ICICI Lombard Elevate

🚨ICICI Lombard Elevate-A product that is driving innovation

With unlimited bonus,

Elevate has completely changed the dynamics of the health insurance industry🤯🤯

ICICI Elevate has now introduced

🩺World wide cover without any restrictions

🩺NRI discounts for Indians living abroad

🩺A massive reduction in premium increase to cover pre-existing diseases

How has ICICI Elevate changed the dynamics of health insurance industry?

Room Rent limit:-

The policy has a single private AC room limit.

But this can be modified to have no room rent limit

Co-pay

This policy does not have any co-pay.

This means the insurer will pay the entire claim

Infinite Care:-

Covers the medical expenses incurred for the hospitalization of the insured person or any one claim during the lifetime of the policy, without any limits on the annual sum insured. (T&C Apply

No Claim Bonus:-

The no-claim bonus is 20% each year upto 100%.

Waiting period:-

The waiting period is 3 years for pre existing diseases

Hower with a rider the waiting period can be reduced.

When the rider is applied, there will be no additional loading other than the cost for this additional cover. This covers asthma, diabetes, hypertension, hyperlipidemia, obesity.

Maternity:-

The maximum limit for maternity is 10% of the Sum insured or Rs 1lakh

The waiting period for maternity is 2 years

However, with additional cover, it can be reduced to 1 year if chosen.

However, this can be modified by a power booster:-

Power Booster

At the end of each Policy Year, the company will provide a Cumulative Bonus of 100% of the expiring or renewed Annual Sum Insured (whichever is lower)

This has no upper cap

With no upper cap,

ICICI Elevate is making sure that there is no need of super top up,

A 10L policy for a young adult,

Will become 50L in 5 years,

1cr in 10 years time,

This will mean the policy is upgrading itself with the rising medical inflation

So what are the new changes to Elevate?

Reduction in premium increase for Jump Start

Jump start gives instant cover to pre existing diseases

🩺Asthama

🩺Blood pressure

🩺Diabeties 

🩺cholestrol

ICICI applied a flat loading of 30% on these illnesses.

Now the loading can be as low as 10%

This is really a huge reduction in loading the company is offering

NRI Discount:-

ICICI will now offer 25% discount to NRIs

This is a great move to encourage NRIs to buy health insurance in India and get continuity benefits when they return

World Wide cover:-

Worldwide cover:-

This feature gives u a claim anywhere in the world.

A waiting period of 2 years applies for any claim under this cover, except for accidental emergencies, and this is the same for new members added to the policy. 

With additional cover, this can be reduced to 1 year.

Your health insurance policy will cover you across the world for 90 days in a year

This will be available on a cashless basis and will have a standard waiting period of 2 years

Premium:-

The premium for a 30 year Old for a 10L sum Insured is Rs 11,000.

The premium is in line with other comprehensive policy of similar nature.

Additional riders for Senior Care:-

Introduction of discounts for long-term customers and various other discounts

Relaxation in underwriting guidelines

ICICI has made major changes to underwriting guidelines

The guidelines are further relaxed now

Conclusion:-

ICICI Elevate is a game-changer product,

All other insurers will have to get products to match Elevate now

The new changes are now even more customer-centered

Reduction in premium for jump start will mean elevate now is the no 1 product for people with pre existing diseases.