Elevate policy will be restored by 100% unlimited times a year if the original coverage amount was exhausted due to a claim.
Discount on Renewal Premium
Policyholders can earn a wellness discount of up to 30% on renewal premiums if they successfully accumulate a minimum of 9000 wellness points.
Wellness Programmes
With this mediclaim insurance policy, you get access to wellness services, including a health assistance team, ambulance assistance and discounts on medical services and products.
Guaranteed Cumulative Bonus
The ICICI Lombard General Insurance Company will provide a guaranteed cumulative bonus of 20% for up to 100% if no claims have been raised in the previous policy year.
The ICICI Lombard Elevate plan includes the following coverage:
- In-patient Treatment - It pays for the medical expenses incurred during in-patient hospitalization of at least 24 hours.
- Day Care Procedures/Treatment - It covers day care procedures or treatments that require a hospitalization of less than 24 hours.
- Modern Treatments - It pays for 12 modern treatments or procedures, including robotic surgeries, stem cell therapy and oral chemotherapy.
- Pre-hospitalization Medical Expenses - It covers the medical expenses incurred for up to 90 days before hospital admission.
- Post-hospitalization Medical Expenses - It pays for the medical costs incurred for up to 180 days after hospital discharge.
- In-patient AYUSH Hospitalization - It covers the cost of availing in-patient treatment at an AYUSH hospital or day care centre.