LIC Health Protection Plus is a unit linked insurance (ULIP) health insurance policy that combines health insurance covers for the entire family including husband, wife and the children.
How it works – In this plan, premium is divided into 2 parts- one part is utilized to provide health protection and the other part is utilized for investment in the market linked fund.
In this plan, the policyholder has Health Cover for which he needs to choose a HCB, i.e. Hospitalisation Cash Benefit, i.e. the daily cash benefit on hospitalisation. Thus, if he is hospitalized, he would receive HCB for the number of days of hospitalisation. HCB increases by 5% every year.
Along with this coverage, the policyholder would also get Major Surgical Benefit of 200 times the HCB. This Lump Sum amount would be provided to the policyholder in case of diagnosis of any of the major surgeries enlisted, irrespective of the amount spent of treatment. Also, domiciliary treatment expenses are also paid for which there is no requirement for hospitalisation.
· Fund Value is paid as Maturity Benefit or on earlier death of the life insured
· Provides health cover for the entire family, including newborn from the age of 3 months.
· Both hospital cash benefit and major surgical benefit are covered. Hence, this plan can be classified as individual health plan, family floater and critical illness all three are covered in one plan.
· Major Surgical Sum Assured is 200 times the Hospital Cash Benefit.
· Hospitalisation Cash Benefit increases by 5% every year
· Domiciliary treatment is covered for which there in no requirement for hospitalisation
· Option for a Premium Holiday after 3 policy years
· New Members can be added in case of Marriage, Childbirth or Legal Adoption
· Increase or decrease of premiums is allowed during the term of the policy
Death Benefit – There is no death cover as such under this plan. However, the Fund Value would be paid out in case of death of the Life Insured and the policy would be terminated.
Maturity Benefit – On maturity, the Fund Value is paid to the policyholder.
Income Tax Benefit - Health Insurance premiums paid up to Rs. 15,000 are allowed as a deduction from the taxable income each year under section 80D
Major Surgical Sum Assured (in Rs.)
200 X Hospital Cash Benefit of each insured life
Policy Term (in years)
Premium Payment Term (in years)
65 years of Principal Insured – His age at Entry
Entry Age of Policyholder(in years)
18 (3 months for children)
55 (17 for children)
Age at Maturity(in years)
75 (25 for Children)
Yearly, half-yearly or monthly (ECS only)
Riders – There are no riders available in this policy
Investment Fund Options
There is only 1Investment Fund where the money is invested: Health Protection Plus Fund
Since there is only 1 Fund, there is no question of switching.
The policyholder stop paying the premium - If the policy holder stops paying the premium, the policy cover and all its benefits will cease. However, the Principal Insured can revive the plan within 2 years from the first unpaid premium due date or avail Premium Holiday.
The policyholder want to surrender the policy – This policy does not have any surrender option.
The policyholder wants a loan against the policyholder policy - There is no loan available under this plan.