Health Insurance 1532 views March 31, 2021

‘What will happen to my hard-earned savings in case of a medical emergency?’ — If this thought goes through your mind seeing the continuous rise in medical bills these days, a health insurance plan could be the right answer. LIC Health Insurance could prevent you from exhausting your savings towards a medical emergency should it arise.

But before choosing LIC Health Insurance, you would want to know the reasons to do the same.  So, we will be discussing the reasons while also detailing the health insurance plans provided by LIC. Keep reading to know more!

Health Insurance

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Reasons to Choose LIC Health Insurance

The best part about LIC Health Insurance is its high claim settlement ratio of around 98%. This high ratio suggests that you can get the claim easily for your health insurance. Since LIC is one of the largest and oldest insurance providers in the country, many people trust their products.

With more than 5,000 network hospitals across India, LIC policyholders can easily avail of the cashless treatment facility if any medical emergency happens. With the LIC Health Insurance, individuals can choose from two plans according to their convenience and needs. Also, on choosing a health insurance plan from LIC, they become eligible for tax benefits under Section 80D of the Income Tax Act, 1961. Now, let’s talk about the types of LIC Health Insurance plans.

Types of LIC Health Insurance Plans

As we mentioned earlier, individuals can choose from two LIC Health Insurance Plans — LIC Jeevan Arogya Plan and LIC Cancer Cover Plan. Here, we are showing the special features of both these plans. Keep reading!

LIC Jeevan Arogya Plan

LIC Jeevan Arogya Plan is a unique non-participating non-linked individual health insurance plan that provides a wide range of benefits to the policyholders.

We are showing the striking features of the LIC Jeevan Arogya Plan in the below table. Please check!

Hospital Cash Benefit (in case of hospitalization for a period of continuous 24 hours)INR 1,000 per day up to 30 days in a year (in the multiples of INR 1,000)
Major Surgical BenefitA minimum of 100 times the applicable daily benefit of the principal insured person up to 800% of the major surgical benefit
Day Care Procedures coverageA maximum of 3 surgical procedures in a year with a maximum of 24 surgical procedures
Other Surgical Benefits2 times of applicable daily benefit for 15 days in the first policy year and 45 days per year thereafter
Ambulance BenefitINR 1,000 as a lump sum benefit
Rider OptionsLIC New Term Assurance Rider and LIC Accidental Benefit Rider is available upon paying a premium amount of INR 0.50 for every INR 1,000 of the accidental benefit of the sum insured per policy year
Daily Benefit ChoicesINR 1,000/ 2,000/ 3,000/ 4,000 per day
Initial Major Surgical BenefitINR 1 lakh - INR 4 lakh

LIC Jeevan Arogya Plan Eligibility Criteria

Each insured person under LIC Jeevan Arogya Plan will get coverage against any health risks up to 80 years, while children can get the same up to 25 years. The minimum age at the time of entry for an individual (self or spouse) can be 18 years while it can go up to 65 years. The minimum and maximum age at entry for parents or parents-in-law stand at 18 and 75 years, respectively.

LIC Cancer Cover Plan

LIC Cancer Cover Plan is a non-linked, non-participating, individual health insurance plan for people who get diagnosed with any of the specified early and/or major stage cancer during the policy term. In case of a diagnosis, this LIC Health insurance plan provides financial protection to policyholders.

One of the best things about the LIC Cancer Cover Plan is that it offers two benefit options from which individuals can choose according to their convenience. You can know about them below.

  1. Level Sum Assured – The basic sum assured will remain the same throughout the policy term.
  2. Increasing Sum Assured – The sum assured will increase by 10% of the basic sum assured every year during the first five years from the inception of the policy or until the diagnosis of the first occurrence of cancer, whichever is earlier.

You can look at some of the key benefits of this plan in the below table.

Early Stage Cancer

  1. Lump sum benefit as 25% of the applicable sum insured

  2. Premium waiver benefit with which premiums for three next years shall be waived off.

Major Stage Cancer

  1. Lump sum benefit as 100% of the applicable sum insured less any previously paid during early-stage cancer

  2. Income benefit as 1% of the applicable sum insured on each policy month for a fixed period of 10 years

  3. Premium waiver benefit

Important Points Regarding the LIC Cancer Care Plan

Before choosing a LIC Cancer Care Plan, you should know the important points regarding the plan mentioned in the below table. Please check!

Minimum basic sum assuredINR 10,00,000
Maximum basic sum assuredINR 50,00,000
Minimum premium amountINR 2,400 for all modes
Policy Term10 - 30 years
Minimum age at entry20 years
Maximum age at entry65 years
Minimum age at maturity50 years
Maximum age at maturity75 years

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