ICICI Pru Heart & Cancer Protect Plan

Apart from the above benefits and facilities, this plan has presented a bunch of special advantages and features that have made the plan unique and popular among consumers. To know more about these additional benefits, have a look at the following mentions.

Surrender Value:

Surrender value is applicable only for Single Pay policies. You can surrender your policy and get the surrender benefit as stated below from year 1.

Surrender Value = Single Premium * Surrender Value Factor

The bases for computing Surrender Value Factors will be reviewed from time to time. The factors applicable to the existing business may be revised subject to the prior approval of the IRDAI.

Permanent Disability Due To An Accident:

The disability should have lasted for at least 180 days without interruption from the date of disability and must be deemed permanent by a Company appointed independent medical practitioner. The benefit because of Permanent Disability (PD) due to an accident will be applicable if the Life Assured is unable to perform 3 out of the 6 following Activities of Daily Work:

• Mobility: The ability to walk a distance of 200 meters on flat ground.

• Bending: The ability to bend or kneel to touch the floor and straighten up again and the ability to get into a standard saloon car, and out again.

• Climbing: The ability to climb up a flight of 12 stairs and down again, using the handrail if needed.

• Lifting: The ability to pick up an object weighing 2kg at table height and hold it for 60 seconds before replacing the object on the table.

• Writing: The manual dexterity to write legibly using a pen or pencil or type using a desktop personal computer keyboard.

• Blindness: permanent and irreversible – Permanent and irreversible loss of sight to the extent that even when tested with the use of visual aids, vision is measured at 3/60 or worse in the better eye using a Snellen eye chart.

Family Benefit:

The family benefit will have to be chosen at the inception of the policy only, spouse cannot be added once the policy is issued. The policy benefits of both Life Assured will be independent of each other. This discount is not applicable to the Single pay policy.

Loyalty Benefit:

This discount is not applicable to the Single Pay policy. You can avail of either Family Benefit or Loyalty Benefit.

Cancellation:

On cancellation of the policy during the free look period, the company will return the premium subject to the deduction of:

• Stamp duty under the policy,
• Expenses are borne by the Company on medical examination if any
• The proportionate risk premium for the period of cover.

The policy will terminate on payment of this amount and all rights, benefits, and interests under this policy will stand extinguished.

Policy Revival:

A policy which has lapsed for non-payment of the premium may be revived subject to the following conditions:

• No benefit is payable for an event that occurred or symptoms of which first occurred or were first diagnosed during the period when the policy was in lapsed condition.

• The application for revival is made within 5 years from the due date of the first unpaid premium and before the policy’s termination date. Revival will be based on the prevailing Board approved underwriting policy.

• A waiting period of 3 months will be applicable for any revivals after 3 months from the due date of the first unpaid premium.

• The policyholder furnishes, at his own expense, satisfactory evidence of the health of the Life Assured as required by the prevailing Board approved underwriting policy.

• The arrears of premiums together with interest at such rate as the Company may charge for late payment of premiums are paid. The interest rate applicable in December 2019 is 7.97% p.a. compounded half-yearly.

Premium Guarantee:

The premiums are guaranteed for a block of three years, after which they can be revised with prior approval of IRDAI. If and when revised, Premiums will be guaranteed for a subsequent block of three years. The company will inform you about the premium revision, if any, at least 3 months in advance. For Single Pay policies, the premium is guaranteed for the entire policy term.

The following conditions are covered under this policy: