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Health Insurance Policy from LIC

There’s nothing more important than our good health - that’s our principal asset.” - Arien Specter

With good health on your side, you can chase your dreams, and the world becomes your oyster. However, you can never be sure of what the future holds for you. While you cannot guarantee a lifetime of good health, you can certainly protect your interests and those of your family members.

Quality medical care and peace of mind are the two things that can bounce you back to good health. With LIC health insurance, you can get both and that too, without breaking your bank.

The best advantage of LIC health insurance is that it protects your family during the uncertain times of medical emergencies. With a safe and secure LIC health insurance plan in your favour, you can focus on providing the best quality medical care without worrying about your financial status.

Let’s take a look at LIC health insurance plans that you can consider to secure your future.

LIC Jeevan Arogya

If you are looking for a safe and assured health insurance plan, this is your best bet. LIC’s Jeevan Arogya is a non-linked plan which means it is not related to the market or any other underlying asset. You pay a fixed premium throughout the lifetime of your policy.

LIC Jeevan Arogya offers multiple benefits that are detailed below.

  • Hospital cash benefit (HCB) - Medical care has become expensive, and even the thought of a hospital may make you anxious. With this LIC health insurance Jeevan Arogya plan, you get covered if you or your insured family member were to get hospitalised. This LIC health insurance Jeevan Arogya policy provides the Applicable Daily Benefit (ADB) if the hospitalisation is for a period of more than 24 hours, and then exceeds a continuous period of 4 hours (after having completed the 24 hours).
    • This LIC health insurance Jeevan Arogya is a flexible plan that allows you to select the amount of daily benefit in the first year of the policy. You get the option to choose from Rs. 1000, Rs. 2000, Rs. 3000 or Rs. 4000 per day.
    • After the first year, the amount of ADB will consist of two parts, which is given below. Please note that this is applicable for non-ICU ward or room.
    • Every year, the ADB increases by an amount that is equal to 5% of the initial daily benefit. It happens on the anniversary of your policy and continues until the amount becomes equal to 1.5 times of the initial daily benefit. Thereafter, the amount remains at this level for the lifetime of the plan.
    • If your LIC health insurance Jeevan Arogya policy is eligible for the no-claims benefit, you will also be able to benefit from it. In that case, you will get the advantage throughout the lifetime of your policy without any maximum limit.
    • The above benefits hold true for all the members insured under this LIC health insurance Jeevan Arogya scheme.
    • The benefit increases when the insured members have to stay in an ICU. In that case, they will be eligible for twice the amount of ADB as limited by policy conditions.
    • The LIC health insurance Jeevan Arogya policy covers your expenses if the hospitalisation is for 24 hours or more.
    • Moreover, if the stay in a hospital is for more than seven days, then the LIC health insurance Jeevan Arogya policy covers the expenses of the first day as well. It is regardless of the ward or the room of the patient.
  • Major Surgical Benefit - This LIC health insurance Jeevan Arogya policy covers the expenses for one of the surgeries, as mentioned in the policy details. The surgery could be due to an accidental or medical emergency, and the amount paid in such instances is as per the policy conditions.
  • Day Care Procedure Benefit - In the case of a day-care procedure arising from medical necessity, the LIC health insurance Jeevan Arogya policy offers a sum that is equal to five times the amount of the ADB. You can find the list of procedures covered by this insurance in the policy details.
  • Other Surgical Benefits - You need not worry if you have to undergo a surgery or a day-care procedure that is not mentioned in the policy details. If the situation causes hospitalisation of more than 24 hours, you are eligible for two times the ADB as part of this LIC health insurance Jeevan Arogya Policy.
  • Ambulance Benefit - If you or any other member covered under this LIC health insurance Jeevan Arogya policy need to use emergency ambulance services, you get an additional cover of Rs. 1000.
  • Premium Waiver Benefit - The LIC health insurance Jeevan Arogya policy waives off one year of premium if a major surgical benefit is payable in a year.
  • No Claim Benefit - The LIC health insurance Jeevan Arogya policy offers a benefit of 5% of the Initial Daily Benefit if no claims are made in a year. A year is defined as the time between two consecutive renewal dates of the policy.

