All About the LIC Health Insurance, with Plans and Benefits

LIC has always stood out to be the best company when it comes to insurance. Seeing the increasing inflation, the cost of medical treatments is rising quickly. To help people deal with these expenses, the insurance giant LIC has introduced health insurance products. The primary concern is splitting the LIC health insurance to save one’s finances during illness and injuries. 

LIC offers two health insurance products: LIC Jeevan Arogya and LIC Cancer Cover. In this article, we’ll analyse what the two products have to offer.

Everything About LIC Health Insurance

Throughout this article, we have tried to cover every aspect related to health insurance by LIC. Health insurance is a very major decision in life as both one’s health and wealth are paramount concerns here. LIC is one of the oldest health insurance companies in India. Check all the perks and benefits and select your health insurance plan. 

LIC Health Insurance- Plans

As mentioned previously, the insurance is further divided into two plans, so let us go through them in detail.

LIC Jeevan Arogya- LIC’s Jeevan Arogya is a plan that provides health insurance coverage against various health risks. The policy majorly pays out a lump sum benefit, irrespective of the medical costs incurred in treating an insured’s illness or injury.

LIC Cancer Cover- LIC’s Cancer Cover is a policy that provides financial protection related to cancer. Here if the insured is diagnosed with any of the specified early or significant stages of cancer during the policy period. Then the expenses are carried out by the policy. However, it is only applicable if the insured individual has been diagnosed with cancer.

Let us now probe into the details of individual LIC Jeevan Arogya and LIC cancer cover.

Jeevan Arogya

The LIC Jeevan Arogya health plan offers health insurance coverage for the insured and the entire insured family. It provides timely financial support to the insured in case of medical needs or requirements.

Moreover, the LIC Jeevan Arogya policy provides valuable financial coverage in medical emergencies like hospitalisation or surgery. Besides this, the LIC Jeevan Arogya medical policy has a health cover that increases yearly. It also provides a lump sum benefit irrespective of actual medical costs. There is a plethora of benefits that this policy comes up with, check a few below:

LIC Health Insurance- Hospital Cash Benefit (HCB)

The policyholder or his family members under the plan undergo hospitalisation. Due to any sickness or accidental injury, they will be getting the Hospital Cash Benefit. Additionally, the distribution of this benefit under the basic plan will be in multiples of Rs. 1000. To explain, some specifications are as follows:

• The minimum initial daily hospital cash benefit for any ward other than the ICU: Rs. 1000 for the insured or any family member. This benefit is available when the principal Sum insured is Rs. 1000
• The maximum initial daily cash benefit for a ward other than the ICU: Less than or equal to the principal Sum insured for the insured or insured’s family members. This benefit is available when the principal insured is Rs. 4000
• Although you will get no benefit of paying for the first day of the hospitalisation
• The full ICU hospitalisation days are 15 days in the first year. Also, up to 45 days for the following years.
• The insured can claim the hospital cash benefit for a maximum of 30 days in the first policy year. And after the 90 days in the following years, coupled with days in ICU.
• A maximum lifetime benefit period for the insured is limited to 720 days, including ICU days for not more than 360 days.

Major Surgical Benefit (MSB)

• This benefit is provided to the insured if the insured goes under surgery while the policy’s period.
• It is mostly 100 times your Hospital Cash Benefit or the Applicable Daily Benefit (ADB).
• The major surgical benefit ranges from Rs 1 lakh to Rs 4 lakhs.
• The maximum Surgical Benefit applicable for each insured in a year is 100%, which is most of the Major Surgical Benefit sum insured.
• Finally, the maximum benefit applicable in a lifetime to each policyholder is 800% of the MSB.

The Day Care Procedure Benefit 

• The daycare procedure benefit is majorly a lump-sum benefit that is payable to the insured for any daycare procedures in India. Further, this is a benefit for which continuous hospitalisation is not required. You can avail yourself of it usually as well. 
• Like the LIC Jeevan Arogya, it is up to 5 times the ADB or the Applicable Daily Benefit.
• The insured receives this benefit annually for up to three surgical procedures a year.
• Each and every applicant is available to receive the benefits.
• Finally, the insured can receive this benefit for up to 24 surgical procedures throughout the policy’s lifetime.

Various Other Surgical Benefits of LIC Health Insurance

• If the insured undergoes any surgery that is not covered under the Major Surgical Benefit. Then the surgery cost would come under the OSB or other Surgical Benefits.
• The daily benefit amount is almost twice the insured ADB principal sum.
• The insured can receive this benefit for 15 days during the first policy year. This policy can also be available for 45 days per year in the following years.
• The insured can avail of this benefit for a maximum of 360 days in the policy lifetime.

Ambulance Benefit

• A person can avail of the Ambulance Benefit undergoes hospitalisation due to an accident or sickness and qualifies for a Major Surgical Benefit. 
• Mostly it is applicable only if any emergency ambulance charges are payable to transport the policyholder to the hospital.
• The benefits are applicable for a maximum of Rs. 1000.

The Premium Waiver Benefit (PWB)

• The LIC policyholders can avail of the Premium Waiver Benefit if they experience any major surgery. And for the same, if they have received MSB.
• The insured can also get a complete waiver of the one-year premium from the due date of the policy following the surgery date.

