ICICI Lombard launched its Elevate Health insurance plan in July 2024 with much fanfare, claiming to introduce some innovative, industry-first features. One such optional cover is ‘Infinite Care,’ which appears to be the first of its kind in any health insurance policy in India. Shortly after, Star Health also introduced its Superstar policy, featuring a similar benefit named ‘Limitless Care.’ In fact, the Superstar policy by Star Health was launched as a competitive product to ICICI Elevate.
How Does Infinite Care Work? Is There a Hidden Catch?
Infinite Care is an optional add-on that covers expenses for one claim during the entire lifetime of the policy, without any limit on the Annual Sum Insured. This benefit can be used only once, and if you choose it, you must continue with it until a claim is made. Once a claim is made, the benefit ends permanently, and you cannot opt for it again. It applies to all modes of treatment, including in-patient hospitalization, daycare procedures, and AYUSH in-patient hospitalization.
While the cover is undoubtedly innovative and can provide significant financial relief in case of an emergency hospitalization, it comes at an additional cost. Therefore, careful consideration is needed before opting for it.
Who Should Opt for This Cover?
The Elevate policy offers a range of sum insured options, starting from ₹5 lakh and going up to an unlimited sum insured. If you have purchased this policy with an unlimited sum insured option, you cannot opt for the Infinite Care cover—and frankly, you wouldn’t need it.
Even if you have a high sum insured policy, say ₹50 lakh or more, this add-on might not be necessary. The policy already includes an annual bonus (Loyalty Bonus in Elevate policy) of 20% on each renewal, granted irrespective of claims. This feature gradually enhances your coverage every year without any hassle, meaning a high sum insured policy with continuous renewals will provide more extensive coverage over time without being restricted to just one claim. Hence, adding Infinite Care to such policies doesn’t make much sense.
However, if you are choosing a policy with a lower sum insured, such as ₹5 lakh or ₹10 lakh, then this add-on becomes more relevant. Since the base coverage is limited, the probability of utilizing the Infinite Care benefit increases. It provides an extra layer of security in case of a significant hospitalization event.
Other Factors to Consider Before Opting for Infinite Care
Age and Health Condition: If you are young and healthy, your policy already provides adequate coverage, and you may not need this additional feature for many years. Opting for it means paying extra premiums continuously, which may not be financially wise if you are unlikely to use it. Young and healthy individuals generally have a lower probability of making claims, so they might be better off without this add-on, especially if they cannot afford the higher premium.
Elderly Individuals and Those with Chronic Conditions: If you are above 50 years of age or suffering from chronic diseases or comorbid conditions, Infinite Care could be an ideal option. There is a higher probability of hospitalization, and the duration of hospital stays can be longer, consuming your entire policy coverage. In such cases, this cover acts as a financial safety net, preventing out-of-pocket expenses.
Location of Residence: If you live in a metro city where healthcare costs are high, opting for Infinite Care might make sense. However, if you reside in a tier-2 or tier-3 city, healthcare expenses are generally lower. Elevate already offers sufficient coverage through bonuses and the reset benefit, making this optional cover less essential. If you have a decent sum insured limit and live in a smaller city, opting for Infinite Care may not be worth the extra premium.
The Fine Print: Key Considerations Before Opting for Infinite Care
The policy is designed in such a way that you must decide whether to opt for Infinite Care at the time of the initial policy purchase. If you choose to include it, you will have to pay around 10% extra in premiums. However, once you discontinue this cover, you cannot opt for it again in the future. This means careful thought is required before making the decision. Your age, health profile, and the overall sum insured you choose in the policy are the three most important criteria to guide your decision.
Another crucial point to note is that Infinite Care applies to only one claim and only one person in the policy, even if you have a floater plan covering multiple family members. If you are looking for a better alternative with broader coverage, a top-up policy with a high deductible might be a more suitable option.
Alternative: Super Top-Up Plans for Better Coverage
For example, if you are considering an Elevate policy with a sum insured of ₹20 lakh, you can opt for a super top-up plan from ICICI Lombard or any other insurance provider. You could choose a plan with a sum insured of ₹50 lakh and a deductible of ₹20 lakh. This way, you will have total coverage of ₹50 lakh across different policies, and the premium for top-up policies with high deductibles is often affordable.
Unlike Infinite Care, super top-up policies are not limited to one claim or one person. They can be continued indefinitely and provide annual coverage for you and your family members. If you choose a floater sum insured option, it ensures broader coverage without being restricted to a single claim event.
Final Thoughts
While Infinite Care is an innovative feature, its limitations make it a less appealing choice for many policyholders, especially those with high sum insured policies. If you have a lower sum insured, are older, or have chronic health conditions, this cover might be worth considering. However, for most people, a super top-up policy with a high deductible could provide better value and long-term coverage.
Before making a decision, evaluate your health status, financial capability, and the overall coverage you need. Opting for an add-on without thorough consideration could mean paying higher premiums without fully utilizing the benefit. Choose wisely!
With over 12 years of industry experience, I am an associate and fellow from the Insurance Institute of India. I am dedicated to guiding individuals through the complex world of insurance, helping them make well-informed decisions.
