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LIC launches new health insurance plan 'Jeevan Arogya'
LIC introduces Jeevan Arogya new health insurance plan See How beneficial would be for you,
India's most trusted brand in Insurance sector LIC has launched new health insurance plan for india. Here are few details of the new plan Jeevan Arogya. LIC Health Insurance Plan JEEVAN AROGYA Details | Latest News
THE country’s largest life insurer, Life Insurance Corporation of India (LIC), today launched a new health insurance plan, Jeevan Arogy a. The policy, to be available from June 1, offers comprehensive hospitalisation benefits for the whole family of the principal insured. “A unique feature of this plan is that it also offers to cover the parents in-law of the principal insured, besides spouse, minor children and parents. There is a provision for inducting additional members or removal of existing members in case of any change in family circumstances of the principal insured,” LIC said in a release. The policy covers 140 major surgeries. “The minimum age at entry for the principal insured is 18 years and the maximum age at entry would be 65 years for self and spouse, while it is 75 years for parents and parents in-law,
The plan offers comprehensive hospitalisation benefits for the whole family of the principal insured. A unique feature of this plan is that it also offers to cover the parents in-law of the principal insured besides spouse, minor children and parents.

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LIC will be launching a new plan Jeevan Arogya today for its customers in India. Jeevan Arogya is a non-linked health insurance plan which offers comprehensive

There is a provision for inducting additional members or removal of existing members in case of any change in family circumstances of the principal insured.

This is a defined benefit policy meaning that benefits are fixed in terms of policy conditions and are payable irrespective of the actual amount spent on treatment.

Moreover, the benefits are payable regardless of the life insured getting reimbursement under any other scheme from his/her employer or any other insurance company, on the basis of certified photocopies of the original bills.
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The minimum age at entry for principal insured is 18 years and maximum age at entry would be 65 years for self and spouse, while it is 75 years for parents and parents in-law. For children, the minimum age at entry is 91 days and the maximum age at entry is 17 years.
The plan provides for continuing health cover of major family members up to age 80 and for minor children up to age 25. It offers various benefits to cover the different hospitalisation needs of the insured's family.
Another unique feature of this plan is that it offers to cover all surgeries. 140 major surgeries are covered under major surgical benefits, another 140 surgeries which do not need overnight hospitalisation are covered under day care procedure benefit and all other surgeries are covered under special category of other surgical benefits.
Hospitalisation in case of non surgical treatment beyond twenty four hours is covered under hospitalisation cash benefit. In case, hospitalisation is for seven days or more, payment is made for these twenty four hours as well.
The policy can be taken for an initial daily benefit of Rs 1,000, Rs 2,000, Rs 3,000 or Rs 4,000 The major surgical benefit will be 100 times of the daily benefit.
The maximum life time benefit applicable to each insured is 8 times of major surgical benefit sum assured. day care procedure benefit will be five times of the daily benefit.
Maximum three surgical procedures in a year are covered subject to life time benefit of twenty four surgical procedures in respect of each insured.
The other surgical benefit in respect of each insured is two times of the daily benefit per day for up to 360 days during policy term.
To provide for increase in cost of medical treatment, the benefits shall increase by 5% every year up to a maximum of 1.5 times of the original benefit.
In case no claim is made under the policy for a period of three years, the benefits payable under the policy would be further enhanced by 5 % without any upper limit.
Quick cash facility allowing payment of 50% entitlement can be availed as advance, in case of 57 specified major surgeries.
Premium waiver benefit and ambulance benefit are also available in case of certain major surgeries.
The plan also offers the option of taking term assurance rider (up to 100 times of initial daily benefit) and accident benefit rider for the principal insured and spouse.
The premium will depend on one's  age, gender, the health cover option one has chosen, whether one is  principal insured or other insured life and the mode of payment. The premiums can be paid regularly at yearly, half-yearly, quarterly or monthly (ECS mode only) intervals over the term of the policy.
The plan offers very attractive rebates for higher sum assured and half-yearly / yearly mode of payment

