LIC Jeevan Arogya is a non-linked health insurance policy offered by Life Insurance Corporation (India) to help individuals deal with medical expenses. This comprehensive health insurance policy will cover the entire family. The main highlight of the policy is that new family members in case of a marriage or birth of a child can be included during the term of the policy. Health is a major concern in today’s fast paced life and this policy will ensure that you and your family members are covered against medical uncertainties.
Key features and highlights
Listed below are the features and highlights of LIC Jeevan Arogya.
- It is a comprehensive health insurance policy.
- Cover-Offers cover for your parents, spouse, children and parents-in-law.
- Financial protection for medical expenses.
- Provides benefit payout irrespective of the medical costs.
- No claim benefit
- Premium payment- Flexible premium payment options
- Flexible benefit limit.
- Cover can be extended for new family members.
- Can be taken up with an existing mediclaim policy for the same medical cause.
- Increasing health cover year on year.
- Waiting period- There is no general waiting period in case of hospitalisation or surgery due to accidental bodily injury.
- Loan facility- There will be no loans available under this policy.
- Surrender value- There is no surrender value available under this plan.
- Policy revival-The policy can be revived within 2 years starting from the date of your first unpaid premium.
Listed below is the cover offered by LIC Jeevan Arogya
- Maturity benefit- There will be no maturity benefit paid under the policy.
- Hospitalisation cash benefit- If the insured or any other insured covered by the plan is hospitalised due to accidental body injury or sickness they can avail the hospitalisation cash benefit.
- Day care procedure benefit which is paid in lump sum
- Major surgical benefit- If the insured is going under any surgery within the policy period they can avail the major surgical benefit.
- Other surgical benefits-Surgeries not covered under the major surgical benefit will be covered under this.
- Ambulance benefit- Ambulance charges up to Rs.1000 per insured is covered every year.
Listed below are the benefits of LIC Jeevan Arogya plan.
- Death benefit-No death benefit is payable on the death of the insured unless one has opted for a special rider benefit.
- Hospitalisation cash benefit-One can choose a cover of Rs.1000 to Rs.4000 per day for HCB
- Major surgical benefit- Major surgical benefit is always 100 times your Hospital cash benefit
- Premium waiver benefit
- Accidental benefit rider is an option
- No claim benefit- Increasing health cover every year
Listed below are the conditions expected to be fulfilled by the individual to qualify for the plan.
|Age at entry for self/spouse||18 years||65 years|
|Age at entry for children||91 days||17 years|
|Age at entry for parents||18 years||75 years|
|Age at maturity||-||80 years|
|Daily hospitalisation benefit||Rs.1000 a day excluding ICU||4000 a day excluding ICU|
|Major surgical benefit||Rs.1,00,000||Rs.4,00,000|
Payment of premiums
The premiums can be paid at annual, biannual, quarterly and monthly basis. The premium is payable from the initiation of the policy till the end of the policy. The premium amount will depend on the age of the insured and the Hospital cash benefit chosen. The premiums to be paid is guaranteed for 3 years from the date of initiation of the policy. If the premiums aren’t paid within the revival period the policy will be terminated.
Given below is an illustration of the premium payment for a defined time period.
|Age at the time of entry||Premium|
Listed below are the exclusions of LIC Jeevan Arogya plan.
- Pre existing conditions
- Epidemic conditions
- Plastic surgery
- Cosmetic treatments
- Beauty treatments
- Attempted suicide
- Injuries from self harm
- Abuse of drugs
- Congenital conditions
- Pregnancy conditions
- Child birth conditions
- Radioactive conditions
- Injuries from natural catastrophe
- Injuries incurred from participating from dangerous sports.
Mr. Amit, a 32 year old working professional opts for LIC Jeevan Arogya policy including his wife and parents in the policy. With LIC Jeevan Arogya policy, Amit can also include his 28 day old child once it completes 91 days from the date of birth. This policy can be bought online either through the Bank’s official website or through third party financial websites.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017