Sunday, 19 December 2010

Health plus Plan a health insurance Form LIC of India

Almost all insurance companies issuing health insurance scheme and most of them are attracting people. Life Insurance Corporation of India (LIC) also has a health insurance plan which is different from other health insurance schemes. It is called health plus. According to Table No. 901 the Health Plus Plan is a long term unit linked insurance plan.

Now a day’s medical expense is overmuch high and a normal family cannot afford it. Even if a family going smoothly with their normal income, they cannot afford any medical bill when there is a causality of illness, hospitalization and surgery. In such a condition medical insurance do a good help.  Here LIC also introduced a health insurance plan but it has a quite difference from a normal health insurance. It is a unit linked plan which beneficial to you even if you do not need any medical helps in any year of policy. Let us know more about the policy.

LIC’s Health Plus is a long term health insurance plan which gives health insurance cover for the entire family which includes husband, wife and children. It gives Hospital Cash benefit (HCB), Major surgical benefit (MSB) and also unit linked Insurance plan which is designed to meet the Domiciliary Treatment (DTB) expense of the insured members. The balance of the benefit will be credited to policy fund account. The amount paid for HCB (Hospital Cash Benefit) and MSB (Major Surgical Benefit), administration charges and applicable service tax are deducted on monthly basis. The policy holder can claim for the self and family as per the policy bond.

Hospital Cash Benefit (HCB) is a benefit which is payable to the insured or the family of insured for hospitalization due to any accidental body injury, sickness etc. The minimum benefit is Rs. 250 per day and the maximum benefit is Rs. 2500 for self (if the person insured is hospitalized) and Rs. 1500 for spouse and children (if the spouse or children is hospitalized) per day of hospitalization. This daily benefit is applicable for different time periods according to the policy years completed.

Major Surgical Benefit (MSB) is a lump sum amount (not the actual cost of surgery) equivalent to a percentage of the sum assured (The percentage will be varied as per the type of surgery performing. Example For Lung Transplantation – 100%, Replacement of Knee joint – 60% of sum assured) is given to the insured for any major surgeries defined by the LIC of India after submitting the relevant proof.

Domiciliary Treatment Benefit (DTB) is the principal insured can withdraw the actual expenses incurred in any treatment made at his or her domicile (House) for the principal insured or others insured as per the terms of LIC of India.

Maximum Annual Benefit period is 18 days in 1st Year and  60 days per year thereafter, inclusive of stay in ICU Max (ICU is restricted to 9 days in 1st Year and 30 days thereafter)

Up to 90% of the policy fund is invested in Government securities, corporate debt and money market investments and the balance amount is invested in any listed equity shares and the NAV (Net Asset Value) of the fund is declared on daily basis.

The minimum premium for single life is Rs. 5000 and 6 times of the HCB of the person insured, for 2 lives is Rs. 7500 per annum and 6 times the HCB of the person insured and 3 time the HCB of other insured and for more than 2 lives is Rs. 10000 plus 6 times of the HCB of the person insured and 3 times of the HCB of other persons insured. There is no any maximum limit.

Minimum age of entry is 18 years for the person insured and spouse and for the dependent children is 3 months or more. Maximum age of entry is 55 years for the person insured and spouse and 17 years for children insured.

Maximum cover ceasing age is 65 years for the person insured and spouse and 25 years for dependent children.

You can pay the premium on yearly, half yearly or monthly (ECS).

LIC of India gives a good opportunity to the persons insured so that they can earn from the medical insurance even if they do not have any medical treatment.

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  1. Is there any L I C Medical insurance benefits without admission in hospital is possible and also cash less payments for our adult 3 family member .

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