LIC Health Plus plan – Better than any Mediclaim policy

LIC Health Plus insurance plan is essentially a Unit Linked plan and has convenience of covering the entire family (Husband, wife and children) under one Insurance plan. Along with the full family cover option this plan provides Hospital cash benefit (HCB), Major Surgical Benefit (MSB) and option of choosing the funds in which one wishes to invest in which is specifically designed to meet the Domiciliary treatment benefit (DTB) related expenses for the insured members, virtually giving you all the benefits, if not more than that a dedicated Mediclaim policy would give.

The minimum age of the principal insured person (say husband) in this plan is 18 years, the spouse age is 18 years and the child’s age is 3 months.

The Maximum entry age into the policy is 55 years for the Principal insured and his spouse and 17 years for their children.

In this policy the Principal Insured should choose the levels of HCB for each of his family members (or for the members who he wishes to bring under the plan, only from his family that is) under the policy cover.

The Sum assured for Major Surgical Benefit (MSB) will be 200 times the HCB applicable to each insured person.

Premium can be paid yearly, half years and monthly. Monthly premiums can only be paid through ECS mode.

The minimum premium payment condition is as follows:

If the principal insured wishes to cover only a single life, then the minimum annual premium will be 6 times the HCB of the principal insured or Rs.5000, whichever is higher.

If the principal insured wishes to cover 2 lives, then the minimum annual premium payable will be Sum of 6 times the HCB of principal assured and 3 times the HCB of the second insured person or Rs.7500, whichever is higher.

If the principal insured choose to insure 3 or more lives, the minimum annual premium payable will be 6 times the HCB or Principal Assured and 3 times the HCB of each of the other insured or Rs.10000, whichever is higher.

The policy term is up to that time when the Principal insured turns 65 years of age (age calculated by neared birthday method).

The MSB and HCB cover stops when the Principal assured and Spouse insured reaches 65 years and child reaches 25 years.

The premium money in this plan will be invested in Health plus fund which invests not less than 50% in Government/ Government guaranteed/ Corporate securities/Debt markets, not more than 90% in short term investments in money markets and not more than 50% but not less than 10% in Equity shares with the overall risk profile being low.

Note that there will not be any death cover in this plan but the fund value or premium paid till date may be reimbursed depending on the number of insured and number of deaths (whether the Principal assured is dead or the secondary persons or all of them).

Major surgeries like surgery to Aorta, CABG, Valve replacement, Pericardectomy, Open chest surgery, Surgery to remove cerebral tumours, Intra cranial operations, excision of pineal, Pituitary glands, Lung transplant, Heart transplant, Pneumonectomy, Excision of oesophagus and stomach, Renal transplant will receive 100% of the Sum Assured amount. Apart from these there are various other critical illness conditions which enable the insured to get a part of the Sum Assured amount depending on the illness.

To know the complete list of illnesses and other conditions, you may download the Brochure of LIC Health Plus plan from http://www.licindia.com/images/health_plus_brochure.pdf