Executive Summary: The Jeevan Arogya plan of LIC offers health protection to the policy holder, which offers various benefits. Although the premium is competitive, the maximum sum assured option is limited, and there are some restrictions on the number of times one can claim various benefits. The decision to opt for this policy should be taken after analysing all relevant features and assessing its use for your individual requirements.
LIC’s Health Plan Jeevan Arogya is a non-participating and non linked plan which provides health insurance cover. There is an option to cover the entire family including parents and parents in law under the same plan. The plan provides benefits such as Hospital cash benefit (HCB), Major Surgical Benefit (MSB), Day Care Procedure Benefit, Other Surgical Benefit, Ambulance Benefit and Premium waiver Benefit (PWB). There are also options to take riders along with the main plan. The following are the salient features of this plan:
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Coverage
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Self, Spouse, Children, Parents, Parents of Spouse
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Minimum age of entry
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Self / Spouse: 18 years; Parents / Parents in law:
18 years; Children: 91 days |
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Maximum age of entry
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Self / Spouse: 65 years; Parents / Parents in law:
75 years; Children: 17 years |
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Age up to which coverage available
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80 years; Children are covered up to 25 years
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Major Surgical Benefit Sum Assured Options
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Rs. 1 lakh, Rs. 2 lakhs, Rs. 3 lakhs, Rs. 4 lakhs
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Daily Hospital Cash Benefit options
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Rs.1000, Rs. 2000, Rs. 3000, Rs. 4000 (per day) (according to this choice, the sum assured for Major Surgical Benefit will be chosen, which is 100 times the HCB)
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No Claim Benefit
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Available – 5% of Initial Daily Benefit for each insured person
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Amount of Daily Benefit applicable
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1st year: Amount opted for under HCB
2nd year onwards: Addition of 5% of the benefit of the previous year, upto a maximum of 1.5 times the initial HCB |
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Day Care Procedure Benefit available
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Lumpsum amount equal to 5 times the applicable daily benefit
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Other Surgical Benefit available
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For any other surgery not listed under Major Surgical Benefit or Day Care Procedure, a daily benefit equal to 2 times the applicable daily benefit is available for every day of stay in the hospital
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Ambulance Benefit
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Rs. 1000
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Premium Waiver Benefit
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Available in the event of a major surgical benefit payable
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Rebate in premium
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Available if the Hospital Cash Benefit amount is above Rs. 1000
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Riders available
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Term Assurance Rider and Accident Benefit Rider
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Other facilities
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Conditions / Restrictions
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Given below are the indicative annual premium rates (exclusive of service tax), payable yearly for health benefits corresponding to an Initial Daily benefit of Rs. 1,000 per day.
Age at Entry |
Premium for Principal Insured (Male ) (Rs.) |
Premium for Spouce (Female) / Parent of Principal Insured / Spouse (Rs.) |
Premium for Child (Rs.) |
|
NA
|
NA
|
792.00
|
|
5
|
NA
|
NA
|
794.75
|
|
10
|
NA
|
NA
|
812.35
|
|
15
|
NA
|
NA
|
870.75
|
|
20
|
1,922.65
|
1,393.15
|
NA
|
|
30
|
2,242.90
|
1,730.65
|
NA
|
|
40
|
2,799.70
|
2,240.60
|
NA
|
|
50
|
3,768.00
|
2,849.10
|
NA
|
The plan offers many benefits at a competitive premium. It also allows one to include parents and parents in law, the latter not being very common under existing policies. Another advantage is that the maximum renewal age at 80 years is quite high, although some plans alike ICICI Lombard have no limit on this feature. On the downside, the maximum Sum Assured option is quite limited at Rs. 4 lakhs. Also, the other ancillary benefits are all linked to the Initial Daily Benefit; so in absolute terms, this may not be a large amount. Additionally, there is a limit on the maximum number of occurrences of claims under the various Benefit categories, both annually and during the lifetime of the insured.
The decision of whether or not to opt for this policy depends on your individual requirements. It is recommended to analyse the requirements based on your family size and health situation, compare this with the policy features and then make your choice.
This was originally published on Indianotes.
The decision of whether or not to opt for this policy depends on your individual requirements. It is recommended to analyse the requirements based on your family size and health situation, compare this with the policy features and then make your choice.
This was originally published on Indianotes.
The author can be reached at [email protected]. The information has been sourced from the company website and individual applicability may differ on a case to case basis. The information is valid on the date it is being published.
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