The Life Insurance Corporation of India was established in the year 1956 as the sole life insurance provider in the country. Other insurance companies were permitted to enter the insurance market only from the year 2000 but until then LIC enjoyed a monopoly in the insurance industry. Even today, the company has the largest customer base despite the fact that there are other insurers. In terms of products offered, LIC has a wide variety of plans. It offers life insurance as well as health insurance plans. In the health insurance category, the company offers plans which take care of major medical contingencies. Before we understand the plans offered by LIC, let us first understand the concept of health insurance.
A health insurance plan is a plan which provides financial assistance in case of a medical emergency. A health insurance plan covers specific medical treatments and costs. If the insured suffers a medical contingency and incurs the covered costs, the health insurance plan pays the benefit to cover the costs incurred.
Health plans offered by life insurers have the following unique features -
LIC offers two kinds of health insurance plans which are discussed below –
A family floater health plan is a plan which covers the family members under the same plan.
LIC’s Jeevan Arogya Plan offers two optional riders which are accident benefit rider and term assurance rider.
No, LIC’s health plans have no death benefit. They pay a benefit only if the insured suffers from a covered medical contingency.
No, LIC’s health insurance plans do not offer loan facility.
Yes, a waiting period is applicable in both LIC’s health insurance plans during which coverage would not be available. In the case of Jeevan Arogya Plan, there is a general waiting period of 90 days from the date of policy commencement. Moreover, there are specific waiting periods too for specified illnesses. In the case of Cancer Care plan, the waiting period is 180 days from the date of policy commencement.
LIC’s Term Plans
LIC’s Endowment Plans