Detailed comparison of ICICI Elevate vs Acko Platinum plans 2024

ICICI Elevate vs Acko Platinum Plan – Choosing the right health insurance plan is crucial to safeguarding your health and finances. ICICI Elevate and Acko Platinum Plan are two of the most competitive products in the market, offering innovative features that cater to various customer needs. ICICI Elevate is known for its customizable options, including the potential for unlimited claims, while Acko Platinum Plan provides extensive coverage with a strong focus on transparent processes and hassle-free claim settlements. This comparative analysis delves into the features, benefits, exclusions, add-ons, and sum insured options of both policies, providing insights into which plan might be best suited for different types of customers.

Also see: ICICI Lombard Elevate VS Star Health Superstar Plan

Policy Features

Both Elevate Health Insurance by ICICI Lombard and Acko Health Insurance offer a range of features designed to cater to different customer needs. Here is a comparative analysis of the key features:

ICICI Elevate Features:

ICICI Elevate is designed to provide comprehensive health coverage with a focus on flexibility and extensive protection. Key features include:

• Infinite Care Add-on: ICICI Elevate’s Infinite Care Add-on is a unique feature that allows policyholders to opt for an unlimited claim amount for specific claims within the policy term. This add-on eliminates the financial constraints often associated with limited sum insured options, making it highly attractive for those seeking extensive coverage.

• Digital Claim Settlement: The policy offers a 100% cashless, digital claim settlement process through the IL TakeCare app, ensuring a seamless and paperless experience for both inpatient and outpatient care. This user-friendly approach sets it apart from traditional health insurance plans.

• Eligibility: It covers individuals and families, including those with pre-existing conditions like asthma, diabetes, and hypertension, with options to reduce waiting periods significantly. This makes ICICI Elevate accessible to a broad demographic, especially those with known medical conditions.

• Customization: The policy allows for extensive customization through various add-ons, ensuring that policyholders can tailor their coverage to meet specific health needs and financial capabilities.

Acko Platinum Plan Features:

Acko Platinum Plan is designed for individuals and families seeking wide-ranging coverage, both domestically and internationally. Its defining features include:

• Global Coverage: Acko Platinum Plan covers hospitalization expenses incurred both in India and overseas, making it suitable for frequent travelers or expatriates who need health coverage beyond domestic borders.

• Wide Range of Sum Insured Options: Acko offers flexible sum insured options ranging from ₹3 lakhs to ₹10 crores, accommodating both basic and extensive coverage needs. This makes it one of the most versatile plans available, catering to both average-income households and high-net-worth individuals.

• No Maximum Entry Age: The plan has no maximum entry age, allowing elderly individuals to obtain coverage without the typical restrictions seen in other policies. This feature ensures lifelong coverage, providing peace of mind for senior citizens.

• Simple and Transparent Claims Process: Acko’s emphasis on an easy and quick claim settlement process, guided by trained professionals, makes it a preferred choice for those looking for a straightforward insurance experience without bureaucratic delays.

Also see: Comparison of ICICI Lombard Elevate and ManipalCigna Sarvah Plan

Benefits

Both policies offer extensive benefits, but there are some notable differences:

ICICI Elevate Benefits:

ICICI Elevate comes with a host of benefits designed to provide policyholders with comprehensive and innovative coverage:

• Infinite Claim Amount: With the Infinite Care add-on, policyholders can access an infinite claim amount for specific claims, reducing the risk of exhausting coverage limits during critical treatments.

• Power Booster Add-on: This add-on offers a 100% cumulative bonus annually, irrespective of the claims made. Over time, this significantly enhances the sum insured, providing increasing coverage at no additional cost.

• BeFit Add-on: This feature provides cashless access to outpatient services, including consultations, diagnostics, and minor procedures, through the IL TakeCare app, enhancing the overall utility of the policy for day-to-day healthcare needs.

• Inflation Protector: To combat rising medical costs, ICICI Elevate includes an Inflation Protector that adjusts the sum insured yearly, ensuring that coverage remains adequate despite inflation.

• Wellness Rewards: Policyholders can earn up to a 30% discount on renewal premiums by maintaining a healthy lifestyle, incentivized through wellness programs and health check-ups.

