Lic Health Plus
After a long wait, the life insurance giant, Life Insurance Corporation of India (LIC) has finally introduced its first long term, unit linked health insurance scheme ‘LIC Health plus’ in the country.
The policy will provide health insurance cover for the entire family (husband, wife and children), and include hospital cash benefit and major surgical expenses.
The insured also has the option to withdraw an amount to meet domiciliary treatment expenses or medical expenses after the minimum three years of premium payment.
According to an estimate, the health insurance products market is currently pegged at Rs 40,000 crore. For Health Plus, the minimum age of the principal insured and spouse is 18 years, whereas for a child it is 3 months. The maximum entry age for the policy will be 55 years and the policy maturity will be 65 years.
The annual premium for policy ranges from Rs 5,000 to Rs 10,000 per annum depending on the number of family members insured. The premium can be paid either on yearly or half-yearly basis.
One of the main features of the policy is that the premium remains unchanged through the tenure of the policy. The premium allocation charges for the first year would be 30 percent and 6 percent in the subsequent years.
The product will be eligible for tax exemption under Section 80D of Income Tax Act.