ICICI Bank introduces ‘FD Health’; India’s first fixed deposit with critical illness insurance

ICICI Bank introduces 'FD Health'; India's first fixed deposit with critical illness insurance

ICICI Bank announces the launch of ‘FD Health’, a Fixed Deposit (FD) offering the dual-benefit of investment growth via FD and protection through a critical illness coverage. The customers will be offered the insurance cover free of cost for the first year and thereafter, they can renew it.

This first-of-its-kind offering in the industry provides the customer a complimentary critical illness cover of Rs. 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. In addition to getting a competitive interest rate, the 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.

This is the latest addition to the Bank’s bouquet of innovative fixed and recurring deposits under the umbrella of ‘FD Xtra’ which are designed to help its discerning customers to meet various needs and goals at different stages of life.

Speaking on the occasion, Pranav Mishra, Head – Retail Liabilities, ICICI Bank, said, “FDs have been a fundamental investment option for most individuals, irrespective of their risk appetite. With the prevailing volatility in financial markets, we see a renewed interest by customers to invest in FDs as they offer a combination of attractive interest rates, liquidity, safety of capital and assured returns. We have got an encouraging response to the recently launched ‘FD Xtra’, a series of innovative deposit products. Now, we are pleased to launch ‘FD Health’ in order to offer customers protection through critical illness insurance. 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.”

Added Sanjeev Mantri, Executive Director, ICICI Lombard General Insurance, said, “In today’s times, while customers have multiple investment options, fixed deposits continue to be an attractive proposition. ICICI Bank has always been at the forefront in introducing innovative solutions for its customers. The Bank’s latest fixed deposit offering, ‘FD Health’ offers a unique blend of assured returns from an FD coupled with health protection against critical illnesses. 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.”

This unique proposition of ‘FD Health’ comes close on the heels of an array of innovative fixed deposit products by the Bank. The Bank, in the past few months, introduced ‘FD Xtra’ — an umbrella of three innovative deposits. The first product of the bouquet is ‘FD Life’ which is a fixed deposit coupled with security through a free term life insurance. The second product is ‘FD Invest’ that helps customers invest the interest earned on FDs in monthly Systematic Investment Plans (SIPs) of a mutual fund. The other one is ‘FD Income’, which is available in the form of both FDs and RDs (Recurring Deposits) that offer customers the flexibility of receiving maturity proceeds in the way that suits their goals.