Acko Platinum Plan Benefits:

Acko’s Platinum Plan emphasizes flexibility, extensive coverage, and added protections through various benefits:

• Comprehensive Hospitalisation Benefits: Covers in-patient hospitalisation, day-care treatments, pre-and post-hospitalisation expenses, and organ donor expenses, ensuring comprehensive coverage across all medical needs.

• Unlimited Restore Benefit: This feature allows unlimited restoration of the sum insured multiple times in a policy year, ensuring that coverage never runs out, even after multiple claims.

• Critical Illness and Accidental Death Cover: The plan provides lump-sum payments in the event of critical illnesses or accidental death, offering financial security during severe health crises.

• Annual Preventive Health Check-ups: Acko includes preventive health check-ups annually, offering comprehensive tests to encourage early detection and management of potential health issues.

• No Claim Bonus: Offers a no-claim bonus that adds to the sum insured each year without any increase in the premium, rewarding policyholders for maintaining good health.

Exclusions

Understanding exclusions is crucial when choosing a health insurance plan. Here’s how the two plans compare:

ICICI Elevate Exclusions:

• Self-Inflicted Injuries and Hazardous Activities: Excludes claims arising from self-inflicted injuries, substance abuse, or participation in hazardous activities like extreme sports.
• Pre-Existing Conditions: While pre-existing conditions are covered, they are subject to a waiting period that can be reduced through specific add-ons.
• Cosmetic and Non-Medical Procedures: Excludes cosmetic treatments, infertility treatments, and procedures that are not medically necessary.

Acko Platinum Plan Exclusions:

• Specific Conditions Excluded: Acko excludes coverage for specific conditions like sleep disorders, obesity, and congenital anomalies unless covered under an add-on.
• Waiting Period for Pre-existing Diseases: The plan includes a waiting period for pre-existing conditions, which can vary based on the policy and sum insured selected.
• Lifestyle-related Exclusions: Treatments related to lifestyle conditions such as substance abuse, self-inflicted injuries, and participation in dangerous activities are excluded.

Add-ons

Add-ons can significantly enhance the coverage of a health insurance plan. Both ICICI Elevate and Acko Platinum Plan offer a variety of add-ons to cater to different needs:

ICICI Elevate Add-ons:

• Claim Protector: Covers non-payable expenses during a claim, such as consumables like gloves and masks, which are often excluded in standard policies.
• Jumpstart: Reduces the waiting period for pre-existing conditions to as little as 30 days for diseases like hypertension and diabetes, making coverage accessible more quickly.
• FaceScan: An innovative feature that uses AI for health assessments, though not a substitute for medical advice, it offers an additional layer of proactive health management.

Acko Platinum Plan Add-ons:

• Super Top-up: Increases the coverage limit once a deductible amount is met, ideal for those seeking higher protection without significantly increasing the premium.
• Doctor-on-Call: Provides access to general practitioners for round-the-clock medical consultations, enhancing the convenience of care.
• Family Physician: Assigns a dedicated physician to the policyholder’s family, offering personalized medical advice and ongoing healthcare management.
• Daily Hospital Cash: Provides a daily cash allowance during hospitalization, helping cover incidental expenses not typically covered by health insurance.

Sum Insured Options

ICICI Elevate Sum Insured Options:

• Infinite Sum Insured: With the Infinite Care add-on, ICICI Elevate can provide an unlimited sum insured for selected claims, ensuring that policyholders never run out of coverage.
• Flexible Coverage: The plan allows policyholders to choose coverage levels that suit their needs, with options to enhance or reduce the sum insured during renewals based on changes in health or financial status.

Acko Platinum Plan Sum Insured Options:

• Broad Range: Offers sum insured options ranging from ₹3 lakhs to ₹10 crores, making it adaptable for customers with varying coverage needs, from basic protection to extensive healthcare requirements.
• Annual Increment Options: Includes the Inflation Protect Sum Insured feature, which increases the sum insured annually to keep pace with rising medical costs, ensuring that the policy remains relevant over time.

