subject: LIC Mediclaim Policy-Health Protection Plus [print this page] LIC Mediclaim Policy-Health Protection Plus
LIC (Life Insurance Corporation) is the largest insurance company in India. It offers health product called Health Protection Plus which is one of the best mediclaim in the market. The premium for this policy is not a constant, it will increase with the age of the insured and also depend on benefits opted for.
The policy offers hospital cash benefit and major surgical benefit and also gives an investment option which is specially designed to meet domiciliary treatment/outpatient department expenses.
Hospital Cash Benefit- A daily benefit is payable in case the insured is admitted in hospital due to sickness or accidental injury. The minimum initial daily benefit is Rs.250/- and maximum is Rs.2500/-
Major Surgical Benefit- It pays 100% of the sum insured for any specified major surgeries. It includes surgery to aorta, lung transplant, heart transplant, valve replacement, pericardectomy, CABG, open chest surgery, surgery to remove cerebral tumours, excision of pineal, intra carnial operations, pituitary glands, pneumpnectomy, excision of oesopagus, stomach, renal transplant, etc.
Domiciliary Treatment Benefit- The principal insured can claim an amount equivalent to actual expenses in respect of any domiciliary treatment. The minimum domiciliary claimable amount is Rs.2500/-.
The minimum entry age is 18 years and maximum is 55 years. The spouse and children above 3 months and up to 17 years can be covered. The premium can be paid by annual, half annual and monthly (ECS mode only). The policy covers ceases at the age of 75 years for principal sum insured and 25 years for children.
The principal insured must choose the level of HCB for each family members under the policy cover. The sum assured for major surgical benefits will be 200 times of the HCB.
Premium paid towards the policy is eligible for tax benefit under section 80D of the Income Tax Act,1961.
