Financial Consulting Training
ICICI Prudential Insurance Advisor
The success of the company will be founded in its unflinching commitment to 5 core values – Integrity, Customer First, Boundaryless, Humility and Passion. Each of the values describes what the company stands for, the qualities of our people and the way we work. Every member of the ICICI Prudential team is committed to the 5 core values and these values shine forth in all that we do.
- Boundaryless: I will treat organisation agenda as paramount
- Integrity: What I do when nobody is watching me
- Humility: Openness to learn a change
- Customer First: Service excellence towards Internal and External Customers
- Passion: Demonstrates infectious energy and enthusiasm
WHAT IS HEALTH INSURANCE
Health insurance is a type of insurance that covers medical expenses that arise due to an illness. These expenses could be related to hospitalisation costs, cost of medicines or doctor consultation fees.
Types of Health Insurance
There are two basic types of health insurance:
1. Mediclaim Plans Mediclaim or hospitalisation plans are the most basic type of health insurance plans. They cover the cost of treatment when you are admitted in the hospital. The payout is made on actual expenses incurred in the hospital by submitting original bills. Most of these plans cover entire family up to a certain limit.
2. Critical Illness Insurance Plans
Critical Illness Insurance Plans cover specific life threatening diseases. These diseases could require prolonged treatment or even change in lifestyle. Unlike hospitalisation plans, payout is made on Critical Illness cover chosen by the customer and not on actual expenses incurred in the hospital, thereby giving flexibility to use the monies for changing lifestyle, medicines and as substitute for income for the time you could not resume work due to illness. Payout under the plans is made on diagnosis of the disease for which original medical bills are not required.
Why do you need Health Insurance now? No one plans to fall ill or get hurt, but a serious illness can strike anyone at any time. The cost of treating the illness can cause serious financial strain on the savings you have accumulated over time. This means that you might have to compromise on providing your child the best quality education or defaulting on your home loan payments. Today, the cost of medical treatment is continuously rising. For eg. Herceptin, a cancer medicine costs approximately 1,10,000 for a vial of 440 mgs Depending on the weight, a depatient usually requires 17-19 bottles for treatment over the course of a year . That’s 18 – 20 lakh just for the medicine^. Then add hospitalisation costs, doctor consultation fees, chemotherapy costs, etc. and your overall expenses could exceed 25 lakh. These costs which are already very high are increasing every year. That is why most smart people have taken necessary precautions to insure their health as soon as possible.
How to choose a good health insurance plan?
Anybody who has already brought a health insurance policy will tell you that buying one is one of the smartest financial decisions any earning individual can make. Now, that you have decided to buy a health insurance policy, you need to know how to select a good health insurance plan that will take care of all your needs. To make this decision easier for you here is a list of benefits any good health insurance plan should offer you:
Should I buy a Mediclaim plan or a Critical Illness Insurance plan?
A mediclaim plan will either reimburse all your hospitalisation expenses or settle the hospital bills via a cashless facility. A critical illness insurance plan will give you a lump sum payout on detection of a critical illness. You don’t have to be hospitalized for the same. If you are unable to work because of the illness, then you can use the amount as a substitute for your monthly income. You can even use the
General insurance or non-life insurance policies, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. General insurance is typically defined as any insurance that is not determined to be life insurance.
