LIC Health Plus

LIC Health Plus Table No. 901

LIC Health Plus is a Long Term Unit Linked Health Insurance Plan for You and Your Family.

LIC Health Plus Summary:

Health is a major concern on everybody’s mind these days. With skyrocketing 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.

LIC Health Plus is 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.

Benefits:

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 the cover opted. Minimum Initial Daily Benefit (IDB)*# is Rs.250 and Maximum is Rs.2500 And for Spouse/Child the Minimum is Rs.250 and Maximum is Rs.1500.

Note: * The Applicable daily Benefit. The IDB is applicable during the first year of then cover. The daily benefit will increase @5% p.a. simple of the IDB on each policy anniversary until it hits a cap of 1.5 times the initial benefit. The IDB of the spouse cannot exceed the Principal Insured’s IDB; The IDB of the children cannot exceed the spouse’s IDB.

#Initial daily benefit that is payable in respect of stay in non-ICU room or ward. 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 by Life Insurance Corporation Of  India, 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 on providing proper proof of surgery to the satisfaction of the corporation.

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 medical expenses incurred over and above the hospital cash/major surgical benefits in respect of either oneself or others insured under the policy.

4. Your Money Grows in Units: (Investment)

The premiums allocated to purchase units will be strictly invested in a Health Plus Fund (Income and Growth – Low Risk).

5. Income Tax Benefit:

Income Tax rebate is available under U/S 80D.

Payment of Premiums:

The regular premium can be paid either in yearly, half-yearly, or monthly (ECS) installments.

Eligibility Conditions and Restrictions for LIC Health Plus:

Minimum Policy Entry – Last Birthday:  Principal and Spouse 18 years, Child 3 months.
Maximum Age – HCB Cover – Last Birthday: Principal and Spouse 18 years, Child 3 months.
Minimum Age – MSB Cover – Last Birthday: 18 years for Principal, Spouse, and Child.
Maximum Entry – Nearer Birthday: Principal and Spouse 55 years, Child 17 years.

Minimum Annual Premium Conditions:

Single Life: 6 times the HCB of the Principal Insured OR Rs.5000 p.a.
Two Lives: The arithmetic sum of 6 times the HCB of PI and 3 times the HCB of the second insured. OR Rs.7500 p.a.
More than two Lives: The arithmetic sum of 6 times the HCB of PI and 3 times the HCB of each of the others insured OR Rs.10,000 p.a.

Note:
The above is the product summary giving the key features of the Health Insurance plan. This is for illustrative purposes only. This does not represent a contract and for details please refer to your policy document.

Update: LIC Health Plus Table No.901 Has Been Discontinued