ICICI Bank introduces new FD scheme with insurance

ICICI Bank has recently launched a new fixed deposit (FD) scheme FD Health that will offer the dual benefit of an FD along with free critical illness coverage with a sum assured of Rs 1 lakh.

“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,” says Pranav Mishra, Head – Retail Liabilities, ICICI Bank.

In case of a medical emergency, one’s personal savings (mostly fixed deposits) are first liquidated if the person is not covered with health insurance or the health cover is inadequate or the specific disease is not covered under the health policy.

Therefore, having an additional protection without any cost looks promising at a time when many investors have seen subdued equity returns and high fluctuations in the same. Many such investors are turning back to fixed deposits for stable return.

“FDs have been a fundamental investment option for most individuals irrespective of their risk appetite. With the prevailing volatility in financial markets, we see renewed interest by customers to invest in FDs as they offer a combination of attractive interest rates, liquidity, safety of capital and assured returns,” says Mishra.