ICICI Lombard General Insurance Company has introduced a fixed-premium medical insurance policy, called 10K Tax Saver Plan. Under this policy, the premium is fixed at Rs 10,000 per annum in line with the maximum tax deduction available under section 80D of the income tax act.

However, there are different plans with varied sum insured depending on the number of beneficiaries to be covered and the age of the senior-most member. For example, if the senior- most member is 45 years or less, the sum insured will be Rs 5 lakh for two members and Rs 4 lakh for three members. The coverage comes down with the increase in the age of the senior-most beneficiary. It is Rs 3 lakh for two members when the eldest member is 55 years old and Rs 2.5 lakh in case of 60 years. The annual premium is Rs 10,000 in all the plans.

The scheme is a floater health insurance plan under which reimbursement can be claimed for medical expenses for anyone or all the members? illnesses. The plan does not require health check-up of the insured person if the policy proposer is 45 years or less. But it is mandatory for people above 46 years. After the policyholder attains the age of 75, renewal of the policy is not allowed.

The policy covers pre-existing diseases but only after four years of no-claim renewals. Expenses made during the first two years on treatment for cataract, benign prostatic hypertrophy, urinary or biliary stone, tumours on skin or in any internal organ (unless malignant), tonsil or sinus surgery, gastric ulcer, dialysis for chronic renal failure are not covered. These diseases are covered from the third year if diagnosed after policy inception and fourth year if pre-existent.