Money & Banking

ICICI Bank introduces new fixed deposit scheme 'FD Health'

Lavanya Prabhakaran Chennai | Updated on November 14, 2019 Published on October 15, 2019

The new scheme offers the FD holder complimentary critical illness insurance

ICICI Bank has launched a new Fixed Deposit (FD) scheme - FD Health. The scheme offers FD with a health benefit through a critical illness coverage. Customers will be offered a complimentary insurance cover of Rs 1 lakh.

The FD Health scheme 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. The customers, who are in the age bracket of 18-50 years, get a complimentary insurance cover for a year on 33 critical illnesses including 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 private sector lender's various innovative fixed and recurring deposits under the umbrella of ‘FD Xtra’.

Pranav Mishra, Head – Retail Liabilities, ICICI Bank, said, “With the prevailing volatility in financial markets, we see a renewed interest by customers to invest in FDs. We have got an encouraging response to the recently launched ‘FD Xtra’, a series of innovative deposit products. The FD Health 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.”

Sanjeev Mantri, Executive Director, ICICI Lombard General Insurance, said, “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,” Sanjeev Mantri, ED of ICICI Lombard General added.

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Published on October 15, 2019
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