LIC Health Protection Plus is product that clubs health insurance and investment. It works like any other unit-linked insurance product (UlIP), releasing a part of premium towards health cover while the rest goes into investment.
Another significant benefit of the LIC health Protection Plus is that after payment of three premiums, one can, if required, pay alternate premiums that is skip fourth year and pay the fifth year premium. The policy would not get lapsed under such arrangement. The product also offers increase/decrease in premium depending on the need of coverage required.
All eligible existing family members are to be covered at the beginning (proposal stage)
itself. New members can however be added under certain specified conditions.
Health Protection Plus scheme provides health cover for the entire family, including newborn from the age of three months. Both hospital cash benefit and major surgical benefit are covered under the plan.
So we can say individual health plan, family floater and critical illness all three are covered in one plan. It gives an opportunity to invest the premium and earn market-linked returns.Another significant benefit of the LIC health Protection Plus is that after payment of three premiums, one can, if required, pay alternate premiums that is skip fourth year and pay the fifth year premium. The policy would not get lapsed under such arrangement. The product also offers increase/decrease in premium depending on the need of coverage required.
All eligible existing family members are to be covered at the beginning (proposal stage)
itself. New members can however be added under certain specified conditions.
LIC Health Protection Plus
Benefits :- HOSPITAL CASH BENEFIT (HCB)
- Hospital Cash Benefit (HCB) is a daily benefit payable in case of hospitalization . Itcanrange from Rs.250/- to Rs.2500/- for the Principal Insured (the person who proposes forinsurance).
- For the Spouse or the children, the maximum amount of HCB is Rs.1500/-. The amount of daily benefit doubles in case of hospitalization in ICU.
The IDB (Initial Daily Benefit) is applicable during the first year of risk cover.
- The amount of daily HCB will increase @ 5% simple p.a. every year on policy anniversary until it hits a cap of 1.5 times the initial benefit.
- Major Surgical Benefit (MSB):
- In the event of the insured undergoing one of the major surgeries defined in the the policy, 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.
- The sum assured for major surgical benefits will be 200 times of the HCB you choose.
- In the event of the insured undergoing one of the major surgeries defined in the the policy, 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.
- 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.
- Both HCB and MSB covers are available subject to a waiting period from the commencement of the risk cover – in respect of each insured member: No death insurance cover is available under the plan.
- The Principal Insured can claim an amount
Health Protection Plus Eligibility:
- Minimum age at entry for PI and spouse: 18 years, 3 months for children.
- Maximum age at entry for PI and spouse: 55, 17 yrs NBD or children.
- Premium payable upto 65 years lbd for PI, extended health cover upto 75 years of age.
- Minimum premium: Rs. 5000/- for single life and Rs. 7500 p.a; for two lives, Rs. 10,000 for more than 2 lives.
- Maximum premium: No limit
- Increase or decrease in premium: Allowed
- Assignment & Loan : Not allowed.
