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Group Insurance 2481 views May 20, 2021
ICICI Lombard Group Secure Mind Insurance Plan is a unique plan that provides a lump sum benefit to policyholders in the event of accidental death or accidental permanent disability. This policy also offers the sum insured amount when a policyholder is unable to remain gainfully unemployed due to diagnosis of a critical illness and procedure.
This policy is different from a regular health insurance plan as it provides a lump sum payment on the occurrence of the said events. Also, an individual who purchases the Systematic Investment Plan (SIP) from the ICICI’s website will be eligible for this plan from ICICI Lombard.
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On this page, we will discuss these features of the ICICI Lombard Group Secure Mind Insurance Plan in detail to understand it better. Let’s start without any further delay!
ICICI Lombard Group Secure Mind Insurance Plan can ensure financial protection to yourself and your family as it provides a lump sum amount in different situations. We are discussing them below. Please check!
Under this policy, if a policyholder is diagnosed with any of the following 18 critical illnesses, a lump sum amount will be given to him or her.
First Diagnosis of the below-mentioned Critical Illnesses:
Undergoing the following surgical procedures for the first time:
Occurrence of the following medical events for the first time:
ICICI Lombard Group Secure Mind Insurance Plan also provides a lump sum amount if an individual dies due to an accident during the coverage period. Also, policyholders will get coverage in case a policyholder’s permanent total disability due to an accident results in his/her inability to remain gainfully employed.
If a policyholder loses employment on account of retrenchment or layoff due to any of the following situations, he/she will get 2% of the sum insured per month for a maximum of 3 months.
Note: Self-employed persons will not be eligible for this coverage due to loss of employment.
Individuals can opt for this policy for 1, 2 and 3 years according to their needs and affordability.
Under this policy, the sum insured will be equal to the SIP Investment or commitment value. For example, if the monthly SIP value is INR 8,000 and SIP tenure is 12 months, the sum insured for this policy will be INR 96,000.
When we talk about the minimum and maximum sum insured amount, it ranges from INR 60,000 to 15,00,000.
The premium of the ICICI Lombard Group Secure Mind Insurance Plan will depend on the total SIP investment amount, applicant/customer’s age and investment period. You can pay the premium in monthly installments that will be equal to the number of SIP installments.
Have a look at the conditions related to the eligibility of this plan from ICICI Lombard mentioned below.
Policyholders will not get any coverage in case of the following situations.