LIC has launchedHealth Protection Plus plan, a unique long term health insurance plan that can combine health insurance covers for the entire family including 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 Benefit (DTB) / Out Patient Department (OPD) expenses for the insured members.
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.
Major Surgical Benefit (MSB):
In the event of the insured undergoing one of the major surgeries, 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 LIC.
Domiciliary treatment Benefit (DTB):
The Principal Insured can claim 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 the others insured under the policy.
Income Tax benefits under U/S 80D:
The premium payable under LIC Health Protection Plus is eligible for Section 80(D) benefit of Income Tax Act, 1961.
Eligibility Conditions and Restrictions:
Minimum age at policy entry: 18 years last birthday for spouse and principal insured, 3 months for child insured
Minimum age for HCB Cover: 18 years last birthday for spouse and principal insured, 3 months for child insured
Minimum age for MSB Cover: 18 years last birthday for principal, spouse and child.
Maximum Entry Age: 55 years Nearest Birthday for spouse and principal insured, 17 years for child insured.
Loan Available: No
Assignment allowed: No
No surrender will be allowed.
The Principal Insured must first choose the respective levels of HCB for each member to be covered under the policy. The sum assured for major surgical benefits will be 200 times of the HCB you choose.
Modes of Premium Payment:
Monthly (ECS), half-yearly and yearly modes are available.
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.
Cooling off period:
If you are not satisfied with the LIC Health Protection Plus policy, you may return the policy within 15 days.
The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.