ICICI Pru Health Saver - How Useful Pls advise

I have a ICICI Health Insurance Plan for 5 Lac & I am paying a premium of Rs. 15000/- p.a for last 4 years. However I have been getting contradictory feedback about this policy. As of now paying premium is not an issue for me & I can afford anotehr policy but my main concern is the health benefits of Health Saver. I am aware that this policy is not a pure health insurance plan but linked with investment involving risks. Lately I have been thinking to buy another Health Insurance plan but again got feedback that this policy was good enough to continue. I know the maximum charges would have been deducted in initial 5 yrs of premium payment & want to know what is option for me..
1. To continue with Health Saver only for long term
2. To continue with Health Saver & buy along with another purely Health policy.
3. To exit Health Saver after mandatory 5 yrs & buy immediatly another suitable purely Health Policy.


PLS ADVISE.
Thanks
SUNNY

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Originally Posted by greenhiker

I have a ICICI Health Insurance Plan for 5 Lac & I am paying a premium of Rs. 15000/- p.a for last 4 years. However I have been getting contradictory feedback about this policy. As of now paying premium is not an issue for me & I can afford anotehr policy but my main concern is the health benefits of Health Saver. I am aware that this policy is not a pure health insurance plan but linked with investment involving risks. Lately I have been thinking to buy another Health Insurance plan but again got feedback that this policy was good enough to continue. I know the maximum charges would have been deducted in initial 5 yrs of premium payment & want to know what is option for me..
1. To continue with Health Saver only for long term
2. To continue with Health Saver & buy along with another purely Health policy.
3. To exit Health Saver after mandatory 5 yrs & buy immediatly another suitable purely Health Policy.


PLS ADVISE.
Thanks
SUNNY

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First ask yourself, what type of health insurance plan your are looking for -
1- Health Insurance or Mediclaim (Indemnity plan)
2- Unit Linked Health Plans (Investment and Health Insurance)
3- Defined Benefit Health Plans (Critical Illness plans and Daily Hospital Cash Benefit plans)

Then you yourself would be able to answer all the above three queries.

Positive Points of ICICI Pru's Health Saver
1- Health Saver provides a no claim bonus of 5% of the annual limit for every claim-free year up to a maximum of 25%.
2- The policy also includes a free health check-up once every two years after the first year.
3- Health Saving fund can be claimed only after three completed years and is subject to limitations.
4- Cover Continuance Option - Regular premium payment is compulsory for first 5 years for cover continuance option i.e if you don't want to pay premium in future to keep policy in force you would have to pay premium for first 5 years.

My Say for Existing Customers
1- Stay invested as this plan offers a no-claim bonus which other Unit Linked Health Plans do not.
2- The scheme's investment options have generated good returns, offsetting the high cost structure. Investors may switch to Multiplier or Balancer funds for maximum returns.

Quote:

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Originally Posted by Manish_Kumar

First ask yourself, what type of health insurance plan your are looking for -
1- Health Insurance or Mediclaim (Indemnity plan)
2- Unit Linked Health Plans (Investment and Health Insurance)
3- Defined Benefit Health Plans (Critical Illness plans and Daily Hospital Cash Benefit plans)

Then you yourself would be able to answer all the above three queries.

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Hi Manish,
Thanks.
Definitely I am looking for Mediclaim and also Defined Benefit Health Plans.
I know Healthsaver does not suites much in that segment, but becoz I have already invested & have no money constraints as of now, I need a real advise whether to continue with Health Saver or better buy a New policy. Though Health Saver is linked to equity, how good is this policy to be kept for treatments post 50 yrs. I am 37 already & incase Healthsaver can not fullfill higher age ailments, I may opt from exiting from it & buy another one.
Pls advise me in details.
Cheers

Check review - ICICI Pru Life's Health Saver : Review

Quote:

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Originally Posted by greenhiker

I know Healthsaver does not suites much in that segment, but becoz I have already invested & have no money constraints as of now, I need a real advise whether to continue with Health Saver or better buy a New policy. Though Health Saver is linked to equity, how good is this policy to be kept for treatments post 50 yrs. I am 37 already & in case Healthsaver can not full fill higher age ailments, I may opt from exiting from it & buy another one.

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Please read the complete review of the plan as mentioned in the above thread by policywala.

My views are - As you had paid premium for four years, pay one more premium (Reason - Lots of exclusions as compared to normal health insurance policy) and also switch to Multiplier or Balancer funds for maximum returns. Also keep in mind if in future the returns of the units are not good then your sum insured will also be reduced.

You can buy a new health insurance plan or top-up plan for additional coverage.