Group Insurance 106 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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Before understanding this plan further, let’s look at its key features mentioned below.

  1. Coverage against the diagnosis of any of the 18 major critical illnesses
  2. Accidental death or permanent total disability coverage
  3. Coverage against loss of job (on account of retrenchment or layoffs)
  4. A 30-day waiting period
  5. No medical test for policy issuance
  6. Premium payment installment facility
  7. Tax Benefits under Section 80D of the Income Tax Act, 1961

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!

Features and Benefits of the ICICI Lombard Group Secure Mind Insurance Plan in Detail

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!

Coverage against Major Critical Illness and Procedures

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:

  1. Cancer of specified severity
  2. Kidney failure requiring regular dialysis
  3. Multiple Sclerosis with persisting symptoms
  4. Benign Brain Tumor
  5. Parkinson’s Disease before the age of 50 years
  6. Alzheimer’s Disease before the age of 50 years
  7. End-Stage Liver Disease

Undergoing the following surgical procedures for the first time:

  1. Major Organ / Bone Marrow Transplant
  2. Open heart replacement or repair of heart valves
  3. Open chest CABG
  4. Surgery of Aorta

Occurrence of the following medical events for the first time:

  1. Stroke resulting in permanent symptoms
  2. Permanent Paralysis of Limbs
  3. First Heart Attack-of specified severity
  4. Major Burns
  5. Loss of Speech
  6. Deafness
  7. Coma

Coverage Against Accidental Death or Permanent Total Disablement

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.

Loss of Employment Coverage

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.

  1. Rules and regulations of the employer (for example, closure of a department due to poor financial health), or
  2. The action of any public authority leading to the closure of the employer firm, or
  3. Termination from employment due to illness

Note: Self-employed persons will not be eligible for this coverage due to loss of employment.

What is the Policy Term for ICICI Lombard Group Secure Mind Insurance Plan?

Individuals can opt for this policy for 1, 2 and 3 years according to their needs and affordability.

What will be the Sum Insured?

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.

What will be the Premium Amount?

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.

ICICI Lombard Group Secure Mind Insurance Plan Eligibility Criteria

Have a look at the conditions related to the eligibility of this plan from ICICI Lombard mentioned below.

  1. The minimum entry age stands at 20 years, while it can go up to 50 years.
  2. The individual should not have suffered from any of the major critical illnesses and procedures covered under the plan.

What is Not Covered Under the ICICI Lombard Group Secure Mind Insurance Plan?

Policyholders will not get any coverage in case of the following situations.

  1. Any Major Medical Illness & Procedures existing (before the start of the policy or discovered within 90 days of the inception of the policy)
  2. Pre-existing diseases
  3. Congenital diseases
  4. Any of the critical illnesses being diagnosed to have been contracted within the first three months of the inception of the policy

Personal Accident Exclusions

  1. Intentional self-injury, suicide or attempted suicide
  2. Under the influence of intoxicating liquor or drugs
  3. Directly or indirectly caused by venereal disease or AIDS
  4. Directly or indirectly caused by contributed to or aggravated or prolonged by childbirth or pregnancy or in consequence thereof
  5. Participation in dangerous activities
  6. Mental disorder or psychosomatic dysfunction
  7. If the advice/recommendation for hospitalization and post-hospitalization domiciliary treatment and the period, therefore, is not evidenced by a medical certificate issued by the attending Doctor
  8. For any period which may extend beyond the expiry date of Period of Insurance

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