Customer Suitability

The choice between ICICI Elevate and Acko Platinum Plan depends largely on individual needs, health status, financial goals, and lifestyle. Here’s a detailed analysis of which policy suits different customer profiles:

ICICI Elevate Customer Suitability:

• Young Professionals and Families: Ideal for young professionals and families looking for customizable coverage with innovative add-ons like infinite claims and wellness rewards. Its flexibility allows for tailored protection that grows with the policyholder’s needs.
• Individuals with Pre-existing Conditions: With reduced waiting periods for pre-existing conditions, ICICI Elevate is suitable for individuals managing chronic illnesses who need coverage that starts sooner rather than later.
• Frequent Users of OPD Services: The BeFit add-on makes ICICI Elevate particularly beneficial for those who frequently use outpatient services, as it covers consultations, diagnostics, and minor procedures on a cashless basis.

Acko Platinum Plan Customer Suitability:

• Frequent Travelers and Expatriates: The plan’s global coverage makes it an excellent choice for frequent travelers and expatriates who need health protection beyond domestic borders.
• High Net-Worth Individuals: With sum insured options extending up to ₹10 crores, Acko Platinum Plan is ideal for high-net-worth individuals seeking substantial health coverage to protect significant assets.
• Elderly and Senior Citizens: The absence of a maximum entry age makes it highly accessible for senior citizens and those who need lifelong coverage. The policy’s lifetime renewal option ensures that elderly individuals can maintain their coverage without the typical age restrictions found in other plans.
• Families with Comprehensive Needs: Acko Platinum Plan’s extensive range of add-ons, such as Critical Illness and Accidental Death Cover, makes it suitable for families seeking robust protection against a wide array of potential health and life risks.

Detailed Comparison of Features

To better understand the strengths and weaknesses of each plan, let’s delve deeper into the specific features that distinguish ICICI Elevate and Acko Platinum Plan:

Customization and Flexibility:

• ICICI Elevate: Highly customizable with various add-ons like Infinite Care and BeFit, allowing policyholders to tailor their plan to fit their specific needs. This customization extends to outpatient services, wellness rewards, and annual sum insured adjustments, making it a dynamic option for evolving healthcare requirements.
• Acko Platinum Plan: While customization is available through add-ons like Super Top-up and Critical Illness Benefit, the plan’s main strength lies in its extensive base coverage and high sum insured options. It offers less flexibility in terms of daily outpatient care compared to ICICI Elevate but excels in offering extensive core benefits.

Ease of Access and Claims:

• ICICI Elevate: Emphasizes digital convenience with a 100% cashless claim process facilitated through the IL TakeCare app. Policyholders can manage claims, access wellness programs, and use outpatient services all from their mobile devices, making healthcare access seamless and user-friendly.
• Acko Platinum Plan: Focuses on a transparent and straightforward claims process with guidance from trained professionals. While it may not match the fully digital interface of ICICI Elevate, Acko’s commitment to simplicity ensures that policyholders face minimal hurdles during the claims process.

Coverage Options for Pre-Existing Conditions:

• ICICI Elevate: Offers reduced waiting periods for pre-existing conditions, especially when the Jumpstart add-on is selected. This is a significant advantage for individuals with chronic illnesses who need early access to healthcare benefits.
• Acko Platinum Plan: Maintains standard waiting periods for pre-existing conditions, but the flexibility of sum insured options and the ability to adjust coverage annually make it a reliable option for those who can afford to wait for full coverage to kick in.

Global Reach and Applicability:

• ICICI Elevate: Primarily focused on domestic coverage with some limitations on international claims, particularly for add-ons like Infinite Care, which are restricted to domestic use. This could be a limitation for individuals seeking comprehensive global coverage.
• Acko Platinum Plan: Provides extensive global coverage, making it a standout choice for international travelers and expatriates. The worldwide inpatient hospitalization feature ensures that policyholders are protected no matter where they are, enhancing the plan’s appeal to a global customer base.

Incentives and Rewards:

• ICICI Elevate: Goes beyond traditional health insurance by incorporating wellness incentives, such as discounts on renewal premiums for maintaining a healthy lifestyle. This proactive approach encourages policyholders to engage in preventive health measures, ultimately benefiting their long-term well-being.
• Acko Platinum Plan: While it offers preventive health check-ups and some wellness services, it does not provide the same level of rewards and incentives found in ICICI Elevate. Acko’s focus remains on providing solid, reliable coverage rather than incentivizing lifestyle changes.

