LIC Jeevan Arogya Plan is non-linked health insurance plan offered by LIC(Life Insurance Corporation of India), the most trusted and dominant life insurance company in India, provides a full financial security when it comes to insurances in terms of health and life. LIC has crossed many milestones and has set exceptional performance records in various aspects of life insurance business. The company focuses on giving an adequate financial cover against death or sicknesses at a much reasonable cost and the funds gets invested to the best of the investors to earn a attractive return. It also Termed as LIC Health Insurance.
Health Insurance plans play an important role in the insurance portfolio of an individual. Firstly, it offers tremendous financial or monetary support to the policy holder if he/she is disabled after an accident resulting in to permanent disability, temporary disability and even an unfortunate death. Secondly, the degree of injuries or enormity doesn’t matter, minor injuries are also usually cover under the plan. With increased medical costs and a change in lifestyle, health is the biggest asset for human being which gets affected and the same needs to be taken care of as the saying goes “Health is Wealth”. LIC health insurance plans have all encompassing plans which acts as an armor to cover the risks associated with an accident.
|Coverage for||Minimum Entry Age||Maximum Entry Age|
|You and/or your Spouse||18 Years||65 Years|
|Your parents and/or your parents-in-laws||18 Years||75 Years|
|Your Children||91 Days||17 Years|
|Coverage Type||Coverage Offered||Maximum Coverage|
|Daily Hospital Cash (DHC)||Rs. 1,000; Rs. 2,000; Rs. 3,000; Rs. 4,000. (Minimum 24 hours hospitalization required).||Covers hospitalization maximum up to 30 days in the first year (15 days in ICU), which becomes thrice second year onwards|
|Major Surgical Benefits (MSB)||Between Rs. 1, 00,000 to Rs. 4, 00,000||(Maximum 100 times the DHC). Covers up to 140 major surgeries.|
|Daycare Procedure Benefits||5 times the DHC in case of a daycare procedure||Maximum 3 times in a year and 24 times during the policy tenure in India|
|Other Surgical Benefits||Twice the DHC is payable in case of hospitalization of more than 24 hours when the insured undergoes a surgery other than the included in MSB.||Maximum days of coverage in the first years are 15 and 45 thereafter.|
The following are the exclusions under which the LIC(Life India of Corporation) life insurance will not pay any benefit to the Insured Person:
|Unique Features of Plan|
|A non-linked, non-participating health insurance plan||
|A health insurance plan with defined benefits||Benefits are pre-defined and so not linked to actual expenses.|
|A health insurance plan with hospital cash benefits||You need to submit your medical bills for your claim to be accepted and processed. The claim process goes on just like a typical health plan.|
|Claim in a medical emergency||Twice the DHC when admitting to ICU|
|Surgeries covered under MSB||50% of sum assured during hospitalization|
|Special categories under MSB||The premium of one year is waved off.|
|Grace period under the plan||30 days for annual and semi-annual premium payment.|
LIC policies have unique features like
LIC health insurance plan is named as LIC’s Jeevan Arogya Plan which is a unique non participating non linked plan.
One has to choose the level of Health cover which means the amount of Initial Daily Benefit as per the requirement from Rs 1000/ day, Rs 2000/ day, Rs 3000/ day and Rs 4000/ day. This amount will be paid in case of hospitalization in the first year per day. Additionally, the major surgical benefits will be 100 times the Initial Daily Benefit. Therefore, the Initial Major Surgical Benefits Sum Assured will be Rs 1 lakh, Rs 2 lakhs, Rs 3 lakhs, and Rs 4 lakhs respectively. Benefits like Day Care procedure Benefit, Other Surgical benefits and Premium Waiver Benefit ( PWB) is also dependable upon the daily Hospital Cash Benefit.
Premium needs to be chosen which depends primarily on the age, gender, the health cover option that one has chosen and the mode of payment.
The LIC Jeevan Arogya premium table for Spouse (Female) / Parent (Principal Insured / Spouse) Female is as follows:
The LIC Jeevan Arogya premium table for Child is as follows:
All the premiums above are exclusive of the service tax.
There are two ways by which one can claim LIC medical insurance which are
LIC Cashless claims can be either for planned hospitalization or for emergency admission. In both the cases, TPA (Third Party Administrator) assist the insured person and process the LIC claims. However, the cashless facility is available where the TPA is associated with the network hospitals.
The following documents needs to be submitted along with the filled up LIC claim form and Doctor’s Certificate:
LIC life insurance Customer Zone provides services exclusively to its customers like change of address, releasing premium paid certificate, acceptance of certificate for pension policies, resolving any policy related questions. One can get information on premium position, bonus, loan, revival of lapsed policies and the products which are offered by LIC. Assistance is also provided for filling up of forms and registration on LICs Customer Portal.
One can call at 1251 from any MTNL/ BSNL number and for others the same number can be contacted by dialing the STD code. For any complains or grievances, one can contact to CRM Grievance Redressal Officer on the telephone numbers as mentioned in the company website.
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LIC has sent proposal to Axis Bank which says to sell LIC's products through their branches. If Axis Bank starts selling the LIC products, it would be an opportunity that could show the way to several tie-ups in the future as a new rule allows banks to tie up with more than one insurance company.
This could be a disadvantage for some insurance companies who have an alliance to sell their products exclusively for example MAX. Axis Bank says they cannot respond on the matter as the insurance industry is showing a shift in the way it sells insurance policies. State-run LIC, which controls more than half of the insurance market, had built trust and platform who sell its products door-to-door.
It is difficult to break LIC's network by late private sector entrants. Some got into special tie-ups with banks to sell their insurance policies, but that blocks others from doing so. The regulator forced banks to go for up to three bank alliances. LIC, which receive less than 5% premium income from banks, would make more benefit if Axis agrees as it is key growth drivers.