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ULIP Review: ICICI Prudential Health Saver


Product Details

ICICI Pru Health Saver is a unit-linked health insurance plan (ULHP). The scheme covers individuals and has a family cover option. It provides comprehensive coverage via reimbursement of hospitalisation charges as well as lump sum payment in case of critical illnesses. The annual hospitalisation limit is 2-10 lakh. The policy premium net of charges is allocated to create a unit linked fund, 'Health Saving', which covers miscellaneous healthcare expenses. ICICI offers seven investment options for building the Health Saving fund.

Unique Feature

Unlike other ULHPs, Health Saver provides a noclaim bonus of 5% of the annual limit for every claim-free year up to a maximum of 25%. The policy also includes a free health check-up once every two years after the first year.

For Existing Customers

Stay invested as this plan offers a no-claim bonus which peers in the ULHP category do not. The scheme's investment options have generated outstanding returns, offsetting the high cost structure. Investors may switch to Multiplier or Balancer funds for maximum returns.

For Those Looking to Invest

The scheme is a good buy. But investors should always check out the list of network hospitals before buying any kind of health insurance. We recommend that you pay additional premium to build an adequate Health Saving fund. One may weigh Health Saver against other ULHP plans like LIC Health Protection and Birla Saral Health.
   
Our View

It is recommended that one should buy health insurance from a general insurer as their reimbursement is said to be much faster. ICICI Health Saver, a life insurance product, also offers similar features but its cost structure is relatively high. Another drawback is that the Health Saving fund can be claimed only after three completed years and is subject to limitations.
 

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