Comparative Analysis of Add-ons

Add-ons play a critical role in enhancing the core coverage of a health insurance policy. Here’s a closer look at the key add-ons available under each plan:

ICICI Elevate:

• Infinite Care: Provides unlimited claim amounts for selected claims, making it an unparalleled add-on for those seeking extensive financial protection during critical illnesses.
• Power Booster: Enhances the sum insured annually, providing a continuous increase in coverage that compounds over time, making it ideal for long-term policyholders.
• Claim Protector: Covers miscellaneous, non-payable expenses during a claim, reducing out-of-pocket costs and ensuring a more seamless claims experience.

Acko Platinum Plan:

• Super Top-up: A highly useful add-on for enhancing coverage beyond the basic sum insured once a deductible is met. It provides significant financial relief for policyholders during high medical expense years.
• Critical Illness Benefit: Offers lump-sum payments upon diagnosis of specific critical illnesses, adding an extra layer of financial security for severe health conditions.
• Accidental Death or Disability Cover: Provides a fixed sum in the event of accidental death or disability, offering vital financial support in the most severe scenarios.

Which Plan is Right for You?

Choosing between ICICI Elevate and Acko Platinum Plan depends on your unique health needs, financial situation, and lifestyle preferences. Here’s a breakdown of which policy might be more suitable for different types of customers:

For Young Professionals and Small Families:

ICICI Elevate is likely the better choice due to its customizable options, wellness incentives, and outpatient coverage. The plan’s flexibility allows young individuals to adapt coverage as their family grows and their healthcare needs evolve.

For High Net-Worth Individuals:

Acko Platinum Plan is ideal due to its high sum insured options and international coverage. This plan offers peace of mind with extensive financial protection and access to healthcare globally, meeting the needs of those with significant assets to protect.

For Senior Citizens:

Acko Platinum Plan stands out because of its no maximum entry age and lifelong renewability. It provides a stable, reliable option for older adults seeking consistent coverage without age-related restrictions.

For Frequent Travelers and Expatriates:

Acko Platinum Plan excels with its global coverage, making it the preferred choice for individuals who travel often or reside abroad. The worldwide inpatient hospitalization feature ensures comprehensive protection no matter the location.

For Individuals with Pre-existing Conditions:

ICICI Elevate offers significant advantages with reduced waiting periods for pre-existing conditions through its Jumpstart add-on. This makes it particularly appealing to those managing chronic illnesses who need quicker access to coverage.

For Tech-Savvy Customers:

ICICI Elevate’s fully digital claim process through the IL TakeCare app provides unmatched convenience, making it ideal for tech-savvy individuals who prefer managing their insurance and healthcare digitally.

Conclusion

Both ICICI Elevate and Acko Platinum Plan offer robust health insurance solutions, but they cater to different types of customers based on their specific needs and priorities. ICICI Elevate’s strength lies in its customisation, wellness incentives, and innovative add-ons that provide extensive financial protection and reward healthy lifestyles. It is particularly well-suited for young families, individuals with pre-existing conditions, and those who value a digital-first approach to health insurance.

On the other hand, Acko Platinum Plan is distinguished by its extensive global coverage, high sum insured options, and comprehensive benefits that cater to frequent travelers, expatriates, and high-net-worth individuals. Its straightforward claims process and focus on robust core coverage make it an excellent choice for those seeking a reliable, no-nonsense health insurance policy.

Ultimately, the best policy depends on individual circumstances, health requirements, and financial goals. By understanding the features, benefits, and limitations of each plan, customers can make an informed decision that aligns with their personal and family healthcare needs, ensuring they are well-protected against life’s medical uncertainties.

FAQs about ICICI Elevate vs Acko Platinum Plan

Disclaimer: This article is intended for informational purposes only and does not constitute financial or medical advice. Policy features, benefits, exclusions, and terms are subject to change by the insurers. It is advisable to read the policy documents carefully and consult with a qualified insurance advisor before making any decisions regarding health insurance coverage. Individual needs and circumstances may vary.