The Life Insurance Corporation of India has designed the LIC Health Protection Plus Plan, or in short LIC, to cover such an eventuality. LIC Health Protection Plus Policy is essentially a unit-linked health insurance plan, providing the best to the entire family (husband, spouse, and children) in a single umbrella policy covering Health Risk for Daily Cash Benefit (DCB) and Major Surgery Benefit (MSB). Additionally, the ULIP component ensures returns to specifically cover Domiciliary Treatment Benefit (DTB) related expenses to the policyholder.
All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
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The LIC Health Protection Plus Plan is a comprehensive health shield designed to cover the family comprising policyholder, spouse and children. All Indian nationals are eligible to purchase the plan. The criteria for buying the LIC Health Protection Plus Policy are:
Minimum Entry Age (age last birthday)
Minimum Entry Age - HCB Cover (age last birthday)
Minimum Entry Age - MSB Cover (age last birthday)
Maximum Entry Age (age nearer birthday)
Maximum Coverage Age for HCB and MSB (age nearer birthday)
The LIC Health Plan design is unique because the premium is divided into two distinct components - health risk cover and investment in market instruments to ensure handsome yields. Thus the benefits are also classified into two.
Hospital Cash Benefit is payable in LIC Health Protection Plus Policy to the Principal Insured or any other insured due to an accident or illness if the stay exceeds continuous 52 hours. The quantum is based on the chosen Initial Daily Benefit. It increases by 5% every policy year till it reaches a maximum of 1.5 times the Initial Daily Benefit. The payable HCB per day amounts are described below:
It is payable when the Principal Insured or any of the policy insured members are hospitalized for surgery applicable only for those defined in the policy document. The quantum cover is 200 times the HCB amount. The amount remains fixed in the LIC Health Protection Plus Plan and does not change in the subsequent years. The sum assured for the MSB is described below:
The benefit is payable to the policyholder only upon satisfying certain conditions described below:
This LIC Plan also offers tax benefits u/s 80D.
*Tax benefit is subject to changes in tax laws. Standard T&C Apply.
As already discussed, the LIC Health Protection Plus Plan premium has two components for health cover and investment. The defined premium rates are:
For Standard Lives
*Standard T&C Apply
For Sub-Standard Lives
***** The premium will marginally reduce if the other insured have standard lives.
*Standard T&C Apply
The copies of valid documents required for LIC Health Protection Plus Policy purchase are standard requirements detailed below:
Documents needed for filing claims include:
The simplest method to purchase LIC Health Protection Plus Policy is online at the insurer’s official portal or any of the aggregators who facilitate the process. The standard steps involved are:
Step 1: Invoke the buy online at the chosen web site.
Step 2: Input personal details like name, gender, date of birth, address, and the communication phone number.
Step 3: Enter pre-existing health conditions, if any, and information related to smoking or drinking.
Step 4: Choose the financial parameters and upload scanned copies of requisite documents.
Step 5: Approve the received quote and pay the premium online using the safe gateway to complete the process.
It is essential to be aware of LIC Health Protection Plus Policy’s applicable exclusions to ensure a seamless claim experience. The standard exclusions in the policy are:
Hospital Cash Benefit
Major Surgery Benefit
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The policy provides fixed benefit, unlike most health insurance products which are indemnity with the overall insured sum. It is determined by the choice made at the proposal stage and has no relation with the actual incurred expenses.
The policy covers 49 surgeries which are detailed in the policy document’s surgical benefit annexure.
The detailed requirements complied by the policyholder for a successful health claim under the plan include:
Yes, the policyholder enjoys all the defined benefits in the policy over and above those received in other indemnity type health policies.
The policyholder does not have the provision to surrender the policy.
Yes, there is a 15 days cooling-off period in the policy, during which it can be returned if the terms and conditions are not acceptable to the policyholder.
There is no loan facility in the policy.
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