Life Insurance Corporation is the largest insurance provider in the country. The bank is famous for its unique life insurance policies and amazing claim settlement ratio. It offers money back life insurance policies, endowment life insurance policies and term life insurance policies. The policies come with tax benefits, additional riders and optional riders. The policies come at a low cost for varied tenure periods.
LIC Policy with medical cover
LIC offers a term insurance policy that comes with medical cover. The LIC e-Term and LIC Jeevan Arogya are two insurance plans offered by LIC that offer life cover. These plans offer financial protection along with medical cover.
- LIC e-Term: It is a regular premium non participating online term assurance policy that offers financial protection along with medical cover at a nominal cost. It offers differential premium rates for smokers and non smokers. Premiums will be paid annually under this policy.The requirement of medical tests depends on the underwriting of the policy. The costs of medical tests is borne by the bank(if the medical tests are necessary). This online policy offers convenience in terms of purchase and making payments.
- LIC Jeevan Arogya: LIC Jeevan Arogya ensures that you stay protected even when your health fails you. The plan covers the policyholder’s spouse, children, parents and even in-laws.The policy offers high cash benefit along with other benefits such as optional riders.
Benefits of LIC policy with medical cover
Listed below are some of the benefits of LIC policy with medical cover
- Provides online and offline policies with health cover
- Offers medical cover along with financial protection
- Offered by LIC which has the best claim settlement ratio in the country
- Payment mode can be chosen by the policyholder
- Easy to avail
- Minimal documentation
- Hassle free application process
- Dedicated team of customer service
- Easy claim settlement process
How to avail LIC policy with medical cover?
There are two ways in which one can avail LIC policy with medical cover, online and offline. The LIC e-term insurance plan can only be applied for and availed online, the whole process of the insurance policy is done online. The other policy, LIC Jeevan Arogya can be availed at one of the bank’s branches.
Frequently asked questions
- Can the LIC e-term policy be purchased at the bank?
A. No, the LIC e-term policy can be purchased online only on the bank’s website.
- Is there a minimum age requirement for the policies?
A. The minimum entry age for the policy is 18 years
Do the policies offer tax benefits?
A. Yes, the policies offer tax benefits under section 80D of the Income Tax Act, 1961.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017