Besides life insurance, LIC also offers mediclaim policies to its customers across the nation. Its Arogya Rakshak and Cancer Cover are health insurance products with two distinctive flavors. However, the policyholders must pay regular premiums to keep the cover active.
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In this article, we will explore LIC mediclaim policy and premium payment in detail.
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.
|Parameters||Arogya Rakshak||Cancer Cover|
|Minimum Entry Age||Principal Insured: 18 years||20 years|
|Spouse/ Parents: 18 years|
|Children: 91 days|
|Maximum Entry Age||Principal Insured: 65 years||65 years|
|Spouse/ Parents: 65 years|
|Children: 20 years|
|Maturity Age||Maximum: 80 years||Minimum: 50 years|
|Maximum: 75 years|
|Cover Period / Tenure||80 years less entry age||Minimum: 10 years|
|70 years less entry age for AHC||Maximum: 30 years|
|Minimum Initial Daily Benefit||Rs. 2500|
|Maximum Initial Daily Benefit||Rs.10000 per life|
|Basic Sum Assured||Flexible Limit||Minimum: Rs.10 Lac|
|Maximum: Rs.50 Lac|
Both policies have their distinct features that are as follows:
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
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
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.
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.
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)|
|PI Age when spouse included (years)||Spouse age at entry (years)||Approximate Premium (Rs)|
|PI Age when child included (years)||Child age at entry (years)||Approximate Premium (Rs)|
|PI Age when parent included (years)||Parent age at entry (years)||Approximate Premium (Rs)|
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)|
|Plan Option: Increasing Sum Assured|
|Age (years)||Policy Term (years)|
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.
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.
The initial premium rates are guaranteed for the first five years and reviewed after serving a 90-day advance notice.
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.
You can pay the premium at the LIC branch through cash or a cheque drawn from any bank in the clearing area.
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.
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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