Medical emergencies might strike any time and when they do they incur considerable expenses. Meeting these expenses proves difficult for average middle-class individuals and so they look for health insurance coverage. LIC’s Jeevan Arogya policy is one such LIC mediclaim policy which covers specific medical expenses and gives you financial assistance. Let’s understand the policy in details –
Overview of LIC’s Jeevan Arogya Plan
LIC’s Jeevan Arogya is a non-participating health insurance plan which covers specific medical costs. This LIC mediclaim policy is a fixed benefit policy which pays a lump sum benefit if the covered expenses incurred irrespective of the actual expenses that you face. Thus, you get a lump sum financial assistance from the policy which you can use for meeting medical or any other financial needs.
Key features of LIC’s Jeevan Arogya Plan
LIC’s Jeevan Arogya plan has the following key features –
What is covered under LIC’s Jeevan Arogya Plan?
LIC mediclaim policy Jeevan Arogya offers the following coverage benefits –
|Coverage benefit||What is covered|
|Hospital Cash Benefit||If the insured is hospitalised for 24 hours or more, a daily cash allowance is paid for each day of hospitalisation|
|Major Surgical Benefit||If the insured undergoes a major surgery during the term of the policy, a lump sum benefit is paid|
|Day Care Procedure Benefit||Daycare procedures are those which do not require hospitalisation for 24 hours or more because of advanced technology. If the insured undergoes such day care procedures, a lump sum benefit would be paid|
|Other Surgical Benefit||If the insured undergoes a surgery which is not a major surgery, a lump sum benefit would be paid under this coverage benefit|
|Ambulance Benefit||If the insured is to be hospitalised and an ambulance is required to transfer the insured to the hospital, a lump sum benefit would be paid to cover the cost of the ambulance|
|Premium Waiver Benefit||If the insured undergoes a major surgery which is covered under the Major Surgical Benefit category, one annual premium under the policy would be waived off.|
Benefits of LIC’s Jeevan Arogya Plan
Besides the coverage features offered by LIC mediclaim policy, here are other benefits which the plan offers –
|Limit of Hospital Cash Benefit||Premium discount for covering the primary insured member||Premium discount for each family member other than the primary insured member|
|INR 2000||INR 500||INR 250|
|INR 3000||INR 1000||INR 500|
|INR 4000||INR 1500||INR 750|
Eligibility parameters of LIC’s Jeevan Arogya Plan
|Entry age for primary insured and/or spouse||18 years to 65 years|
|Entry age for parents or parents-in-law||18 years to 75 years|
|Entry age for dependent children||91 days to 17 years|
|Maximum cover ceasing age for adults||80 years|
|Maximum cover ceasing age for children||25 years|
|Coverage amount for Hospital Cash Benefit||Minimum – INR 1000
Maximum – INR 4000
|Coverage amount for Major Surgical Benefit||100 times the Applicable Hospital Cash Benefit|
|Coverage amount for Day Care Procedures||5 times the Applicable Hospital Cash Benefit|
|Coverage amount for Other Surgical Benefit||2 times the Applicable Hospital Cash Benefit|
|Coverage amount for Ambulance Benefit||INR 1000|
Exclusions under LIC’s Jeevan Arogya
LIC mediclaim policy Jeevan Arogya does not cover the following types of claims –
Waiting periods applicable under LIC’s Jeevan Arogya Plan
Premium calculation of LIC’s Jeevan Arogya Plan
Here are the different premium rates applicable under LIC mediclaim policy if the Hospital Cash Benefit selected by the insured is INR 4000 –
|Entry age||The premium for adult males||The premium for adult females|
|30 years||INR 8971.6||INR 6922.60|
|40 years||INR 11,198.80||INR 8962.40|
|50 years||INR 15,072||INR 11,396.40|
The premium payable for covering a dependent child would be as follows –
|Entry age of the child||Premium payable|
|5 years||INR 3179|
|10 years||INR 3249.40|
|15 years||INR 3483|
Tax benefits of LIC’s Jeevan Arogya Plan
The premiums paid for the plan are allowed as a deduction under Section 80D of the Income Tax Act, 1961. The maximum deduction you can claim is up to INR 25,000. This limit would increase and become INR 50,000 if you are a senior citizen.
Moreover, if you buy separate coverage for your dependent parents, you can claim an additional deduction of up to INR 25,000. If your parents are senior citizens, the additional deduction would become INR 50,000. Thus, through this LIC mediclaim policy, you can claim a tax deduction of up to INR 1 lakh.
How to buy LIC’s Jeevan Arogya Plan?
The policy can be easily bought through an agent of LIC or from any of the branch offices of the company.
However, if you are interested to buy any other mediclaim plan you can compare and choose the best through Turtlemint. Turtlemint gives you a hassle-free buying platform wherein you can enter in your details to view the most suitable health insurance plans which are available in the market. You can easily compare the available plans and choose the one which is the best. Pay the premium for the policy online through Turtlemint’s payment gateway and your policy would be bought.
Documents required for buying LIC Jeevan Arogya
To buy the LIC mediclaim policy, the following documents would be required –
How to make claims under the LIC Jeevan Arogya Plan?
In case of a claim under the policy, you should immediately inform the insurance company of the claim. Fill up the claim form and submit it along with the following documents –
Once the documents are submitted, the company would review them and settle your claims.
You can also make a claim under the LIC mediclaim policy through Turtlemint. Turtlemint allows its customer’s hassle-free claim settlements as the customers are spared the task of following the claim process. Turtlemint’s dedicated claims handling team handles your health insurance claims. They follow the claim process themselves and let you get the promised claim benefit under your insurance policy. You just have to inform Turtlemint either by calling 1800 266 0101 or through an email sent to firstname.lastname@example.org and the rest would be handled by the company itself.
When the children attain 25 years of age, they would not be allowed to get coverage along with the primary insured member under the same policy. They can migrate to a new LIC mediclaim policy in their name and continue their coverage.
If you get married or have a baby and want to insure your spouse or child under the policy, you can do so. You should inform the insurance company about the new members to be added within 6 months of marriage or childbirth. However, coverage for the new members would be available only from the next policy anniversary.
If the primary insured member dies, no death benefit would be paid. The spouse can become the primary insured if such an option was availed by the primary insured at the time of buying the policy. The spouse can then continue the policy as the primary insured and the premiums would change.
This LIC mediclaim policy allows you yearly and half-yearly premium payments.
Yes, if the policy has lapsed, you can revive it within 2 years from the date of lapse of the plan. Revival would be allowed if you pay the outstanding premiums with interest and submit a proof of continued insurability. The insurance company would underwrite your revival request and would allow you to revive the policy if everything is in order.