LIC Jeevan Arogya | Health Insurance Plan | Features & Hospital Cash Benefits
LIC has launched LIC’s Jeevan Arogya, a unique non-linked Health Insurance plan which provides health insurance cover against certain specified health risks and provides you with timely support in case of medical emergencies and helps you and your family remain financially independent in difficult times.
LIC’s Jeevan Arogya gives you:
• Valuable financial protection in case of hospitalisation, surgery etc
• Increasing Health cover every year
• Lump sum benefit irrespective of actual medical costs
• No claim benefit
• Flexible benefit limit to choose from
• Flexible premium payment options
Very easy to choose your plan
Step 1 Choose the level of Health cover you need
Step 2 Work out the premium payable along with our Representative
Step 1: Choose the level of Health cover you need:
You can choose the amount of Initial Daily Benefit (i.e. the daily Hospital Cash Benefit applicable in the first year of the policy) as per your need from out of the following choices:
` 1000 per day ` 2000 per day ` 3000 per day ` 4000 per day
This is the amount that will be payable to you in the event of hospitalisation in the first year on a per day basis. The Major Surgical Benefit that you will be covered for will be 100 times the Initial Daily Benefit you have chosen. Thus the initial Major Surgical Benefit Sum Assured will be ` 1 lakh, 2 lakh, 3 lakh, 4 lakh respectively. Other benefits such as Day Care Procedure Benefit, Other Surgical Benefit and Premium waiver Benefit (PWB) mentioned below shall also be payable depending upon the daily Hospital Cash Benefit chosen.
Step 2: Work out the premium payable along with our representative
Your premium will depend on your age, gender, the Health cover option you have chosen, whether you are Principal Insured or other insured life and the mode of payment.
Tables below give an indicative annual premium, payable yearly, for all health benefits corresponding to an Initial Daily Benefit of ` 1000 per day, for some of the ages in respect of various lives that can be covered under a single policy:
PRINCIPAL INSURED (Male)


Age at entry

Premium (`)

20

1922.65

30

2242.90

40

2799.70

50

3768.00

SPOUSE (Female) / PARENT (of PI/Spouse) (Female)


Age at entry

Premium (`)

20

1393.15

30

1730.65

40

2240.60

50

2849.10

CHILD


Age at entry

Premium (`)

0

792.00

5

794.75

10

812.35

15

870.75

Who can be insured?
You (as Principal Insured (PI)), your spouse, your children, your parents and parents of your spouse can all be insured under one policy. Quite a relief isn’t it, to have all insured under one policy!
The minimum and maximum age at entry is as under:

Minimum age at entry

Maximum age at entry

Self / spouse

18 years

65 years (last birthday)

Parents / parents-in-law

18 years

75 (last birthday)

Children

91 days

17 years (last  birthday)

How long are each insured under this policy?
Each of the insured are covered for Health risks up to age (80). Children are insured up to age 25 years.
1. Payment of Premiums: You may pay premiums regularly at yearly, half-yearly, quarterly or monthly (ECS mode only) intervals over the term of the policy.
2. Mode and High HCB Rebates:
Mode Rebate:
Yearly mode: 2% of tabular premium
Half-yearly mode: 1% of the tabular premium
HCB Rebates:
In respect of a member covered under a policy, if HCB is more than ` 1000, then the premium arrived at in respect of that member shall be reduced by an amount (`) given below:
HCB (`) For PI For each insured member
other than PI
2000 500 250
3000 1000 500
4000 1500 750
3. Automatic Renewal Date: The installment premium will be guaranteed in respect of each Insured for a period of 3 years from the Date of Commencement of the policy, i.e. for the first 3 years of the policy.
4. Options:
A) Cover to new additional members: If PI gets married/ remarried during the term of the policy, the spouse and parents-in-law can be included in the policy within six months from the date of marriage / remarriage, but the cover shall start from the policy anniversary coinciding with or next following the date of inclusion. Enhanced premium shall be due from such policy anniversary.
B) Quick Cash facility: If any of the insured lives undergoes any eligible surgery covered under Category I or II of MSB in any of the listed network hospitals, you, as PI will have an option to avail Quick Cash facility.
C) Term Assurance Rider: You, as PI, and your spouse may opt for Term Assurance as optional rider equal to the MSB SA. In case of unfortunate death, an amount equal to Term Assurance Sum Assured will be payable on death during the term for which Term Assurance Rider is opted for.
D) Accident Benefit Rider: You and your spouse may also opt for Accident Benefit Rider if Term Assurance Rider has been opted for. Maximum Accident Benefit Sum Assured shall be equal to the Term Assurance Rider SA. In case of unfortunate death due to an accident, an amount equal to Accident Benefit Sum Assured shall be payable.
5. Eligibility Conditions and Other Restrictions:
FOR BASIC PLAN
i) For Hospital Cash Benefit (HCB) (under Basic Plan)


