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Health Insurance Plans By LIC

Updated On Jan 26, 2022

You're in good hands with India's most dominant and trusted insurance brand, The Life Insurance Corporation of India, when it comes to providing a comprehensive insurance suite of the most comprehensive financial protection in terms of health and life. The LIC has accomplished countless milestones and set outstanding performance records in several fields of life and health insurance since its foundation, all while maintaining very reasonable rates. The firm makes certain that all money is invested in the best interests of investors, ensuring that they receive a healthy return.

The LIC's delectable health insurance policies are outlined here. As you are probably aware, focusing on health and related expenditures is an important part of everyone's financial and home planning. With healthcare prices skyrocketing over the last decade, even for minor conditions, it's more necessary than ever to start thinking about a backup plan in case your finances become unpredictable as you get older. To understand more LIC health insurance plans, read on.

Health Insurance Plans By LIC

What Is The Extent And What All Does The LIC Health Insurance Plan Cover?

You must pick the level of health coverage, which entails selecting the amount of the Initial Daily Benefit from rupees 1000 per day, rupees 2000 per day, rupees 3000 per day, and rupees 4000 per day, depending on your needs. This is the daily amount due to you if you are hospitalised within the first year of your policy's coverage.

In addition to the foregoing, any Major Surgical Benefits would be 100 times the Initial Daily Benefit. As a result, depending on the Initial Daily Benefit amount chosen, the Major Surgical Benefits Sum Assured for the first year of insurance cover would be rupees 100,000, rupees 200,000, rupees 300,000, and rupees 400,000.

The Daily Hospital Cash Benefit is also connected to benefits like the Day Care Procedure Benefit, Premium Waiver Benefit, and Other Surgical Benefits.

Features Of The LIC Jeevan Arogya Policy

Following are the features of LIC Jeevan Arogya Policy -

  1. It's a non-participating non-linked health insurance plan - Unlike our other life insurance policies, this one is solely a health benefit plan and does not include any additional advantages such as LA or FAB. It also has no investment advantages.
  2. It has a list of advantages - Benefits are not connected to real expenditures because they are pre-defined.
  3. It provides Hospital Cash Benefits - All you have to do is submit your medical bills for approval and processing of claims.
  4. When the insured individual is admitted to the ICU, a substantial claim is made, which is equal to double the Daily Hospital Cash.
  5. Major Surgical Benefits cover 50 percent of the total amount guaranteed during hospitalisation.
  6. Under exceptional categories that come under the Major Surgical Benefits, the annual premium is waived.
  7. For yearly and semi-annual premium payment types, you get a 30-day grace period.

Advantages Of The LIC Jeevan Arogya Policy

Following are the advantages of LIC Jeevan Arogya Policy -

  1. A single health insurance policy can cover the entire family, including extended family members to some extent. Your parents, husband, child, and in-laws, for example.
  2. This coverage covers all sorts of operations, including Daycare treatments.
  3. You are entitled for a Bonus if you do not make a claim.
  4. Along with Critical Illnesses, this insurance also includes an extra Critical Rider Illness Benefit.
  5. You receive the convenience of being able to follow your applications online, as well as the ability to purchase and renew your insurance online.
  6. Premiums paid up to Rs. 15000 for regular residents and Rs. 20000 for Senior Citizens are eligible for deduction from taxable income each year under Section 80D of the Act.
  7. You have the option of making a Cashless Claim or a Reimbursement Claim when filing a claim under the insurance. Cashless claims can be submitted for both scheduled and emergency hospitalizations, with the only stipulation that the hospital where the insured is hospitalised be enlisted with the Third Party Administrator (TPA), which aids the insured and processes claims for our organisation.

Endnotes

Term insurance, endowment insurance, money back insurance, and whole life insurance are all available via Life Insurance Corporation. These programmes are tailored to each individual's specific requirements and financial constraints.

Do read - Importance Of Getting Health Insurance Policy Which Covers Home Treatment

What Are The Challenges Related To Cashless Mediclaim

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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