LIC launches new health insurance plan

Life Insurance Corporation of India (LIC) has launched a new non-linked health insurance plan Jeevan Arogya that offers comprehensive hospitalisation benefits for the whole family.

The plan offers to cover the parents-in-law of the principal insured besides spouse, minor children and parents, and is targeted towards clients in the age group 18 to 65 years.

Jeevan Arogya is a defined benefit policy wherein the benefits are fixed in terms of policy conditions and are payable irrespective of the actual amount spent on treatment, LIC said on its website.

Moreover, the benefits are payable regardless of the life insured getting reimbursement under any other scheme from his or her employer or any other insurance company, and would be processed on the basis of certified photocopies of the original bills.

The policy can be taken for an initial daily benefit (the daily hospital cash benefit) of Rs1000, Rs2000, Rs3000 or Rs4000. The major surgical benefit will be 100 times the initial daily benefit chosen, the insurance company said.

The quick cash facility, which allows payment of 50 per cent entitlement as advance, can be availed in case of 57 specified major surgeries, LIC added.

Besides, the benefits shall increase by 5 per cent every year up to a maximum of 1.5 times of the original benefit, and in case of no claims for three years the benefits would be further enhanced by 5 per cent.

The policy holder can also avail the Term Assurance Rider and Accident Benefit Rider with the plan, LIC said.