In this article, we will explore LIC mediclaim policy and premium payment in detail.

What are LIC’s Arogya Rakshak and Cancer Cover Policies?

Arogya Rakshak is a regular health insurance plan whereas Cancer Cover is for a specific disease. LIC’s Arogya Rakshak policy is comprehensive health insurance covering the insured and their dependents, including parents under a single umbrella. 

On the other hand, cancer cover pays lump-sum benefits when the insured is diagnosed with cancer to help avail the best possible medical care. 

Let us take a closer look at the eligibility norms prescribed for the individual policies. 

Salient Features of LIC Health Insurance

Both policies have their distinct features that are as follows:

1. Arogya Rakshak

   • Financial protection for hospitalization and surgery

   • Lump-sum benefits regardless of the costs incurred

   • Enhanced coverage through step-up and no-claim bonus

   • Premium waiver upon the principal insured’s demise

   • Cover for ambulance expenses, day-care treatment, and health check-ups

   • Enhanced Initial Daily Benefit through step-up

   • Term Assurance and Accident Benefit Riders available at additional cost

2. Cancer Cover

   • Available under two plan variants – Level Sum Insured and Increasing Sum Insured

   • 25% of the sum insured is paid in lump sum upon Early Stage Cancer and 100% on Major Stage Cancer diagnoses

   • Premium waiver

Premium Payment in LIC Health Insurance

The premium payment options are identical in both the LIC health insurance products. You can choose between annual and semi-annual premium payment frequencies. Payments can be made in cash or cheque online at the official portal and alternate payment channels approved by LIC.

Premium Rate Illustration of LIC Health Insurance

Health insurance products are costlier than other insurance products for the fundamental reason that it insulates you against health emergencies. It is a financial umbrella that shields you from denting your savings and pockets. Accordingly, health insurance premiums are fixed after weighing in several factors. Let us find out.  

1. Arogya Rakshak

   The illustrative grids below indicate an annual premium based on the Initial Daily Benefit at Rs. 5000, covering all benefits for the various insured under a single policy. 

   Male Principal Insured
   Age at entry (years)	Approximate Premium (Rs)
   20	7884
   30	9543
   40	12381
   50	17254

   Female Spouse
   PI Age  when spouse included (years)	Spouse age at entry (years)	Approximate Premium (Rs)
   30	25	7121
   35	30	8130
   50	45	12503
   55	50	14312

   Child
   PI Age  when child  included (years)	Child  age at entry (years)	Approximate Premium (Rs)
   25	0	3351
   30	5	3358
   45	10	3481
   50	15	3830

   Male parent
   PI Age  when parent included (years)	Parent age at entry (years)	Approximate Premium (Rs)
   25	50	16727
   30	55	19799
   35	60	22961
   40	65	26105

2. Cancer Cover

   The premium rates for the policy are guaranteed, while future premiums are subject to revision. The indicative rates tabulated below are per Rs. 1000 sum insured. 

   Plan Option: Level Sum Assured
   Age (years)	Policy Term (years)
   	20		30
   	Male	Female	Male	Female
   20	-	-	0.92	1.54
   30	1.19	2.42	1.69	3.09
   35	1.67	3.44	2.62	4.22
   40	2.58	4.70	4.22	5.61
   45	5.09	6.54	7.91	7.66
   50	8.42	8.29	-	-
   65	23.77	13.92	-	-
   Plan Option: Increasing Sum Assured
   Age (years)	Policy Term (years)
   	20		30
   	Male	Female	Male	Female
   20	-	-	1.18	2.11
   30	1.56	3.35	2.32	4.36
   35	2.26	4.79	3.69	5.99
   40	3.58	6.57	6.05	7.98
   45	7.08	9.01	11.33	10.76
   50	11.95	11.48	-	-
   65	32.06	18.49	-	-

Premium Review in LIC Health Insurance

The premiums tabulated are indicative. You must consult the product sales brochure before purchasing. Moreover, the premiums quoted are subject to revision by LIC are based on specific considerations.

1. Arogya Rakshak

   The premium rates are guaranteed for the initial 3 years from the policy commencement date for each insured included therein. The review considers several factors like entry age at commencement and inclusion. In addition, the premium rates are locked for another 3 years from the review date.

2. Cancer Cover

   The initial premium rates are guaranteed for the first five years and reviewed after serving a 90-day advance notice. 

Premium Payment Methods for LIC Health Insurance

The flexible premium payment frequencies for LIC health insurance are annual and semi-annual. At the same time, you can choose various options for premium payment. 

1. Payment at Cash Counter

   You can pay the premium at the LIC branch through cash or a cheque drawn from any bank in the clearing area.

2. Payment using Alternative Channels

   • You can pay offline through NACH, Bill Pay, and ATM of authorized banks across the country.

   • You can avail of LIC e-services at their customer portal, where you can pay directly without registration or after registration, using net banking and cards.

   • Axis Bank and Corporation Bank are authorized to collect LIC premiums.

   • You can pay several merchants appointed by LIC for the purpose. 

In Conclusion

LIC health insurance policies provide you with many premium payment options alongside shielding you from massive hospital expenses during medical emergencies. Both the health insurance plans offer a range of benefits for the premium you pay. 

In addition, a comprehensive health insurance plan covers your entire family under a single policy and pays lump-sum benefits regardless of the incurred hospital cost.

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