If my policy is not renewed in time before expiry date, will it be denied for renewal?
The policy will be renewable provided you pay the premium within 30 days (called as Grace Period) of expiry date. However, coverage would not be available for the period for which no premium is paid. The policy will lapse if the premium is not paid within the grace period.
How premium will be collected from the customer in Health Insurance on Monthly Mode product construct?
Premium will be collected from the customer on a Monthly EMI basis.
What if a customer missed to pay premium EMI in any month towards policy?
Policy will be cancelled with no premium refund.
Will the policy be cancelled post filing a claim in the policy?
Policy will not be cancelled in case of any claim filed in the policy. However, premium for remaining policy period will be deducted from claim amount.
Can I buy this policy if I already have pre-medical history?
You can’t buy this policy through SIP journey. However, our team will connect with you for medical underwriting and further policy issuance.
What are the sum insured options available in this policy?
Rs. 5 Lakhs and 10 Lakhs.
Is Maternity claim covered in this product?
Maternity claim is covered in this product after 1 year waiting period.
Is OPD expense covered in this product?
OPD medical expenses are covered in this product.
Is there any room capping applicable in this plan?
No Room capping is applicable in this plan.
Any waiting period applicable for Pre-existing diseases?
Only initial 30 days waiting period will be applicable for declared & accepted PED.
Will Unlimited Reset benefit be triggered for same disease in a policy period?
Unlimited Reset Benefit will not get triggered for same disease in a policy period.
What is health insurance on monthly mode?
Monthly health insurance plans offer the flexibility to customer to pay the Health Insurance premium in equated monthly installments. It is convenient for members who wish to spread the premium out flow in a systematic way rather than a one-time bulk payment.
How can I purchase health insurance on monthly mode?
Health insurance on monthly mode is currently offered only to existing ICICI Direct Indian Resident customer with age less than 60 years and is availing MF SIP and has their demat account linked to their ICICI Bank account.
How can I get a policy with sum insured (SI) more than 10 Lakh?
You can visit www.icicidirect.com - Insurance - Health insurance section for purchasing policies with SI up till 1 Cr.
Can NRI customers buy this product?
No, this product is only available for Indian Resident customers.
If my demat account is not linked with my ICICI Bank account, can I still buy this product?
Currently, this policy is only offered to a customer who has linked his demat account with ICICI Bank. For others, please visit 'www.icicidirect.com ' > Insurance > Health insurance section for purchasing policies with SI up till 1 Cr.
What is the Maximum age limit for buying this product?
Policy is offered to any individual whose age is less than 60 years at the time of purchasing the policy. The individual needs to be customer of ICICI Direct, purchasing SIP and is a Resident of India with ICICI Bank A/c as his/her Linked bank account.
I am a customer of ICICI Direct and my age is 60 years; can I purchase a health on monthly mode policy for my wife who is less than 60 years?
The age of both customer of ICICI Direct (applicant) and their spouse (insured member) needs to be less than 60 years to avail the health on monthly mode. For other policy options visit www.icicidirect.com
What happens if I purchased this policy at the age of 59 and after 5 months, I turned 60?
At the time of purchasing the policy the age of the applicant needs to be less than
60 years. At the time of renewal i.e. after 12 months of policy start date; the applicant will not be able to renew the health on monthly mode policy as the age will be greater than 60 years.
What are the next steps after I have selected that I have a pre-existing illness?
Since you have an existing illness the case will need to be referred to an underwriter, hence our GI expert will reach out to you to complete the process.
How many members are covered in this policy?
Along with the applicant you can add 1 Adult (age > 20 years and age < 60 years) and 2 Kids (age > 91 days and age < 20 years) in the policy.
At the time of purchasing the policy my child was 20 years, what will happen at the time of renewal?
At the time of renewal the child will be 21 years and hence will be treated as an adult.
Can I purchase this policy if I do not have a SIP?
Currently ICICI Direct is offering the health on monthly mode policy to a select section of customers. These are customers who are purchasing SIP.
How can I see the product brochure?
You can see the product brochure on SIP order confirmation page by clicking on View Brochure button or click here to see the brochure.
Where do I see my policy details on ISEC portal?
Login to www.icicidirect.com > On the top section click on Insurance > Click on Order book > Select ICICI Lombard from drop down
What are types of pre-existing illnesses?
A pre-existing illness is one that affects the policyholder when taking out the policy. Examples of some pre-existing illnesses: High blood pressure, Asthma, Thyroid, Diabetes, Cancer, Heart disease, Stroke, COPD, etc.
What is a pre-existing condition in health insurance policy?
It is a medical condition/ illness that was either diagnosed or treated before you purchased the health on monthly mode insurance policy.
What happens to the policy coverage after a claim is filed?
After a claim is filed and settled, the Policy Sum Insured is reduced by the amount that has been paid out on settlement.
For Example: In January you start a policy with a coverage of ₹10 Lakh for the year. In April, you make a claim of ₹2 Lakh. The coverage available to you for the May to December will be the balance of ₹8 Lakh.
How are the offered sum insured calculated?
Sum Insured value based on the SIP value, SI - 5Lac is offered for SIP value = < 5,000 and 10 Lac for SIP transaction > 5,000
If I redeem my SIP than, what will happen with my health on monthly mode insurance?
Your Health on monthly mode policy will continue and you can renew the same when the renewal is due.
Can I change my SI amount.
Currently ICICI Direct is offering 5L and 10L SI in relation to the SIP transaction value.
Network Hospital list?
Network hospital list is a dynamic list and changes basis the feedback from claimants. Refer the insurer website for accurate information. Cashless Network Hospital List in India 2022 (icicilombard.com)
Where can I see detailed list of inclusion & exclusions?
Before purchasing the policy, this information is available in the policy brochure. Post purchase, the detail is available in the policy document.
How do I raise a claim for health insurance on monthly mode?
Claim for Health on monthly mode can be registered on the ICICI Lombard IL Take care app.
What will happen if there is no adequate balance in my bank account on the due date?
In case there is a failure in deducting your premium on the due date, ICICI securities will continue to try deductions for next 14 days. As per IRDAI, every policy holder is given 15 days grace period to complete / make payment of the due premium. Please ensure that sufficient amount is available in your bank account within these 14 days. Policy will get cancelled if premium is not collected within the grace period and premium paid will not be refunded.
The debit for premium failed for my bank account even though there was adequate balance in my account. What will happen to my policy?
In case there is a failure in deducting your premium on the due date, ICICI securities will continue to try deductions for next 14 days. As per IRDAI, every policy holder is given 15 days grace period to complete / make payment of the due premium. Policy will get cancelled if premium is not collected within the grace period and premium paid will not be refunded.
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