ICICI Bank’s new FD scheme: Fixed deposit with critical illness insurance cover

Private sector lender ICICI Bank today launched of FD Health, a fixed deposit (FD) offering the dual-benefit of investment growth via FD and protection through a critical illness coverage. For investors in FD Health, ICICI Bank will offer the insurance cover free of cost for the first year and thereafter, they can renew it.

ICICI Bank’s FD Health provides investors a complimentary critical illness cover of ₹1 lakh from ICICI Lombard General Insurance Company on opening an FD of Rs. 2 lakh to Rs. 3 lakh for tenure of at least two years. Customers, who are in the age bracket of 18-50 years, get a complimentary insurance cover for a year 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.

Pranav Mishra, head of retail liabilities at ICICI Bank, said, “This offering is a first in the industry and provides advantage of safety and growth of a fixed deposit along with protection of critical illness cover which will provide financial help, if needed. It comes with a complimentary insurance covering 33 critical illnesses for a period of one year for sum insured of Rs. 1 lakh to the FD holder."

Sanjeev Mantri, ED at ICICI Lombard General Insurance, said, “With the emergence of lifestyle diseases amid rising medical treatment costs, a health protection cover is no longer an option but a necessity. With the unique dual proposition offered by ‘FD Health’, one can stay covered against medical expenses, without having to break one’s savings."

Earlier, ICICI Bank had launched FD Life, a fixed deposit scheme that offers a free term life insurance. Another FD scheme from ICICI Bank “FD Invest" helps customers invest the interest earned on FDs in monthly Systematic Investment Plans (SIPs) of a mutual fund.

ICICI Bank