ICICI Prudential Life Insurance launches Health Saver

ICICI Prudential Life on Monday launched Health Saver, to help consumers meet their current healthcare expenses and also invest for future healthcare expenses. Further, Health Saver is also the only health savings product that offers tax benefits under section 80D on the entire premium paid.

Binay Agarwala, Senior Vice President & Head, Health Insurance, ICICI Prudential Life Insurance, said, "With the launch of Health Saver, integrating health and savings, we are confident that consumers will be able to build up a health fund to meet their future healthcare needs as well as have optimal coverage to meet their current healthcare expenses. Further, we shall leverage our extensive distribution strength to enable consumers access this product."

Health Saver is the first of its kind reimbursement-based hospitalization cover with the benefit of a health savings fund. The product is designed to enable consumers cope with the ever rising cost of healthcare.

Health Saver allows claims against out-patient treatment, diagnostics and dental care amongst others after 3 years. Further Health Saver is structured to ensure that the customers receive guaranteed coverage up to 75 years, against actual medical expenses incurred due to hospitalization.

There is a no claim bonus of 5% of the annual limit for every claim-free year, up to a maximum of 25%.