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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.)
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.
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.
An individual will have to submit certain documents to avail LIC Health Insurance Policy. The documents include:
Identity Proof - PAN card, Aadhaar card, Passport, etc.
Address Proof - Aadhaar card, Passport, Driving license, etc.
Individuals can renew their cover on the website of the insurance company or by visiting one of the company’s branches. Under the online mode, an individual will have to enter policy information on the website of the insurance company and then proceed to make the payment.
In the event that the insured individual has been hospitalised for an illness or injury (covered by the policy), he or she will be required to notify the servicing branch of LIC right away. This will enable the insurer to start the claim procedure accordingly. If the insured is unable to do so, his or her relative can reach out to the LIC of India branch and intimate them about the incident. Within 30 days from the date of discharge, the insured has to provide the Corporation with written notification of a claim in the forms prescribed by LIC and along with the supporting evidence. In case an individual is making a claim on LIC Cancer Cover, the insured will have to provide reports of the diagnosis along with the claims form to serve as evidence.
In case of any queries, individuals can reach out to LIC by dialling on their toll-free number 18004259876 or call centre at 022 6827 6827. Users can also SMS LICHELP <pol.no.> to 9222492224 or SMS LICHELP <pol.no.> to 56767877. To locate nearby branches, users can make use of the Branch Locator facility available on the company’s website.
Having a health insurance policy is a must in this day and age when one considers the high cost of quality healthcare. LIC has designed its health insurance to protect an insured’s finances in the event an unforeseen medical emergency occurs. The policy options from LIC provide higher coverage at affordable rates, making it easy for individuals of all walks to avail health insurance.
Yes, LIC does offer health insurance cover protecting you against health risks and providing support in times of a medical emergency.
LIC offers two health plans i.e. LIC cancer cover and LIC Arogya Rakshak.
Yes, LIC health insurance plans do offer you tax benefits under section 80D of the Income Tax Act, 1961.
LIC has a network of over 5000+ hospitals where insured individuals can opt for cashless claims treatment.
LIC health insurance plans come with two riders i.e. accident benefit rider and term assurance rider
LIC health insurance plans come with a grace period of 30 days within which it is mandatory for the insured individual to renew the policy to continue enjoying the healthcare benefits offered.
No, you cannot avail loan against LIC health policy
The minimum entry age of LIC health insurance policy is 18 years
The maximum entry age of LIC health insurance policy is 65 years
LIC health plans come with a free look period of 15 days
LIC Health Insurance for Senior Citizens 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.