Feature

Principal Insured (PI)

Insured Spouse (if any) & Insured Parents / Parents-in-law (if any)

Insured Dependent Children (if any)

Minimum Initial Daily Benefit (in a ward other than Intensive Care Unit)

` 1,000/-

` 1,000/-

` 1,000/-

Maximum initial daily amount

` 4,000/-

Insured Spouse- Less than or equal to that of PI
Insured Parents /  Parents-in-law- Less than or equal to that of Insured Spouse (PI, if there is no Insured Spouse). Further, included parents / parents-in-law shall be covered for equal benefits.

Less than or equal to that of Insured Spouse (PI, if there is no Insured Spouse). Further, included children shall be covered for equal benefits.

Maximum annual benefit period, applicable to each insured

30 days in year 1, 90 days per year thereafter, inclusive of stay in ICU. Maximum number of days in ICU is restricted to 15 days in year 1 and to 45 days thereafter.

Maximum Lifetime Benefit period, applicable to each insured

720 days inclusive of stay in ICU. Maximum number of days in ICU is restricted to 360 days

Initial Daily Benefit shall be in multiples of ` 1000/-.
ii) For Major Surgical Benefit (MSB) (under Basic Plan)


Feature

Principal Insured (PI)

Insured Spouse (if any) & Insured Parents / parents-in-law (if any)

Insured Dependent Children (if any)

Major Surgical Benefit Sum Assured (MSB SA)

100 times of Applicable Daily Benefit (ADB) of PI (as specified in Para 1A) above).

Insured Spouse- 100 times of ADB of Insured Spouse
Insured Parents / parents-in-law- 100 times of ADB of each parent

100 times of ADB of each child

Maximum annual benefit, applicable to each insured

100% of Major  Surgical Benefit Sum Assured

Maximum Lifetime Benefit, applicable to each insured

800% of  Major  Surgical Benefit Sum A

iii) For Day Care Procedure Benefit (DCPB) (under Basic Plan)


Feature

Principal Insured (PI)

Insured Spouse (if any) & Insured Parents / parents-in-law (if any)

Insured Dependent Children (if any)

Lump sum benefit payable

5 times of Applicable  Daily Benefit (ADB) of PI

Insured Spouse- 5 times of ADB of Insured Spouse
Insured Parents / parents-in-law- 5 times of ADB of each parent

5 times of ADB of each child

Maximum annual benefit, applicable to each insured

3 Surgical Procedures

Maximum Lifetime Benefit, applicable to each insured

24 Surgical Procedures

iv) For Other Surgical Benefit (OSB) (under Basic Plan)


Feature

Principal Insured (PI)

Insured Spouse (if any) & Insured Parents / parents-in-law (if any)

Insured Dependent Children (if any)

Daily benefit amount

2 times of ADB of PI

Insured Spouse- 2 times of ADB of Insured Spouse
Insured Parents / parents-in-law- 2 times of ADB of each parent

2 times of ADB of each child

Maximum annual benefit, applicable to each insured

15 days in first policy year and 45 days per year thereafter

Maximum Lifetime Benefit, applicable to each insured

360 days

LIC's Jeevan Arogya | Plan no 903 | LIC Plans & Policies

Escalating medical expenses are a cause for concern not only for the elderly, but also for those in their middle age. As health awareness increases not just regular insurance companies, but life insurance companies too are coming up with new health policies.
LIC has recently launched Jeevan Arogya, a non-linked health insurance plan that provides health insurance cover against specified health risks, with benefits such as daily hospital cash benefits, major surgical benefits and day care procedure to meet medical emergencies. In the event of any major illness suffered by the insured, the plan allows waiver of premium for the subsequent one year.

