ICICI Prudential Health Saver Review

icici prudential health saver

ICICI Prudential health saver is a unit linked health insurance plan, designed in such a way that draws attention towards it at the first sight.

There are those who still consider health insurance premium is an unnecessary expense as they assume they are young and healthy, drive the vehicle very carefully or have enough coverage from their employer, for them ICICI prudential health saver can be a head turner as like other ULIPs it also comes as a bundle of insurance and investments.

It makes people feel that “paisa to wapis mil jaega na”- (at least they will get their investment back). Let’s go deeper and understand whether ICICI Prudential health saver is really a worth purchase or not?

ICICI Prudential Health saver – in Brief

ICICI prudential Health saver is a unit linked health insurance plan having 2 portions in it. One is health insurance and other is an investment.

Health insurance portion takes care of medical expenses in case of hospitalisation of insured and on the other side investment portion builds a health fund which takes care of expenses not covered in the hospitalisation benefit.

Unlike other health insurance plans offered by life insurance providers which are more like cash benefit plans, in ICICI Prudential Health saver plan, hospitalisation insurance benefit is just like any other mediclaim.

The premium payment after deduction of allocation charges, administration charges, Insurance charges gets invested in a portfolio of your choice (out of 7 different portfolios) and termed as Health savings fund.

This health savings fund can be used after 3 completed policy years in the percentage specified for different years for the reimbursement of health care costs incurred like on medicines and drugs, diagnostic expenses, dental expenses, co-pays in medical insurance and other miscellaneous medical expenses not covered in medical insurance.

Key features of ICICI Prudential Health saver

ICIC Pru health saver features

Other Additional Features of ICICI Prudential Health saver

  1. Reimbursement of medical tests subject to a limit of Rs 5000 or 1% of annual sum assured limit whichever is lower, once every 2 years.
  2. In the case of a claim, the accumulated no claim bonus will be reduced by 10% of the base annual limit in the following year.
  3. A co-pay of 20% will be applicable on medical expenses in case –
  • Stay in single AC room with a room rent of more than 1% of the annual coverage limit
  • Get treatment in the non-listed hospital network.

Though in the case of emergency hospitalisation related to trauma or cardiac cases, co pays will not be levied.

      4. In Health savings fund 4 switches are allowed every policy year. Subsequent switches will be charged Rs 100 per switch.

Annual Premium Rates

ICIC Pru health saver premium rates

Premium Allocation Charges

ICICI Pru health saver allocation charges

Other Charges

Policy administration charges Rs 60-90 per month depending on the frequency of premium payment. Besides this, there are some fund management charges on different portfolios in health savings fund.

There are Insurance charges also which you can call as a health insurance premium, which varies with age and sum assured opted for.

Health savings benefit claim chart

ICICI Pru health saver other charges

Should you opt for ICICI Prudential Health saver as your health insurance plan?

ICICI Prudential health saver has many good features in it. Like Offering alternate year health check-up, Tax saving u/s 80D along with no compromise on health insurance coverage, insurance Coverage available up to Rs 10 lakh.

(Read: How to select the best Health Insurance Policy in India?)

But on the other side, this is an old policy and thus having age-old features like having a maximum cover ceasing age, maximum entry age, no claim bonus only up to 25%, day care coverages only up to 125 surgeries etc. These days there are many other innovative policies are available in the market with full of features. Standalone health insurers like Apollo, Max bupa, Religare has very attractive features as far as health insurance is concerned (Read : max bupa Family First).

As far as a feature of health savings fund is concerned this is just a portion of your premium which is getting invested in a fund which you can claim later on for your medical reimbursement. Proper planning can take care of this aspect too. So, as we always say, that keep your insurance and investment separate, this advice applies in ICICI prudential health saver also.

 Also Read : Religare health insurance Care

My View is to buy a standalone comprehensive health insurance coverage and create a health emergency fund by saving somewhere in liquid/safe instruments as per your risk profile. It’s Better to avoid products like ICICI prudential health saver.

What are your views? did you like the features of ICICI Prudential health saver?

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He’s MBA ( Finance) gold medalist, a CERTIFIED FINANCIAL PLANNER, Chartered Trust and Estate Planner and SEBI Registered Investment adviser. He has authored a Book in collaboration with CNBC TV 18 Network 18 bestesellers , tiltled "The Art of Being Good with Money". An ex banker , having a 17+ years of long experience in financial services industry he manages clients across the globe. He is a regular contributor to various leading Media and publication houses. He has written for Moneycontrol, Dainik bhaskar, Business standard, Live mint, Indian Express, The Tribune etc. He has also appeared in TV shows by Zee Business, ET Money, National Door darshan, Jagran Online. He also delivers training on Various personal finance topics to various corporate houses. You may get in touch with him at [email protected]


  1. Hi,

    I have a ICICI Prudential Health Saver Plan with coverage of 5Lakhs (Covering wife & one kid).

