Review on ICICI Health Saver plan

POSTED BY Pavan Avala ON December 13, 2011 11:23 am COMMENTS (20)

Currently, I am working in TOP Telecom MNC. And company is providing health insurance cover of Rs 6,00,000 for me, wife and parents. After reading many articles on that net, I understood the importance of having separate health insurance policy apart from what company provides. One of the (so called) financial adviser suggested “ICICI Health Saver plan” to me. It looks good to me.

Please provide review on that plan and what is your suggestion on it.

20 replies on this article “Review on ICICI Health Saver plan”

  1. avinash vishnu nadgouda says:

    i have ICICI HEALTH SAVER PLAN OF 2500 RS per MONTH, after the complete 15 years, how much money they will give me.And what about if i survive after 75 years. thx

    1. Hi avinash vishnu nadgouda

      This is very specific query which you should follow up with the concerned authority only. We wont be able to comment on that

      Manish

  2. Amol says:

    Agreed with u all. I have same policy from 6 yrs. My question is regarding maturity. What about fund value at the end of policy year on 75th year. Will they be returned or not ?

      1. Balaje Rangachari says:

        No, I am holding the policy since 2008. The fund value will be used against your additional medical expensenses and we cant take the money back. Hence i stopped paying premium from this year.

  3. Sachin says:

    8 years ago I bought a health insurance plan which I realized later was a ulip. Icici Pru health saver. Currently paying 15k premium for a 3 lac health cover for 2 people and it has a health saver fund.
    My goal is to have a health cover of 10 lac for my family n hv my child covered as well.
    So here’s the question. Should I be looking out for a separate health policy or should I be looking to increase cover in this plan, now that I have invested for such a long period.
    Appreciate any insights from you experienced pros.

    1. Sachin

      YOu need a strong and a good pure health insurance plan. Looks like you are stuck in a bad policy and its not good from a long term point of view.

      We have trusted partners who can help you choose the right policy . Just fill up this form and you will be personally assisted for this

      http://bit.ly/1LLdyFc

      Manish

  4. Dear Amit,

    While Ashal and Abhinav have answered your queries, here is our view on how you can use Health Saver features to your benefit:

    1. One of the biggest advantages of ICICI Pru Health Saver is that your policy renewal is guaranteed till 75 years of age.

    2. You have the option to stop paying premiums after 5 years and your policy will continue. However our recommendation is that you keep paying premiums throughout your earning years and stop premiums once you stop earning. This will mean you can enjoy health insurance benefits during your retirement years without paying any premium.

    3. Health saver fund: This fund will help you systematically build a corpus which you can use for expenses other than hospitalization expenses. Say for example medicines etc.

    Please do let us know if you have any further clarifications.

    Warm Regards,
    Life Insurance Help
    ICICI Prudential Life Insurance

    1. Sudhakar Jampanna says:

      Is this true, that can we stop premium payment after 5 years. And the life cover will continue untill the person age upto 75 years with what ever premium assured for life cover. When i enquired one year back at Banjarahills hyderabad office ,they said that person need to pay every year to cover .

      1. Balaje Rangachari says:

        Yes, you can stop payment. But your fund value should be atleast 110% of your premium amount to continue the coverage

  5. Abhinav Gulechha says:

    If you download the premium quote for ICICI Pru Health Saver from its website, there is a fine print mention that the company has the right to increase the health insurance charges under the plan.

    ” The health insurance charges are valid for one year from the date of commencement of the policy.The company reserves the right to change the health insurancecharges subject to approval from IRDA.

    Assuming level premium payment and increasing health care costs that will result in a 10% increase in health insurance charge each year,”

    Thus, though the premium remains the same, there will be a year on year increase in health insurance charge, which is nothing but the premium of a pure mediclaim policy.

    Also, as per IRDA regulations, it can take effect only with prior approval of IRDA.

  6. Amit says:

    Thanks Ashal….
    One more question…
    So if I buy Health Saver today & continue for next 30 yrs… then my premium for next 30 yrs will be fixed to Rs. 15000 for cover of 5 lacs…
    where as for any other medical insurance… premium will start around Rs. 10000 & will go on increasing every 5 yrs…. at the age of 60 the premium will be around Rs. 35000…

    so don’t you think Health Saver is better deal…. as both policy r having save health coverage….

  7. Amit says:

    Just one clarification required…

    1. In normal medical insurance, premium goes on increasing every 5 yrs, where as in ICICI Health Saver premium is constant for whole life…
    2. In Health Saver, you can stop paying your premium still continue to get medical insurance… say you paid premium for 10 yrs… so in this 10 yrs your fund value is 70000… then once you stoped paying the preminum, then next premium will be deducted from the fund value…

    is this true?

    1. Dear Amit, Yes is the answer for your basic query. Regarding the fix prem. please do understand, this policy ‘ll pay prem. from your fund value towards the insurance & this deduction ‘ll eat away a good chunk of your fund value.

      thanks

      Ashal

  8. Dear Pavan, the devil lies in the details. Please check the policy brochure yourself to understand in what circumstances the policy ‘ll provide money & how much?

    I do agree for the fact that apart from taking health insurance we should also increase self funding to face any medical hardship in future.

    Thanks

    Ashal

  9. Dear Pavan, Please elaborate on what counts this IPru plan looks good to you? We ‘ll be happy to know it.

    Thanks

    Ashal

    1. Pavan Kumar Avala says:

      Thanks for your reply. Here are the few points which impressed me.

      1) Insurance cover for Rs 10 Lakhs.
      To get same insurance cover of Rs 10 L, I have to spend Rs 9287 (star health), Rs 17,987 (Max Bupa) or Rs 21229 (Future General). Source: PolicyBazaar. Not considering star health, I thought, I have to spend around 15k to 20 k for getting Rs 10 L policy. So why not take in ICICI Health Saver which provides Rs 10 L cover and keeps ~10K monthly in wealth fund.

      2) Even If primary policy holder dies, new policy will be issued to remaining family members without medical checkup. (Told by financial adviser as he had seen in policy document, though I could not find in the brochure).

      Please correct me, if my view is not correct.
      If I am missing some important things in policy, please provide information which may change my perception about this.

      Once again, thank you for your reply.

      1. vandana says:

        From my understanding – if you buy 10 lakh cover from Star or some of the other companies…and do not claim anything in the first year, in the second year, you would be entitled to 10 lakh + 10 lakh no claim bonus + another 10 lakh for a different ailment. In contrast, the fund value is what you get in such policies. Imagine they take your monies, and pay the fund managers and spend on administration and you get hardly any of it invested. The fund manager is not exactly a genius, and markets are unpredictable. Definitely go for Star or similar providers for 10 lakh. You can buy smaller cover for other needs or opt for super top ups. It works cheaper. Again, my understanding.

        1. No , this is not the case.

          Its just 10 lacs each year. No claim does not carry forward that !

  10. http://www.iciciprulife.com/public/Health-plans/HealthSaver_Why.htm

    ICICI Health Saver plan is really a ULHP – Unit Linked Health Plan. This is not way different from a ULIP where you premium is taken, heavy charges are levied and invested in the market.

    Straight recommendation: JUST JUNK THIS PLAN and go for a pure health insurance plan. The amount you may save by not invesing in ULHP can be diverted to SIPs in diversified Mutual funds based on your individual financial condition.

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