ICICI Prudential Mutual Fund has launched a medical advantage facility in association with a third party administrator, Vidal Healthcare services. The facility called Medical ‘Advantage Feature’ offers cashless treatment in Vidal Healthcare’s provider network of 6,000 hospitals and 1,500 diagnostic centres in 800 cities if you invest in designated schemes of ICICI Prudential Mutual Fund.
You can get a list of network hospitals here.
This is by no means a medical insurance plan, and should not be considered as such. Your medical expenses will be paid for by the value of your fundholding. So the advantage is you don’t need to redeem your funds in a hurry, wait for the proceeds to arrive and then paying the hospital concerned. The fund directly pays the medical costs by redeeming your units up to the value of your holding.
It also offers discounts up to 25% on medical tests and hospitalization and 24*7 access to a doctor on the phone. You can use this facility whether or not you already have medical insurance.
You will get a ‘Medical Advantage Card’ if you opt for this facility. This is an e-card and will be emailed to you on your registered email address with the mutual fund. If there are multiple holders in a folio, all holders will be given the card.
The AMC has designated a list of schemes for this facility which you can find here. It has also designated a combination of ICICI Pru Savings Fund (50%) along with ICICI Pru Value Discovery (5%) and ICICI Pru Balanced Advantage Fund (45%) (branded as MAF – Power of Three).
How to apply
There is a separate page of the ‘Common Application Form’ that has the medical advantage feature which you must fill to apply. In case of MAF – Power of Three, you must also invest the minimum amount of Rs 20,000. Opting for this facility will not stop you from redeeming your investments in the designated funds for any other purpose.
The fund house has mentioned that the benefit is available to fresh investors who opt for the medical advantage feature in the manner described above or existing investors who make ‘additional purchases’ while opting for the medical advantage feature. In other words, simply being an existing investor in the designated schemes for this feature will not make you part of this facility and get you a card.
At the time of hospitalization
The AMC recommends that you call Vidal Healthcare in advance for a smooth hospitalization process. You will have to show the Medical Advantage Card at the time of admission and fill the MAF Redemption form and Vidal Healthcare pre-authorization form. Your mutual fund units will be redeemed (or blocked and redeemed later) through these forms to pay for your medical treatment.