In a first, ICICI Bank launched a new Fixed Deposit scheme — FD Health. The private sector lender is offering a dual benefit of FD scheme and critical illness coverage through a Fixed Deposit scheme. Customers will be offered insurance cover free of cost for the first year and they can renew it later, said ICICI Bank. This is the latest addition to ICICI Bank's various fixed and recurring deposit schemes under 'FD Xtra' scheme.
If a customer opens a fixed deposit of ₹2 lakh to ₹3 lakh for a tenure of at least two years, he/she will get a critical illness cover of ₹1 lakh from ICICI Lombard General Insurance Company. Those in the age bracket of 18-50 years are eligible to open an FD account under the ICICI Bank FD Health scheme. Along with the interest rate of 6.75% on the FD, one will get insurance cover on 33 critical illnesses. The list of critical illnesses under the policy includes specified severities related to cancer, lung disease, kidney failure, liver disease and benign brain tumor, Alzheimer’s disease and Parkinson’s disease, the bank said.
"ICICI Bank has always been at the forefront in introducing innovative solutions for its customers. ‘FD Health’ offers a unique blend of assured returns from an FD coupled with health protection against critical illnesses," said Sanjeev Mantri, Executive Director, ICICI Lombard General Insurance.
Critical illness cover will be valid for a period of one year and will be issued to customers after opening of FD. The effective or start date of the policy will be from the FD opening date, said ICICI Bank. Customers will have to provide a declaration of good health to get the illness cover. In case of jointly held FD accounts, the critical illness cover will only be provided to the primary account holder.
Partial or premature withdrawal will be permitted as per the terms and conditions agreed to, said ICICI Bank. In case of partial/premature withdrawal of deposit, the free critical illness cover offered to customers may get terminated from the date of partial/premature withdrawal. In case of partial withdrawal where the FD principal continues to be above the specified amount, the FD would continue to enjoy the free critical illness cover, ICICI Bank added.