ICICI LOMBARD

ICICI Lombard GIC Ltd. is a 74:26 joint venture between ICICI Bank Limited, Indias second largest bank with consolidated total assets of over USD 91 billion at March 31, 2011 and Fairfax Financial Holdings Limited, a Canada based USD 30 billion diversified financial services company engaged in general insurance, reinsurance, insurance claims management and investment management. ICICI Lombard GIC Ltd. is the largest private sector general insurance company in India with a Gross Written Premium (GWP) of Rs. 4,734.89 crore for the year ended March 31, 2011. The company issued over 56 lakh policies and settled over 81 lakh claims and has a claim disposal ratio of 99% (percentage of claims settled against claims reported) as on March 31, 2011. The company has 4,264 employees and 315 branches as on March 31, 2011

HEALTH INSURANCE
The term health insurance (popularly known as Medical Insurance or Mediclaim) is a type of insurance that covers your medical expenses. The concept of health insurance is new in India but its awareness is growing fast. Health insurance comes in handy in case of severe emergencies. Life is unpredictable, insurance can make it safe and secure from bearing huge financial loss. A health insurance policy is a contract between an insurance company and an individual. Sometimes it is associated with covering disability and custodial needs. The contract is renewable annually. Health insurance is affordable and carries the assurance and freedom from insecurities that threaten normalcy now and then. The type and amount of health care costs that will be covered by the health plan are specified in advance. Health plans are available in two formats, individual and group plans. In an individual policy you are personally the owner of the policy. While in a group plan, the sponsor owns the policy and the people covered under it are called its members.

BENEFITS
Benefit depends on the policy you choose and the coverage it provides. Here is a list of basic coverage provided by most of the health policies. 1. It helps securing a better future by paying a fraction as an expense today called the premium. 2. It reduces saving huge amount of financial losses, risk of financial breakdown in case of expensive medical and post-illness care. 3. It definitely induces a sense of security to the insured. 4. It provides financial security to the family members. 5. It covers your hospitalization and medical bills.

6. It also covers disability and custodial bills. 7. One can avail tax benefits on the premium paid under section 80D of the Income Tax Act.

8. The best factor, you can also opt for health insurance policies even after the age of 60. Health Insurance Coverage:
Basic Coverage - A health insurance plan should provide cover for hospital rooms, doctor or surgeon fees, medical tests, medicines and related expenses. It provides you with essential protection plus a range of optional extensions that can be selected to suit your specific insurance requirements. Specific Health Plans - It provides covers for critical illnesses or diseases such as heart attack, kidney failure, etc; most insurers offer critical illness plans. Another set of specific insurance plans target ailments such as diabetes and cancer. These plans offer cash on hospitalization, reimbursement for expenses incurred on surgical treatments, and such like. Critical Illness Plan - Critical illness insurance is designed to provide financial assistance in the form of a lump sum, tax-free payout to help you overcome the financial stress and difficulties associated with diagnosis of a serious illness. Critical illness insurance plans supplements medi claim, which reimburses the hospitalization and medical expenses. Critical illness insurance plans are benefit plans that pay the amount equal to sum assured, if the critical illness strikes, irrespective of expenses incurred on treatment.

TYPES OF HEALTH INSURANCE

Medical Insurance

This is typically a hospitalization cover and reimbursement of the medical expenses incurred in respect of covered disease or surgery while the insured was admitted in the hospital as a patient. Different types of medical insurances are available in the market like individual medical insurance, group medical insurance and overseas medical insurance. There are health policies that reimburse you the actual hospitalization cost for treatment of any disease and are offered by the non-life insurers only. These policies are popularly called "Mediclaim" policies. Other types of health insurances are provided by both the life and non-life insurers. Critical Illness Insurance Critical Illness plan insures you against the risk of serious illnesses in return of a premium you are required to pay. This gives you the same security of knowing that a guaranteed cash sum will be paid if the unexpected happens and you are diagnosed with any one of the critical illness. Sometimes a critical illness can change your lifestyle in addition to help within the home or the family. In this type of health insurance plan, the insured receives a lump sum amount within a few days of diagnosing critical illness. Once this lump sum is paid, the plan ceases to remain in force. Typically, a critical illness plan would provide cover for the illnesses mentioned below. 1. Aorta graft surgery 2. Cancer 3. Coronary artery bypass surgery 4. First heart attack 5. Kidney failure 6. Major organ transplant 7. Multiple sclerosis 8. Paralysis 9. Primary pulmonary arterial hypertension 10. Stroke

Health Insurance (Mediclaim):

ICICI Lombard also provides health insurance. Health insurance provides the hospitalization expenses of the insured. The insured has to be hospitalized for more than 24 hrs to get the health insurance benefit. ICICI Lombard has cashless facility available with more than 4000+ network hospitals. Health insurance comes in two forms- individual and family floater plan. The former covers a single person while the latter covers family members also. Tax benefits can also be availed with health insurance plan.

Health insurance plans available with ICICI Lombard are Health Advantage Plus, Family Floater Plan, Personal Accident, Critical Care and Rishtey. ICICI Lombard Family Floater Health Insurance Review: ICICI Lombard family floater health insurance plan provides cover for your entire family. If any of the members of the household covered under the policy is hospitalized for more than 24 hrs, then the treatment expenses will be borne by ICICI. The expenses include pre and post hospitalization, day care procedures etc. Unlike many other health insurance plans, there are no sub limits on medical treatment expenses (except Cataract) USP of ICICI Lombard Family floater health insurance:  There are no medical tests required till the age of 45 and the policy is issued instantly  Free health check up for one member of the family  For every year with no claim made, Sum Assured is increased by 5% which keeps on increasing every year to maximum of 50% of base Sum Assured.  Sum Assured can also be increased upon renewal. Family floater health insurance also covers hospitalization expenses if the insured is injured as a result of terrorist activities.

Eligibility for ICICI Lombard Family floater health insurance: Family Floater Health can be bought by anyone aged from 5 years to 50 years. Children above 91 days can be covered if one of the parents is covered under same policy. Family Floater Health can be renewed till age of 70 years. The Sum Assured for Family Floater Health for individual is Rs 2 and Rs 3 lacs and the Sum Assured for Family Floater Health for family is Rs 2, 3 and 4 lacs. Exclusions in ICICI Lombard Family floater health insurance: Family Floater Health, a comprehensive health plan does have some exclusions which are: Waiting Period Any illness diagnosed within 30 days of inception of policy is not covered, however accidental injuries will be covered There is 2 year waiting period for particular diseases like cataract, hernia, joint replacement etc The pre existing diseases will be covered after continuous 4 years coverage

Permanent Exclusions         Treatment for HIV, genetic disorders and related diseases Treatment for internal and external congenital diseases Non allopathic treatments Cosmetic treatments or plastic surgery Abuse of intoxicant things like alcohol or drugs Self inflicted injuries Mental Disorders Act of war, nuclear war or radiation