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With the cost of medical treatments rising quickly, the insurance giant has introduced health insurance products to safeguard one’s finances in the event of an illness or injury. LIC offers two types of health insurance products, namely LIC Jeevan Arogya and LIC Cancer Cover. In this article, we will have a detailed look at what the two products have to offer.
(Note: All the information in this article has been sourced from the official website of Life Insurance Corporation of India.)
All About LIC - Life Insurance Corporation Company
Founded in 1956, Life Insurance Corporation of India is an Indian state-owned insurance company. The Corporation, which is headquartered in Mumbai, is the largest insurance provider in the country. It functions today with 8 zonal offices, 113 divisional offices, 2048 fully computerized branch offices, 1381 satellite offices and the Corporate office. LIC was formed by an Act of Parliament, viz. LIC Act, 1956, with a Rs. 5 crore-capital contribution from the government.
This is a unique non-participating non-linked health insurance plan that offers cover against certain health risks. Additionally, it provides one with timely support in the event of medical emergencies and helps the insured and his or her family remain financially independent during difficult times.
Below are some of the benefits of LIC Jeevan Arogya:
This is a regular premium health plan that provides financial protection if the insured is diagnosed with any of the specified early and/or major stage cancer during the policy period.
The following benefits are payable under LIC Cancer Cover:
Early Stage Cancer: Benefits are payable on first diagnosis of any one of the listed Early Stage Cancers, provided the same is admissible are -
Lump sum benefit: 25% of Applicable Sum Insured shall be payable
What Is Covered Under LIC Jeevan Arogya?
What Is Covered Under LIC Cancer Cover?
Early Stage Cancer:
Major Stage Cancer: A malignant tumour characterized by the uncontrolled growth and spread of malignant cells with invasion and destruction of normal tissues. The diagnosis must be supported by histological evidence of malignancy. The term cancer includes lymphoma, leukaemia and sarcoma.
Some of The Exclusions Under This Policy Are:
Early Stage Cancer Exclusions:
Major Stage Cancer Exclusions:
LIC's Jeevan Arogya provides health insurance cover against certain health risks. The policy pays out a lump sum benefit, irrespective of the actual medical costs incurred on treating an insured’s illness or injury. Cancer Cover, on the other hand, is a policy that provides financial protection if the insured is diagnosed with any of the specified early and/or major stage cancer during the policy period. It pays out the benefits only if the insured individual has been diagnosed with cancer.
|Factors||Minimum age at entry||Maximum age at entry|
|Self / spouse||18 years||65 years (last birthday)|
|Parents / parents-in-law||18 years||75 (last birthday)|
|Children||91 days||17 years (last birthday)|
Insured individuals are covered up to the age of 80 years. Children are insured up to 25 years of age.
|Minimum Age At Entry||20 years (completed)|
|Maximum Age At Entry||65 years (last birthday)|
|Minimum Policy Term||10 years|
|Maximum Policy Term||30 years|
|Minimum Age At Maturity||50 years|
|Maximum Age At Maturity||75 years|
Documents required to make a claim on LIC Jeevan Arogya Plan:
Documents Required to make a claim on Cancer Cover:
“I chose to buy health insurance from LIC since it is one of the most trusted brands in the country. The benefits of Jeevan Arogya were exactly what I was looking for. I was able to purchase this in very short time without any trouble.” • Shristi Mishra, Indore
After going through the policy document, I realized that Cancer Cover by LIC is a good option for me. The premiums are lower compared to some of the policies and benefits are much better.” • Romil Kapoor, Mumbai
What is Features & Benefits Of LIC Senior Citizens Health Insurance Plan?
Having a health insurance policy is important as a health insurance policy has become a necessity in today’s day and age. Diet and changing lifestyle have an undesirable impact on our health and senior citizens are more likely to be affected by health disorders. The possibility of having medical issues increases with age and might require serious medical attention. Health is the first companion that starts forsaking senior citizens and drag their hard-earned savings with it.
Cost of hospitalisation, medicines, and medical treatments are rising at a rapid rate. Moreover, senior citizens have less or no scope on the increase in their income. For senior citizens, a health insurance policy has proved to be a boon at such times.
Life Insurance Corporation was founded in 1956 and is an Indian company. LIC India was formed by the LIC Act, 1956, with a capital of Rs. Five crores contributed from the government of India. The company is presently headquartered in Mumbai and is the largest insurance provider in the country. The company functions today with its eight zonal offices, 113 divisional offices, 2048 branch offices, 1381 satellite offices, and the corporate office.
Over many decades, LIC has surpassed several landmarks and has set a remarkable performance record in the domain of life and health insurance. LIC Jeevan Arogya health insurance plan provides robust monetary security to senior citizens in case of hospitalisation, surgeries, and day care procedures at hospitals.
Over the years, the life expectancy of an average Indian citizen has increased with advanced and improved healthcare facilities. With increasing age, health tends to get affected at a more rapid rate while income tends to decrease as a result of retirement. Health insurance is a vital tool to take care of medical expenses during this stage of life for senior citizens.
LIC Jeevan Arogya is designed for individuals as well as people above the age of 60. This health insurance covers hospitalisation expenses of the insured member during the policy tenure.
Some of the most significant value-added benefits of LIC health insurance policy for senior citizens in India are as stated below –
Hospital Cash Benefit: In case of hospitalisation due to sickness or accidental injury for a period not less than 24 hours, and where such a stay continues for more than four hours in a non-ICU ward, the company would pay an amount equal to the applicable daily benefit.
Day Care Procedure Benefit: In case the day care procedures fall under the health insurance policy, a lump sum amounting five times of such daily benefit would be paid to take care of the insured's medical needs.
Major Surgical Benefit: In case the policyholder has to undergo a surgery due to accidental injury or illness, then the respective benefit percentage would be paid to the policyholder as long as the surgery or illness is covered under the health insurance policy.
Other Surgical Benefits: In case the conducted surgery is not covered under the major surgical benefit, twice of an applicable daily benefit will be paid to the policyholder for an extended period of 24 hours.
Ambulance Benefit: As per the insurance policy, the policyholder will be provided an emergency transportation cost up to Rs. 1000. Premium waiver benefit: Under any event where the major surgical benefits are not successful, the insurance company would waive off the total annualized premium of one year.
Following are the list of exclusions under LIC health insurance for senior citizens:
Age: Age plays an important role while buying a health insurance policy for senior citizens. Jeevan Arogya offered by LIC comes in a wide age group parameter, thereby granting entry to almost all.
Maximum age permitted for enrolment is 75 years, whereas the maximum age of coverage is 80 years. Children are insured up to age 25 years.
Coverage offered: A daily hospitalisation benefit of Rs. 1000 to Rs. 4000
Following are the documents required to purchase a health insurance policy from LIC:
Following is the list of documents to make a successful claim under LIC health insurance plan.
A health insurance plan plays an essential role in the insurance portfolio, especially for senior citizens. Health insurance for senior citizens is basically for individuals who are above 60 years of age. Children can also avail this health insurance policy for their entire family and ageing parents.
It is important to note that health insurance policies taken for senior citizens must suit their particular needs and health conditions. With a steady increase in healthcare expenses, it can be difficult to pay medical costs out of your pocket. This is where a health insurance plan can come in handy so that you and your family can get adequate medical assistance for emergency and planned hospitalisation.
Advancement in medical technology has caused health care costs to rise exponentially, making good medical treatment affordability a puzzle. A good health insurance plan for senior citizens can save the day and help you to cater to medical needs without financial stress.