The biggest emergency people are afraid of is Health Emergency…Are you saving money for emergency medical condition?Then there is news for you.One can now seamlessly route money from Saving fund to meet medical expenditure needs.
ICICI Prudential mutual fund – in association with Vidal Healthcare Solutions – TPA – Third Party Administration- have introduced Medical Advantage Feature Card where investor can invest money in ICICI Prudential Saving Fund and avail Medical Advantage Card for easy liquidity under emergency medical conditions.
About ICICI Prudential Savings Fund:
- Saving fund with no stock market exposure.
- Lower portfolio duration to limit volatility.
- Offers stability & consistency in returns.
How ICICI Prudential Medical Advantage Feature Card Works:
- Open Account:Investor need to open separate folio to avail this facility.
- Invest in ICICI Prudential Savings Fund : from min Rs.5000.But one need to invest some higher amount as per understanding of medical expenses.
- Get the medical advantage feature card :which can be used at hospitals networked with Vidal Health.Click Here to check hospitals networked with Vidal Health.
- If need of medical expenditure arises then fill the medical redemption form through medical advantage feature card.
- Hospital gives an estimate to Vidal health and some units are redeemed to meet current healthcare needs.
- Also few units will be blocked for future needs as per hospital estimate.
- It is suggested to avail this facility jointly as Either or Survivor mode so that any one of the holder can able to use this facility.
- Additional Advantages : Possible Discounts in medical bills(subject to hospitals approval),Free second opinion from doctors empanelled with Vidal health.
Important to Remember:
- This is NOT mediclaim plan.This is just a facility for investor to route money from mutual fund scheme to hospital under emergency medical conditions.
- Conventional online / offline redemption facilities available.
- Long term / short term capital gains as applicable.
- As per my understanding this is Free facility & investor won’t be charged for this facility.But if there is any update in this case then I will update the same here.
Are similar facilities available elsewhere:Vidal Healthcare Services offer such facility along with deposits of Ratnakar Bank and Wealth2Health Deposits of DHFL.
This is good idea to keep emergency money in Liquid / Saving fund than saving accounts.As far this facility is free there is no harm to save and avail Medical Advantage Future card.
