LIC Health Protection Plus

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Policy Discontinued

LIC Health Protection Plus

 

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.



Key Features of LIC Health Protection Plus

 

·         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

 

 

Benefits the policyholder get from LIC Health Protection Plus

 

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

 

 

Eligibility conditions and other restrictions in LIC Health Protection Plus

 

 

Minimum

Maximum

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)

Payment modes

Yearly, half-yearly or monthly (ECS only)

 

 

Additional Features and Benefits of LIC Health Protection Plus

 

Riders – There are no riders available in this policy

 

Investment Fund Options

There is only 1 Investment Fund where the money is invested: Health Protection Plus Fund

 

Top-up

NA

 

Switching

Since there is only 1 Fund, there is no question of switching.

 

Partial Withdrawal

NA

 

                                             

What happens if?

 

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.

 

 

Alternate Health ULIPs from different insurance companies

 

IndiaFirst Money Back Health Insurance Plan

 

 

Other Health Insurance Plan from Life Insurance Corporation of India

 

LIC Jeevan Arogya Plan
 

~ By Deepak Yohannan
Note: This is a statement of facts based on the information collected from the LIC Health Protection Plus brochure and insurance company's website. It should not be construed as a Critical or Favourable LIC Health Protection Plus Review, Analysis or Recommendation.
Insurance is a subject matter of the solicitation.


Leave a Comment

I made the payment of Yearly premium on cash.Whether the tax benefit will be available

By Mithun Sen on Feb 28, 2013 Reply

if want any lic policy find 10% to 20% discount -9412541791

By Achin on Feb 27, 2013 Reply

sir,
I want to know if lic health protection plus has any maturity benefit or not????In lic website I have not found anything on this matter.




Regards,
Sanjay

By Sanjay on Jul 24, 2012 Reply

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