WHAT'S ON OFFER

* Guaranteed coverage for the policyholder up to the age of 80 and his family including parents and parents-in-law against medical expenses incurred due to hospitalisation.
* Financial protection in case of hospitalisation and surgery
* Automatic increases in cash benefits every year at 5 per cent
* Fixed benefits to the individual irrespective of the cost incurred
* No-claim benefit of five per cent, for three claim-free years
* Flexible premium payment options with rebates and discounts for higher premium
* Sum insured increases by 5 per cent a year, to the maximum limit of 1.5 times of the initial sum insured.
* Fixed premium for first three years, irrespective of the claims. Age at entry is the base for all future premiums till the policy is in force.
* Riders such as term insurance and accident benefit. The overall cover under the plan inclusive of the two riders is Rs 10 lakh.
* Tax benefits under section 80D available for all health insurance.

HOW IT WORKS

Individuals can choose the amount of daily hospital cash benefit (HCB) as per their estimated requirements. The plan allows a minimum of Rs 1,000 per day and maximum of Rs 4,000 per day to cover the daily cost of hospitalisation. For instance, for a family of six with parents above 70 and principal insured at 40 for a sum insured of Rs 2 lakh each the premium will works out to a maximum of Rs 31,502(before any rebate).
Daily hospital cash benefit: If the principal insured or any of the persons covered under the policy are hospitalised due to accident or sickness and stay in hospital for more than 24 hours in non-ICU ward an amount equal to HCB will be paid for 30 days in the first year and 90 days from the second year. In the event they stay in an ICU an amount equal to twice the HCB will be paid for 15 days in the first year and 45 days from the second year. This will be within the overall limit for each year.
Major Surgical Benefits (MSB): 100 times of the HCB or applicable daily benefit with an increase by five per cent from the second year onwards. For instance, if the HCB is Rs 2,000 in the first year, it will increase by five per cent to Rs 2,100 (daily cash benefit) from the second year onwards. MSB benefit will be available for minors also. The total number of surgeries covered under the plan is 140. The sum insured is payable based on the categorisation of surgery and it varies from 40-100 per cent.
Day Care Procedure (DCP): In the event of the insured undergoing for any of the 140 day care procedures LIC has specified, the amount paid will be equal to five times of the daily benefit and it will be allowed three times a year and 24 times for whole of the policy.
Other surgical procedures: In the event of the insured undergoing surgery not listed under the above options, and is hospitalised for more than 24 hours then two times the daily cash benefit will be paid for 15 days in the first year and 45 days in the subsequent years.
Quick cash facility: An advance of 50 per cent of the major surgical amount will be paid to the insured for the specified surgeries. To avail the benefit insured has to inform the LIC or the facilitator for the claims. After the latter processes the request LIC credits the eligible amount to the policyholder's bank accounts.

OUR TAKE

With health insurance plans netting large losses for general insurance companies, they have imposed many restrictions on insuring older family members. Hikes in premia too have been steep. Individuals finding it difficult to include their parents/parents in-law in their existing policies may find this plan suitable to their needs. However, LIC Jeevan Arogya has a cap on entry age at 75.
You should also note that a health policy offered by life insurance companies can only supplement health policies offered by general insurers. The health policies are an indemnity plan - the hospital expenses are reimbursed up to a maximum sum insured without any limitation. The health cover offered by life insurers are benefit plans and the cover is restricted by various conditions.
The advantage under the Jeevan Arogya is that pre-existing diseases are covered after two years, against the usual four-year waiting period . However, the premia during the initial years are higher compared to the top-up plans offered by the general insurer. But an individual signing up for this plan at an early age has the potential to save on premium later .
This plan is ideal for self-employed professionals, people with a family history of critical illness and for those above 65 who do not have a medical cover.

 

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