If the investments are made in the ‘either or survivor’ mode, any holder available can sign the Medical Advantage Feature Redemption (MAF) Form available at the hospital. A possibility arises that the investor signature on the MAF redemption form will be absent in due to medical reasons.
In such cases, the hospital will validate if the investor(s) to be admitted is/are unable to sign the Medical Redemption Form. Thus the feature has a provision to be availed of, even if the investor is hospitalized in an unconscious state.
It is however recommended to invest in ‘either or survivor’ mode to extend the benefits of the feature to your family members and help to make the process easy and seamless.
For meeting healthcare expenses of the family members/employees enrolled, the holders of the Folio shall sign on the medical redemption form.
In case the investors wish to mention the redemption amount only on the medical redemption form and not the scheme(s) from which it is to be redeemed, such option is available for the investors. In such case, investor(s) will sign on the medical redemption form, mentioning the amount to be redeemed and authorizing the service provider to redeem the units in the order matrix mutually agreed between the ICICI prudential Mutual Fund and the Service Provider. Currently, following order matrix is agreed with the Service Provider for the convenience of the investor(s) –
- Liquid / MMF
- Debt Schemes
- Hybrid / Balanced Schemes
- Equity Schemes
Within these classes, if there are investments present in multiple eligible designated schemes, then the redemption request would first be submitted for the scheme with highest valuation within that class, then the next highest, and so on, till the requirement of the total amount to be redeemed is satisfied.