No Claim Benefit (NCB) from LIC Health Insurance

Here if the policyholder does not file any insurance claims in a policy year. Or, between the two automatic renewal dates, he or she can receive this benefit.

Also, the no claim benefit amount will be 5% of the initial daily benefit for every insured.

The Tax Benefits or Perks

• According to the Sec 80D of the Indian Income Tax Act, LIC Jeevan Arogya’s policy premiums are subject to tax exemption.
• There are exclusions of the LIC Jeevan Arogya Plan.
• Depending on your requirement, you choose the plans and policies. The LIC Jeevan Arogya policy has various benefits; therefore, considering it as an option would be a wise decision. Since we are now clear about the LIC Jeevan Arogya plan let us explore the LIC Cancer Cover.

LIC Cancer Cover

Over the past few years, cancer is emerging to be a major problem, and cancer cases have gone up in India at an exponential rate. Moreover, in many health insurance policies, the plan does not cover cancer or critical illnesses in the program. Evidently, the treatment of cancer may require many months of hospitalisation. Knowing this fact, it is also apparent that a regular health insurance plan is insufficient to curb the expenses. In addition, the treatment of cancer is expensive, and it solely depends on the different stages of cancer. To fill this loophole, the Life Insurance Corporation of India introduced a cancer-specific health plan known as the LIC Cancer Cover.

The Goal of LIC Cancer Cover

The Life Insurance Corporation of India introduced the LIC Cancer Cover, which explicitly insures a person against life-threatening cancer disease. Moreover, the LIC Cancer Cover policy ensures that the person gets the required funds if the insured is detected with cancer. The main concern is providing the suffering person with access to the best health care necessary to fight the life-threatening disease.

Features and Perks of the LIC Cancer Plan

The perks and features of LIC Cancer Cover come into two different stages. You need to know and note that the plan is disease-specific. Therefore, if you discover yourself with cancer during the policy term, only then will you be able to claim the benefits.

LIC Health Insurance- Early Stage Cancer

The following are the benefits of the plan if the policyholder gets first diagnosed with cancer at a specific early stage.

• Lump-sum benefit: Here, the policyholder will receive 25% of the Sum Insured as applicable in the plan of the policy.
• Premium Waiver Benefit: The premiums are due for the upcoming three policy years or the rest of the policy term. Whichever is lower gets waved off by LIC from the policy anniversary date or following the date of diagnosis.
• After three years of premium waiver, if the policy term does not end, the policyholder has to pay the premium for the remaining policy term.
• The early-stage cancer benefit is only payable once during the whole policy term.
• The policyholder cannot make another claim for an early-stage cancer benefit.
• However, the major stage cancer benefit will remain active until the remaining period of the policy.

Major Stage Cancer

The following are the benefits offered in the plan if the policyholder gets first diagnosed with cancer of a specified major stage.

• Lump-Sum: The policyholder will get 100% of the sum insured as applicable in the plan minus any claims made for early-stage cancer.
• Income Benefit: The plan also provides income benefit to the policyholder, which is calculated at 1% of the applicable sum insured. Also, the income benefit will be payable to the policyholder every month. This is following the lump sum payment for ten years. And it is also irrespective of the period beyond the policy term. If the policyholder dies in 10 years, the remaining payouts go to the nominee in the policy.
• Premium Waiver Benefit: All the premiums that are due in the future of the policy would be waived off or eliminated from the next policy anniversary. Also, when the policy has paid the benefit under the major cancer stage. There would be no other future claims of early-stage or major stage allowed. 
• Further, if the policyholder claims for different stages of the same cancer simultaneously. Then the benefit is given out for the higher claim under the policy.
• Besides this, if the policyholder gets prone to more than one cancer. The corporation will pay out the benefit related to one cancer only and for the highest amount applicable. 
• Furthermore, it is to be duly abode in regard to no surrender value, loan facility, or maturity benefit being available in the policy. Further, this policy is purely a protection policy and is specific to cancer-related illnesses.
• Tax Benefit- The premiums paid for LIC Cancer Cover are eligible for tax deductions. This is under Section 80D of the Income Tax Act for up to the limit of INR 50,000.

LIC Health Insurance – Cancer Cover Benefits

Medical inflation has been in rising for many years now. And due to the advanced diagnoses and treatments, medical treatment costs also hike up. Hence, a person diagnosed with cancer will need months of treatment, and obviously, financial expenses will also be huge. Further, it is apparent that the costs are extreme for cancer care. The treatments include diagnosis, radiation, chemotherapy, hospitalisation, and other treatments.

To be specific, the prices can be anywhere from Rs. 5 lakhs to Rs. 25 lakhs for just a period of 6 months. And the sad part for most people is that the treatment can be out of reach or may eat up all their savings. Therefore, in such a scenario, where there is so much of a physical challenge due to a life-threatening disease. The LIC cancer cover will definitely help you. You can save yourself and your family and definitely deal with a crisis like this.

Conclusion

Both the products of LIC Health insurance have their own perks and benefits. The major benefits of the plans are clear and written above, and hence you can easily access them accordingly. Health is like a treasure, and the more you keep it safe, the better life you are inclined to lead. You must be very particular and certain when choosing a health plan. Moreover, you need to check all the exemptions and benefits of the plans before making a choice. We have explained both the products of the insurance separately. So read, explore and avail yourself of the best health insurance for yourself and your family.