    I would like to add other kids name in this policy & keep the annual limit same I have visited the branch but they have given me new proposal with increased premium (from 15 K Per year to 23K Per year).

    I do not understand, why there is increase in premium since I have a family floater plan & do not want to increase annual coverage.


  2. I have taken policy of icici prudential ….insurance..i have paid 4 premiums of rs 15000 each..now i dont want to continue with the policy …as i cant pay the premium….cn u tell what will be my surrender value………i ws told on taking the policy if i wish to discontiue i wil get partial amount…….plz help..my policy expiring on september7th

  3. sir i want a family health plan for me 32 wife 34 and son 6 . i search many plans in detail on internet but i am so confused about (1) which company solved claim faster with high claim settlement ratio (2) pre excisting disease the word which make more confused ……the medical problem and history and symptoms which i know i disclose to the insurance company ……but if a problem which i dont know how can i disclose and in future company reject claim on that basis….(3) i talk to many broker and company advisor for a health checkup of all family members ….. that in future there is no confusion about pre excisting and picture is clear….cost of checkup i will paid…..but all advisor says health checkup for 45+ age only…….(4) sir pls solve my problem about pre excisting and how can i have a health checkup of my family that i have a proof about preexcisting dicesease that healp me in future at time of claim

    • You buy health policy by disclosing whatever is known to you. If you want to be sure of your health, then get checkup done at your level and keep the reports with you. Companies won’t ask for any medical check up before 45 years of age unless the sum assured asked in more.
      Don’t be afraid of anything which is not in your knowledge, to be on safer side you are getting your health check up done and this is what you can do. and keeping the records with you will justify if in future, insurer raise objection on hiding of facts (if any).
      and as far as claim settlement record is concerned, no such data is available in public domain, so go with any company having more than 5 years of presence in this sector.

  4. I am having Health saver policy no 12671728 since OCT 2009 and has paid all the premium on time.
    1)In this policy key features there is point regarding no claim bonus of 5% of the annual limit accrued for every claim free year up to max of 25% but till date i have not received any such benefit so make sure that i will get those benefit.
    2)Also my regular premium amount was Rs 22000/- per year, but while visiting my portfolio on your website the premium amount showing is Rs 88000/- so pl clarify.
    3) Now as my policy is 7 years old if i opt for cover continuance option without payment of further premium what are the advantages and disadvantages in future.

  5. I have a family floater with ICICI Pru for 7 lakhs covering me and my family of wife and two children.Till date I have not claimed a single penny from the Company.But has been regularly paying the Annual Premium…..I live in Hazaribagh , Jharkhand which hardly has any proper big hospital like Apollo,Medanta….but how can I at least avail my free medical check up for family which I should get….. Please Advise.

  6. Hy don’t buy this policy when you close the policy no return of money , my policy no is 18110324 and my email : joisar_nv @rediff.com, i pay 25000 primium and after ia close the policy , there is no return money for me and agent also not up to the standard.

  7. sir,
    i wants to surrender ICICI HEALTH SAVER POLICY
    , as i can not pay further premiums due to some reasons.How i get my fund value from icici pru life I have paid four premiums of Rs.25000. per year Pl.advise me ,i requires my money back as it was told by icici agent that i will get some money as partial withdrawal.
    OR partial withdrawal is possible in this policy
    Policy due dt. 25/03/17
    My policy no 17529490
    Mob. no. 9975414230

    • Dhiraj, you need to contact icici pru people for this. You may call up there call center or visit any nearest Branch.

  8. Dear Sir,
    i have a health saver insurance policy from ICICI Prudential
    i have been paying for last seven years 25000 pm , and have not claimed any thing,
    i was informed that you will be covered under mediclaim up to 75 years .
    please suggest should i continue with further premium up to 10 years

    • 25000 p.m. in health saver does not look sense to me. Buy Health insurance cover separately and invest money elsewhere wisely.

  9. I have the ICICI Pru Health Saver insurance for last 8 years. I would like to know the advantages of renewing it. How do I claim annual health check up charges?

    • Since you are continuing the policy for the last 8 years, the sum assured would have been Rs. 5 lakhs, which is not adequate in the current times. Firstly, you need to increase the cover.
      Frankly, we do not see any advantage in renewing the policy. It would be better to go with a comprehensive health plan for your health insurance needs and separate investment planning suitable to your risk profile and goals. It would not be wise to mix both.
      For the annual health check-up claim, you need to contact the Insurance company or read the details as mentioned in the policy document.


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