ICICI Prudential Life Insurance launches Health Saver

Company Brief

Mumbai, January 05, 2009

Increasing healthcare costs and growing awareness about the importance of preventive care has led to a demand for a plan that covers not just hospitalization expenses but provides reimbursement for all kinds of medical expenses. Further, experts agree that a lot of health expenses are frequent and predictable and are better provided for by savings rather than insurance. Hence, individuals should also build a reserve to manage any health-related exigency; especially for the old age. In order to provide effective health insurance products that enable consumers meet their healthcare expenses, effectively, ICICI Prudential Life has a comprehensive health insurance product suite that meets various health insurance needs ranging from disease specific products to hospitalization products.

In tune with its philosophy of continuously innovate to meet specific needs of consumers, ICICI Prudential Life today 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.

Speaking at the launch, Mr. Binay Agarwala, Senior Vice President & Head - Health Insurance, ICICI Prudential Life Insurance, said, "Since we entered the health insurance space, we have dedicated ourselves towards providing innovative health insurance products to enable consumers meet their healthcare expenses, effectively. We now have one of the most comprehensive product portfolios, offering the widest possible coverage. 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 across the country access this unique product. "

ICICI Prudential Life's 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.

Health Saver: key benefits

· Guaranteed coverage up to age 75 for you and your family against medical expenses incurred due to hospitalization

· Coverage against pre-existing illnesses & conditions after 2 years subject to acceptance by the company

· Provides comprehensive cover by allowing reimbursement for health expenses not covered by the hospitalisation benefit after 3 years

· A free health check-up once every 2 years after the first year

· No claim bonus of 5% of the annual limit for every claim free year, up to a maximum of 25%

· Option to continue cover post 5 years even after stopping premiums

· Avail tax benefits under section 80D on premiums paid under the Income Tax Act, 1961

Health Saver: how it works

· The customer selects the annual hospitalization cover limit for the family

· Selects a suitable premium

· Basis age and the annual limit chosen, part of premium goes towards the health cover and remaining is invested to build a health fund

· The hospitalization insurance benefit covers against hospitalization expenses

· The health savings benefit covers against all other health expenses

ICICI Prudential Life's health insurance offerings:

Disease specific: Cancer Care & Diabetes Care Active

Critical illness/ Disability/ Major surgery: Crisis Cover

Hospitalization: MediAssure & Hospital Care

Comprehensive Cover(Including OPD & Daily costs): Health Saver

For further information, please contact:

ICICI Prudential Life Insurance Company

Anuja Sharma

Senior Manager – Corporate Communications

E-mail: sharma.anuja@iciciprulife.com

Tel: (022) 66274616