Investment Plans 606 views April 21, 2021

ICICI Lombard Income Protect Plan could protect your finances in case you face a financial crisis due to loss of employment. This plan from ICICI Lombard also provides coverage in case you face a critical illness or need to undergo a surgical procedure or in case of an accident. To understand ICICI Lombard Income Protect Plan better, let’s have a look at its key features mentioned below.

  1. Loss of income coverage on account of loss of employment 
  2. Critical illness coverage
  3. Accidental death benefit
  4. Permanent total or partial disablement benefit
  5. 15 or 30 days of free look period

Want to understand these benefits in detail? Well, you can know the same on this page where we will discuss all of them in detail one after another. Let’s start!

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Let’s Understand the Benefits of the ICICI Lombard Income Protect Plan in Detail

We are discussing the key benefits of the ICICI Lombard Income Protect Plan in detail below so that you can make the right decision. Have a look!

Loss of Income Coverage due to Loss of Employment

If a policyholder suffers involuntary unemployment during the policy term resulting in the loss of regular income, ICICI Lombard Income Protect Plan will provide a monthly amount as per its terms and conditions. This benefit will be given for each continuous and completed month of unemployment. Some important points regarding this benefit are mentioned below. Please check!

  1. Only salaried individuals are eligible to get this benefit where they will need to show their last 2 years’ Income Tax Return (ITR).
  2. The policyholder should be employed on the direct payroll of a company for a minimum of 6 months before the risk inception date.
  3. A policyholder can get this benefit only after a deductible of 30 days for each claim. It means an individual needs to be unemployed for a minimum of 30 days. After this period, he/she can get coverage with this plan.

Critical Illness Benefit

If a policyholder is diagnosed with a list of specified critical illnesses during the policy term, ICICI Lombard Income Protect Plan will provide a sum insured (as a lump sum amount). However, the signs and symptoms of such critical illness should first commence after 90 days from the commencement of the risk.

Some of the specified critical illnesses are mentioned below. Please check!

  1. Myocardial Infarction
  2. Refractory heart failure
  3. Cardiomyopathy
  4. End-stage lung Failure
  5. Primary( Idiopathic) Pulmonary Hypertension
  6. End-stage Liver Failure
  7. Multiple sclerosis with persisting symptoms
  8. Motor neuron disease with permanent symptoms
  9. Permanent paralysis of limbs
  10.  Stroke resulting in permanent symptoms
  11.  Coma of specified severity
  12.  Alzheimer’s Disease
  13.  Parkinson’s disease
  14.  Apallic syndrome
  15.  Benign brain tumor
  16.  Creutzfeldt-jakob disease (CJD)
  17.  Major head trauma
  18.  Blindness
  19.  Deafness
  20.  Loss of speech and limbs

Major Surgical Procedures Benefit

If a policyholder gets hospitalized on the advice of a medical practitioner due to an illness and needs to undergo a major surgical procedure, ICICI Lombard Income Protect Plan will provide a lump sum amount against expenses incurred on such surgical procedures.

Do remember that it is important to have a minimum of 24 hours of continuous and completed hospitalization to get the claim.

Personal Accident Benefit

ICICI Lombard Income Protect Plan also provides coverage in case policyholders die or face permanent total/partial disablement due to an accident. The sum insured will change according to losses faced by a policyholder. To know more, you can check the below table.

Losses Covered% of the Sum Insured Payable
Loss of one entire hand70
Loss of one entire foot70
Loss of use of one eye50
Loss of all toes20
Loss of use of both ears75
Loss of use of one ear30
Loss of four fingers and thumb of one foot40
Loss of four fingers35
Loss of thumb - both phalanges25

Hospital Daily Cash Benefit

If a policyholder faces an illness or suffers an injury due to an accident during the policy term, ICICI Lombard Income Protect Plan will provide the daily hospital cash benefit. This benefit will be for each continuous and completed day of hospitalization of the insured person in a non-ICU room. In the case of an ICU room, policyholders will get twice the daily hospital cash as specified in the policy.

Do remember that a policy will get the benefits only after a continuous and completed 24 hours of hospitalization of the insured person for each claim.

ICICI Lombard Income Protect Plan Eligibility Criteria

Please check the important points related to the ICICI Lombard Income Protect Plan eligibility criteria mentioned below.

  1. The minimum age of entry into the policy stands at 18 years, while the maximum can go up to 65 years.
  2. The free look period stands at 15 or 30 days (if the policy is sold through distance marketing) within which a policyholder can return the policy after reviewing its terms and conditions.

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