LIC Health Insurance

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.

Value-added benefits of LIC health insurance for senior citizens

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
• Day care expenses arising out of technological advancements
• Ambulance charges are covered under LIC health insurance for senior citizens
• Flexible premium payment option
• Increasing health cover every year
• Lump sum benefit regardless of actual medical costs
• Considerable financial coverage in case of hospitalisation and surgery

Advantages you get under LIC health insurance policy:

• All types of operations, including day care treatments, are covered under the health insurance policy
• You are eligible for a no claim bonus
• Critical illness rider is offered with the plan along with critical illness being covered
• Income tax benefits of up to Rs. 50,000 as they are permissible for deduction from your taxable income every year under Section 80D of the Income Tax Act, 1961.
• Thirty days grace perio,d in case the individual has selected annual or half-yearly premium payment modes.

Inclusion of LIC health insurance for senior citizens

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.

Exclusion of LIC health insurance for senior citizens

Following are the list of exclusions under LIC health insurance for senior citizens:

• Any complications arising out of pre-existing conditions.
• Illness arising out of HIV/AIDS and related diseases.
• Hospitalisation due to criminal proceedings, the court of law or war.
• Any experimental surgery or treatment undertaken.
• Expenditure arising out of organ donation.
• Dental treatment.
• Damages arising out of self-inflicted injuries.
• Injury or illness arising due to alcohol, drugs, or substance abuse.
• Injuries arising out of sports such as mountaineering, skydiving, race car driving, etc.
• Mental or nervous treatment.
• Birth defects, genetic or congenital disorders.
• Damage arising out of working in hazardous environments such as high electric voltage establishments, underground mines, etc.
• Injuries arising due to working in chemical or biologically contaminated environments.
• Injuries arising due to terrorism.
• Treatments arising due to failure to act upon sound medical advice.
• Injuries arising due to prolonged pregnancy.
• Suicide attempted / injuries occurred due to suicide.
• Non-Allopathic treatments.
• Injuries arising out of involvement in criminal activities.
• Plastic or cosmetic surgery.

Eligibility criteria apply to 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

Documents required to buy LIC health insurance for senior citizens

Following are the documents required to purchase a health insurance policy from LIC:

• Duly filled and signed the policy application form
• Photo ID proof (Aadhaar card, PAN card, driving license, passport, voter ID, etc.)
• Address proof (Aadhaar card, utility bills, voter ID, etc.)
• Age proof (Birth certificate, passport, driving license, etc.)
• Passport sized photograph

Documents required to claim LIC health insurance for senior citizens

Following is the list of documents to make a successful claim under LIC health insurance plan.

• Certificate issued by the hospital or discharge summary
• Prescriptions subscribed by the doctor
• Reports of all types of diagnosis conducted, such as X-ray, ECG, etc.
• Receipts or invoice of all payments made
• Claim form and photo ID proof
• All investigative reports
• Medico-legal certificates
• Details of packaged bills with break up

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.