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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.
All About LIC Health Insurance Policy
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.)
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|
“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