Health Insurance – Health Plus Summary:
Table No.901
Health is a major concern on everybody’s mind these days. With sky rocketing medical expenses, the possibility of any illness leading to hospitalization or surgery is a constant source of anxiety unless the family has actively provided for funds to meet such an eventuality. Most families rarely provide for healthcare, and even if they do, it is grossly inadequate. Given this scenario, LIC has launched Health Plus plan, a unique long term health insurance plan that combines health insurance covers for the entire family (husband, wife and the children) – Hospital Cash Benefit (HCB) and Major Surgical Benefit (MSB) along with a ULIP component (investment in the form of Units) that is specifically designed to meet domiciliary treatment (DTB) related expenses for the insured members.
LIC Health Plus Features :
1. Hospital Cash Benefit (HCB) :- A daily benefit is payable in case the insured is hospitalized due to either accidental body injury or sickness. The Quantum of benefit depends upon the level of cover opted as follows:
Initial Daily Benefit (IDB) :- For Principle Insured, Min 250/- & Max 2500/-
Initial Daily Benefit (IDB) :- For Spouse / Child , Min 250/- & Max 1500/-
The daily benefit will increase @5% p.a simple of the IDB on each policy anniversary until it hits cap of 1.5 times the initial benefit.In case the insured is required to stay in the ICU of a hospital, an enhanced rate of daily benefit is payable, which is twice the eligible daily cash benefit.
2. Major Surgical Benefit (MSB) :- In the event of the insured undergoing one of
the major surgeries defined in the table (check circular) herewith, a lump sum benefit (regardless of the actual costs incurred) equivalent to the percentage of the sum assured mentioned against that surgery will be payable. MSB is 200 times the HCB applicable to each insured life under the policy.
3. Domiciliary Treatment Benefit (DTB):- The Principal Insured can withdraw an amount equivalent to the actual expense he or she has incurred in respect of any domiciliary treatment or to meet the medicalexpenses incurred over and above the hospital cash/major surgical benefits in respect of either oneself or others insured under the policy. Minimum domiciliary claimable Rs.2500. Maximum amount that can be claimed/ payable* Up to 50% of the policy fund at the date of payment.
* Subject to a minimum balance of one annualized premium being left in the policy fund
after making the payment.
Note: 1. A maximum of two payments will be allowed in a policy year.
2. DTB is available only after at least 3 years premiums are paid.
3. DTB is payable for the children covered until the health cover ceasing age.
4. Increase/Decrease of Premiums :- Increase or decrease of premiums is allowed during
the term of the policy. Increase in premium must be in multiples of Rs.500. In case of decrease, the minimum premium conditions must be satisfied. However, increase/decrease in premiums does not affect the level of health cover and HCB and MSB benefits.
5. Premium Holidays :- If the policy lapses after at least 3 years’ premiums have been
paid the Principal Insured has the option of either paying all the due premiums in
full or avail of premium holiday by just paying the latest installment premium without
any interest. The premium holidays can be availed only as long as the policy fund has
a balance of at least one annualized premium at the time of revival.
6. The policy can be surrendered only on completion of the third policy anniversary.
7. Tax Benefit. The premium payable under this product is eligible for Section 80(D)
benefit of Income Tax Act, 1961.
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- lic health plus tax benefit
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- Surgeries covered under health protection plus
- LIC policy 901
- lic of india-health insurance
- LIC OF INDIA SIMPLE PALAN
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- lic health plus accepted hospitals in Mumbai
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