Below are some other features of this LIC health insurance Jeevan Arogya plan.

  • You can choose to pay the premiums either once or twice in a year.
  • This LIC health insurance Jeevan Arogya policy covers family members that include your spouse, children, parents, and parents-in-law.
  • The premium for each member is influenced by the age and the level of the hospital cash benefit that is selected. It also varies for the principal insured and the other family members under the LIC health insurance Jeevan Arogya policy.

The limitations of this LIC health insurance Jeevan Arogya policy are that there are no maturity benefits or loans available as part of this plan. Moreover, there is no surrender value offered as part of this policy.

LIC Cancer Cover

This is an LIC health insurance Cancer Cover policy that is dedicated to protecting the insured from cancer. This LIC health insurance Cancer Cover offers protection against the expenses arising out of cancer. The result could be of an early stage or an advanced stage during the term of the policy. Let’s take a look at this policy in detail.

When you purchase the policy, you get the flexibility to choose from one of the two types of sum assured.

  • Level Sum Insured: In the first option, the basic sum assured remains constant throughout the life of the policy.

  • Increasing Sum Insured: In the second option, the payable amount increases by 10% of the basic sum assured every year for the first five years. The increment starts at the end of the first year of this LIC health insurance Cancer Cover policy. It continues until the completion of five years or the diagnosis of cancer.

Here are the benefits that you get if you choose to buy this LIC health insurance Cancer Cover policy:

  • Early-stage cancer - The person insured can avail 25% of the applicable sum-insured at the first diagnosis of cancer that is in the initial stages. Moreover, the premium gets waived for the next three policy years. Here is a list of cancers that this LIC health insurance Cancer Cover policy covers:

    • Carcinoma-in-situ (CIS)
    • Prostate Cancer
    • Thyroid Cancer
    • Bladder Cancer
    • Chronic Lymphocytic Leukaemia
    • Cervical Intraepithelial Neoplasia

In addition, the policy also clearly states the conditions that the policy does not cover. For instance, infections in the presence of HIV, or historical tumours that were described as benign or malignant in the past.

The LIC health insurance Cancer Cover plan offers you the early-stage cancer benefit only once in the lifetime of your policy. Moreover, you may only avail this benefit in the first-ever such incident. The claimant cannot avail the benefits for the same or any other type of cancer in the future. However, the benefits of advanced-stage cancer diagnosis will continue until the end of the policy term.

  • Major Stage Cancer - In the case of diagnosis of an advanced stage of cancer, this LIC health insurance Cancer Cover policy offers 100% of the applicable sum assured. Moreover, the policy also promises an income that is 1% of the amount assured every month for the next ten years. It holds regardless of the survival of the person or the term of the policy. This clause ensures the financial security of your family in an unfortunate incident.

Apart from the benefits mentioned above, this LIC health insurance Cancer Cover policy also waives off all the future premiums. The policy covers a list of advanced-stage cancer including leukaemia, gastrointestinal stromal tumours, cancers in the presence of HIV, etc.

This LIC health insurance Cancer Cover policy will protect you from only one such incident. Once you have availed the benefits of major-stage cancer, you cannot claim for any more early-stage or advanced-stage cancer benefit.

A person should be minimum 20 years and maximum of 65 years to be eligible for this LIC health insurance plan Cancer Cover. The policy comes with a waiting period of 180 days. It means that the policy will not cover any type or stage of cancer during this period. Also, it should be pointed out that the LIC health insurance policy Cancer Cover does not protect if the person dies within seven days from the date of diagnosis of cancer.

In Conclusion

LIC health insurance plans are comprehensive and offer flexibility to customers. The most significant advantage is that you can sleep well at night, knowing that your family will be safe during such times of distress.

Recommended Link:5 Main reasons why a medical insurance policy is important

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