Health Insurance
LIC Cancer Cover Plan No. 905 Features & Details:
LIC has introduced a new plan specific to cancer care. Cancer Cover Plan No.905 is non-linked regular premium paying Health Insurance plan. This scheme provides fix benefit on cancer detection of first stage and second stage.
Benefits of LIC Cancer Cover Plan
With this policy you will live worry free for cancer.
Sum assured is available from Rs. 10 lakh to Rs. 50 lakh. There were two options — sum assured and increment of the sum assured by 10 per cent of basic sum assured for the first five years.
Types Of Sum Assured:
- Basic Sum Assured
- Increasing Sum Assured (10% Increase in Sum Assured Every Year for first 5 years)
Types Of cancer Covered
- First Stage or Early Detection
- Second stage or Major Stage
On Early Detection of First stage
- 25% of Basic Sum Assured payable
- 3 Years premium will be waived off
On Major Detection
Option 1:
Option 2:
- % Applicable Sum Assured per month for next 10 years irrespective of Live or death
- All future Premiums waived off.
LIC Cancer Care Eligibility Conditions
- Entry Age: 20 Years – 65 Years
- Policy Term: 10 Yrs – 30 Years
- Cover Ceasing Age: 50 Yrs – 75 Yrs
- Basic Sum Assured: 10 lacs to 50 lacs
(Note: Subject to an overall limit of 50 lacs taking all existing critical illness cover policies including cancer cover and new proposal under consideration Payment of Claims by Claims Dept of LIC (Not by TPA)
- Minimum Premium 2400 for all modes
- Waiting period 180 days
Tax Benefits:
Keep in mind this is special plan and hence you will get:
- No Surrender Value
- No Loan on Policy Applicable
- No Maturity value
- No Mode Rebate
Due to rise in cancer cases this policy will safeguard your life against unexpected Cancer disease.
Example: Mr. Avinash Aged 25, opts for Cancer Care Plan for 10 years for 10 lakhs Sum Assured. After 2 years Avinash diagnosed with early Cancer detection. LIC pays 2.5 lakh to Avinash as 25% Basic Sum Assured of 10 lakhs. Also Avinash gets 3 years Premium Holiday. So he does not have to pay premium for next 3 years.
If Avinash Diagnosed again with second stage within policy period he will also get rest of BSA (7.5 lakh as he already received 25% benefit earlier) and all future premiums will be waived off.
In another scenario, If Mr. Avinash Does not diagnose with cancer throughout the policy term, He will not get any maturity benefit.
Share this policy on with others so others can also take benefit of this scheme.
Discontinued Plan, Health Insurance
LIC’s new health insurance Jeevan Arogya (Plan No. 903) provides fixed benefits for hospitalization and almost all types of surgical procedures. Jeevan Arogya can cover all your family members.
LIC Jeevan Arogya gives you:
- Valuable financial protection in case of hospitalization, surgery etc
- Increasing Health cover every year
- Lump sum benefit irrespective of actual medical costs
- No claim benefit
- Flexible benefit limit to choose from
- Flexible premium payment options
Benefits Under Jeevan Arogya:
- Hospital cash benefit (HCB)
- Major Surgical Benefit (MSB)
- Day Care Procedure Benefit
- Ambulance Benefit
- Premium waiver benefit
- Other Surgical Benefit
- Other Optional benefits(PWB)
Hospital cash benefit (HCB)
1. HCB (Within India only) is payable on per day basis. Double the cash benefit for ICU.
2. Max 30 days hospitalization & not more than 15 days in ICU (2 times HCB) for 1st policy year for each one
3. Max 90 days and incl not more than 45 days in ICU in the 2nd year onwards for each insured
4. Limited to a max of 720 days (incl of 360 days for ICU) during entire policy term for each insured
5. HCB to increase 5% till it reaches 1.5 times And arithmetic addition of an amount equal to “No Claim Benefit”
6. Stay in Hospital exceeds a continuous period of 24 yrs or part thereof thereafter. Stay more than 7 days even for 1s 24 hours also payable.
Major Surgical Benefit (MSB)
1. Quick Cash facility: 50% of eligible MSB amount subject to approval from TPA in select Hospitals
2. MSB shall be a percentage of Sum Assured and is payable regardless of actual costs incurred
3. Rs. 1000/- towards Ambulance expenses
4. Premium Waiver benefit for next one year
5. Surgery within India.
Day Care Procedure Benefit
1. If a DCPB is performed, no HCB shall be paid
2. DCPB is payable as one lump sum and proof of surgery is required
3. All surgical procedures should be done by a Physician or Surgeon, to the satisfaction of the Corporation
4. No transfer of left over benefit to other insured.
Other Surgical Benefit
1. OSB is payable as daily benefit
2. Proof of surgery done by a Physician or Surgeon, is subject to the satisfaction of the Corporation
3. No transfer of leftover benefit to other insured
4. Surgery required but not listed under MSB or DCPB
Term Rider Benefit
- Min Term Assurance SA: Rs. 100000/-
- Max Term Assurance SA: Equal to MSBSA
- Min Entry Age: 18 Years completed
- Max Entry Age: 50 Years NBD
- Max Maturity Age: 60 Years NBD
- Max Term: 35 Years
Death Benefit:
No death benefit unless Term Assurance Rider benefit is opted for.
LIC Jeevan Arogya Eligibility:
Other details:
1. Premium guaranteed for first 3 years and may be revised after every 3 years based on Health conditions
2. All existing members must be added in first instance. New members can be added through Child birth (Children)-3 Months, Marriage (Spouse, Parents-in-law)- 6 Months from next Policy anniversary.
Update: Jeevan Arogya Plan No. 903 Has Been Discontinued.
Discontinued Plan, Health Insurance
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 sky rocketing 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:
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 purpose 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
Discontinued Plan, Health Insurance
Summary:
LIC has launched Health Protection Plus plan 902, 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.
Health Protection Plus Features:
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
Surrender:
No surrender will be allowed.
Sum Assured:
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.
Premium Holidays:
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 Health Protection Plus policy, you may return the policy within 15 days.
Update: Health Protection Plus plan No.902 Has Been Discontinued.
Note:
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.
