LIC Health Plus

LIC Health Plus

LIC Health Plus Table No. 901

LIC Health Plus is a Long Term Unit Linked Health Insurance Plan for You and Your Family.

health-plus

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


 

LIC Health Protection Plus

LIC Health Protection Plus

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.

LIC Health Protection Plus

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.

Market Plus 1

Market Plus 1

Market Plus 1 Summary:

Market Plus 1 (Table No 191) is a unit linked pension scheme (ULIP).  Policy holder can choose the plan with or without risk cover. This investment plan is divided in four types of investment Funds namely Bond, Secured, Balanced and Growth Fund. Market Plus 1 is primarily a Pension policy and the plan has many attractive features and options that make it an ideal Retirement solution for your future.

 

Market Plus 1

Features:

  • 1. Option to pay one time premium
    2. Critical illness benefit minimum Rs 50,000 and the maximum Rs 10 lakh
    3. Accident benefit from Rs 25,000 upto a maximum of Rs 50 lakh.
    4. Switch from one type of fund to another upto four times a year.
    5. Premium top up.
    6. Policy can be taken with or without risk cover.
    6. Net Asset Value (NAV) declared on a daily basis.

 

  • Fund Types:
    1. Bond Fund
    2. Secured Fund
    3. Balanced Fund
    4. Growth Fund

Benefits:

  • A)- On Vesting:
    On vesting of the policy, the Fund Value will be utilized to provide a pension based on the then prevailing Annuity rates. An option to commute upto one third of the payable benefit in a lump sum is available.
  • B) On Death:
    In event of the unfortunate death of the policy holder the Fund Value along with the Riders, if any,  will be payable in a lump sum or as a pension.

Market Plus 1 Eligibility Conditions and Restrictions:

For Basic Plan without Life Cover (Investment plan)

a) Minimum Sum Assured : Nil
b) Maximum Sum Assured : Nil
c) Minimum Premium     : Rs.5,000 p.a. for Regular premium, thereafter in multiples of Rs. 1,000
Rs. 1,000 p.m. for monthly (ECS), increasing thereafter in multiples of Rs. 250.
d) Maximum Premium     : No Limit.
e) Minimum Entry Age   : 18 years last birthday.
f) Maximum Entry Age   : 74 years nearest birthday.
g) Minimum Deferment Team : 5 years.
h) Minimum Vesting Age : 40 years completed.
i) Maximum Vesting Age : 79 years completed.

 

Update for Minimum Premium without life cover for Market Plus 1 :

Regular premium (other than monthly (ECS) mode):
Rs. 5,000 p.a. for deferment term 20 years and above
Rs. 10,000 p.a.  for deferment term 15 to 19 years
Rs. 15,000 p.a.  for deferment term 10 to 14 years

Regular premium (for monthly (ECS) mode):
Rs. 1,000 p.m.  for deferment term 15 years and above
Rs. 1,500 p.m.  for deferment term 10 to 14 years
Single premium:  Rs. 30,000  for deferment term 5 years and above

Annualized Premiums shall be payable in multiple of Rs. 1,000 for other than ECS monthly. For monthly (ECS), the premium shall in multiples of Rs. 250/-.

For Basic Plan with Life Cover (Investment cum Insurance Plan)

a) Minimum Sum Assured : 30,000/-
b) Maximum Sum Assured : Nil
c) Minimum Premium     : Rs.5,000 p.a. for Regular premium, in multiples of Rs. 1,000
Or Rs. 25,000 for Single premium.
d) Maximum Premium    :  No Limit
e) Minimum Entry Age  : 18 years last birthday.
f) Maximum Entry Age  : 65 years nearest birthday.
g) Minimum Deferment Term : 5 years.
h) Minimum Vesting Age : 40 years completed.
i) Maximum Vesting Age : 75 years nearest birthday.
j) Maximum Life Cover Ceasing Age : 75 years nearest age.

For Accident Benefit:

a) Minimum Sum Assured  : Rs. 25000
b) Maximum Sum Assured  : An amount equal to the Sum Assured under the Basic Plan, subject to maximum of Rs. 50 lakhs overall limit considering the Accident Benefit Sums Assured in respect of all existing policies on the life of the Life Assured under individual and group schemes including the policies with Life Insurance Corporation of India and other insurance companies and the Accident Benefit Rider Sum Assured under new proposal into consideration.
The Sum Assured is in multiples of Rs. 5,000.
c) Minimum/Maximum Premium  :  No separate limit
d) Minimum Entry Age : 18 years completed.
e) Maximum Entry Age :  65 years nearest birthday.
f) Minimum Policy Term : 5 years.
g) Maximum Accident cover Ceasing Age : 70 years nearest birthday.

For Critical Illness Rider Benefit:

a) Minimum Sum Assured  : Rs. 50000
b) Maximum Sum Assured  : An amount equal to the sum assured under Basic Plan subject to the maximum of Rs.10 lakh overall limit taking all critical illness riders under all existing policies of the life assured and the critical illness rider option under the new proposal into consideration. The Sum Assured is available in multiples of Rs. 10,000.
c) Minimum/Maximum Premium  :  No separate limit
d) Minimum Entry Age : 18 years completed.
e) Maximum Entry Age :  50 years nearest birthday.
f) Policy Term : 10 to 35 years.
g) Maximum Critical Illness Ceasing Age : 60 years nearest birthday.

Modes of Premium Payment :
One time Premium, monthly(ECS), quarterly, half-yearly and yearly modes are available.

The minimum yearly Premium will be Rs. 5,000 increasing thereafter in multiples of Rs. 1,000. There will be no mode specific charges/ rebates.

Single premium can be paid subject to a minimum of Rs. 10,000 if not opted for life cover and Rs. 25,000 if opted for life cover and thereafter in multiples of Rs. 1,000.

Single premium:  Rs. 30,000  for deferment term 5 years and above

Top-Up (Additional Premium)
The policy holder can pay additional premium in multiples of Rs.1,000/- without any limit at anytime during the term of the policy.

Revival:
An attractive feature of the plan is that provided the premiums have been paid for a minimum period of three years, all the riders under the policy will continue for a period of two years from the due date of first unpaid premium by deduction of relevant charges from the policy fund. This period of two years is called the “Revival Period”. Further, if premiums have been paid for a minimum period of three years, revival can be effected merely by paying the arrears of premium, within the Revival Period.

Change in Fund Type:
The plan also allows a policy holder to switch from one type of fund to another upto four times a year, free of charge.

How to Apply for Market Plus 1 policy?


Update: Market Plus 1 (Table No 191) Has Been Discontinued.