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

October 14, 2019




  • Customers get complimentary critical illness insurance covering 33 illnesses along with FD 

Mumbai: 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.

 

To apply for ‘FD Health’ deposits, customers can visit the nearest ICICI Bank branch. To know more on ‘FD Health’, visit here. For complete details on benefits, terms and conditions of the critical illness cover, please read insurance policy document.

 

To know more on latest FD Interest rates, visit www.icicibank.com/interest-rates.page

 

For updates, visit here, follow us on www.twitter.com/ICICIBank

 

For media queries, write to: corporate.communications@icicibank.com

 

About ICICI Bank: ICICI Bank Ltd (BSE: ICICIBANK, NSE: ICICIBANK and NYSE:IBN) is a leading private sector bank in India. The Bank’s consolidated total assets stood at Rs.1,250,472 crore at June 30, 2019. ICICI Bank's subsidiaries include India's leading private sector insurance, asset management and securities brokerage companies, and among the country’s largest private equity firms. It is present across 15 countries, including India.

 

Certain statements in this release relating to a future period of time (including inter alia concerning our future business plans or growth prospect s) are forward - looking statements intended to qualify for the 'safe harbor' under applicable se curities laws including the US Private Securities Litigation Reform Act of 1995. Such forward - looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward - looking stateme nts. These risks and uncertainties include, but are not limited to statutory and regulatory changes, international economic and business conditions; political or economic instability in the jurisdictions where we have operations , increase in non-performing loans , unanticipated changes in interest rates, foreign exchange rates, equity prices or other rates or prices, our growth and expansion in business, the adequacy of our allowance for credit losses, the actual growth in demand for banking products and s ervices, investment income, cash flow projections, our exposure to market risks, changes in India’s sovereign rating, as well as other risks detailed in the reports fi led by us with the United States Securities and Exchange Commission. Any forward looking statements contained herein are based on assumptions that we believe to be reasonable as of the date of this release. ICICI Bank undertakes no obligation to update forward - looking statements to reflect events or circumstances after the date thereof. Add itional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings are available at www.sec.gov



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