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ICICI Lombard Elevate Health Insurance *HONEST* Review 2024 | Features, Pros and Cons

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ICICI Lombard Elevate Health Insurance HONEST Review 2024 | Features, Pros and Cons

Welcome to DTO Insurance! I'm your host, Shashank, and I'm joined by our senior advisor, Suprit, who has advised over 4,000 clients. Today, we’ll discuss the much-buzzed ICICI Lombard Elevate Plan, its features, pros, and cons.

Overview & First Impressions

There’s a lot of curiosity about ICICI Lombard's new Elevate Plan. According to Suprit, this plan stands out as one of the best on paper, offering an unlimited cover option—something unprecedented in health insurance policies so far.

Key Features

  1. Unlimited Cover

    • Offers an infinite cover option, providing high coverage without excessively expensive premiums.
    • Suitable for managing high-cost treatments and considering medical inflation.

  2. Affordable Premiums

    • Example: For a person in their early 30s living in Bangalore, it costs around INR 20,000 for an unlimited coverage base plan, excluding add-ons.

  3. Multiple Add-ons

    • Over 20 add-ons allow extensive customization.
    • Examples include PED reduction add-ons, critical illness cover, personal accident cover, OPD covers like B-fit add-on, and more.

Add-ons & Customization Options

  • PED Reduction Add-on

    • Reduces waiting period from 3 years to either 2 years or 1 year.
    • Important for those with pre-existing conditions.

  • Jump Start

    • Reduces waiting period to 30 days for conditions like asthma, hypertension, diabetes.

  • Critical Illness Add-on

    • Covers a list of diagnosed illnesses, providing a lump sum.

  • Personal Accident Cover

    • Provides up to 100% of the sum insured in case of death, capped at INR 50 lakhs.

  • B-fit Add-on

    • OPD cover offering up to eight consultations per year, plus diagnostic tests and pharmacy bills.

  • Claim Protector & Inflation Protection

    • Covers non-medical expenses like gloves, PPE kits, etc.
    • Increases cover amount annually based on inflation rates.

  • Surrogacy Cover

    • Unique feature that covers infertility treatments, not commonly seen in other policies.

Pros & Cons

Pros:

  1. Comprehensive Unlimited Coverage:

    • Allows choice of unlimited cover which is useful considering future medical costs.

  2. Affordable Premiums:

    • Despite extensive features, premiums remain relatively affordable.

  3. Extensive Add-ons:

    • Allows policyholders to extensively customize their coverage.

Cons:

  1. Low Claim Settlement Ratio (CSR):

    • Averages around 85-86%, lower than the industry average of 92-93%.
    • This might be a concern despite the plan's benefits and low premiums.

  2. Strict Claim Settlements:

    • Affordability might come with stricter claim processing guidelines.

Conclusion

The ICICI Lombard Elevate Plan introduces several innovative features and is especially appealing because of its affordable premiums. However, its lower CSR is a point of consideration. As a forward-looking plan, it is worth keeping an eye on how it evolves in the market. Here at Ditto Insurance, we will continue to watch this closely and may consider recommending it based on its performance.

Keywords

  • ICICI Lombard Elevate Plan
  • Unlimited Cover
  • Affordable Premiums
  • Multiple Add-ons
  • Claim Settlement Ratio (CSR)

FAQs

What makes the ICICI Lombard Elevate Plan unique? The Elevate Plan offers an option for unlimited coverage, an extensive range of add-ons, and affordable premiums, making it stand out among other health insurance policies.

What are the major pros of the Elevate Plan? Its comprehensive unlimited coverage, affordability, and customizable options through various add-ons are significant advantages.

What are the major cons of the Elevate Plan? The biggest con is its lower claim settlement ratio (CSR) of around 85-86%, which is below the industry average.

Can the waiting period be reduced in the Elevate Plan? Yes, using the PED Reduction add-on, the waiting period can be reduced from 3 years to 1 or 2 years. The Jump Start add-on can reduce it to 30 days for specific conditions.

Is the Elevate Plan recommended compared to top picks like HDFC Argo or Niva Bupa ReAssure 2.0? While the Elevate Plan is more affordable with extensive features, it falls short due to its lower claim settlement ratio, making this a critical factor in the decision-making process.