When one considers the expensive expense of high-quality healthcare in this day and age, having a health insurance policy is a need. The purpose of LIC's health insurance is to safeguard an insured's finances in the case of an unanticipated medical emergency. It is simple for people from all walks of life to obtain health insurance. Thanks to the policy alternatives from LIC, which offer enhanced coverage at reasonable prices.
A state-owned insurance company, Life Insurance Corporation of India (commonly referred to as LIC) provides insurance. In September 1956, Life Insurance Corporation opened for business. Life Insurance Operations is the oldest and one of the biggest life insurance companies in India. It has various insurance plans including Term Insurance, Whole Life, Endowment, and Money Back Plans.
The prizes given to LIC include some of the ones listed below. The Economic Times Brand Equity Service named Life Insurance Corporation the “Most Trusted Service Brand Of India” in 2020. Since 2006, the business has consistently won the Reader's Digest Trusted Brand award. For four straight years starting in 2013, Life Insurance Corporation has received the title of “India's Most Trusted Brand.”
LIC Health Insurance
The insurance industry behemoth has created health insurance products for people. It's to protect one's finances in the case of an illness or damage. For the escalating expense of medical treatments in illness. LIC provides LIC Jeevan Arogya and LIC Cancer Cover, two different kinds of health packages. We shall examine the features of the two items in-depth in this article.
Important features of LIC Health Insurance 2022
| Incurred Claim Ratio | 98% |
|---|---|
| Age | 18 to 65 years |
| Hospitals Network | 5000+ |
| Branches | 3542 |
| Customer Care (Toll-Free No) | 1800-425-9876 |
Find Nearest LIC Branch: LIC Branch Locator
Inclusion of LIC Health Insurance
- Ambulance Benefit
- Thyroid Cancer - early stage
- Prostate Cancer - early stage
- Major Surgical Benefit (MSB)
- Hospital cash benefit (HCB)
- Carcinoma-in-situ (CIS)
Types of best health insurance in India
There are several significant advantages to having thorough medical insurance coverage. Depending on the insurer you select, the benefits could change. Some of the main advantages of the top health insurance in India include the following:
- Individual health insurance
- Critical Illness insurance
- Family Floater health insurance
- Senior Citizen health insurance
- Top-up health insurance
- Maternity health insurance
- Personal Accident insurance
LIC Jeevan Arogya
LIC Jeevan Arogya is a non-linked Health Insurance Policy that either helps individuals to cope with the increasing healthcare costs. You can include your spouse, parents, mother-in-law, kids, and father-in-law in this plan as well as yourself and your spouse. For the entire family, it is a comprehensive health insurance plan.
You receive a certain amount under this plan regardless of the cost of the medical care. To properly supplement your health insurance plan and give additional coverage for some of the incidental costs you spend while in the hospital, Jeevan Arogya can be utilized.
Key Features
- Includes expenses for surgery, hospitalization, and more.
- One health insurance plan that provides coverage for the individual, their spouse, kids, parents, and in-laws.
- May be used in conjunction with current medical insurance coverage for the same hospital stay or surgery.
- Offers benefit payments regardless of the actual medical expenses incurred.
- In the event of marriage and childbirth, coverage can be extended to new family members.
- Instead of having to wait until after discharge to file a claim for the benefit, the Quick Cash Facility is available during hospitalization.
- LIC provides a 50% advance payment under Quick Cash which is for 57 surgeries performed in-network hospitals.
- Based on a bill's photocopy, a payout is provided.
- The initial Hospitalization Cash Benefit is 5% of the No Claim Benefit (HCB).
LIC's Cancer Cover
LIC Cancer Cover – Plan No. 905 is a non-linked, regular premium payment health insurance plan. It is subject to certain terms and conditions and offers a fixed payout if the Life Assured is identified as having any stage of cancer during the policy term.
When purchasing the policy, the proposer must select one of the two benefit alternatives available under the plan. Depending on the option the proposer chooses, premium rates will change.
Option I
The Basic Sum Insured will not alter throughout the policy.
Option II: Boosting the Sum Insured
For the first five years beginning with the first anniversary of the policy or until the diagnosis of the first incidence of cancer, whichever comes first, the Sum Insured grows by 10% of the Basic Sum Insured annually.
Difference Between LIC Jeevan Arogya and LIC's Cancer Cover
Health insurance protection against particular health risks is offered with LIC's Jeevan Arogya. Regardless of the actual medical expenses incurred in treating an insured's illness or injury, the policy pays out a lump sum reward.
Contrarily, Cancer Cover is a policy that offers financial security if the insured develops any of the predetermined early-stage or major cancers during the term of the policy. Benefits are only paid out if the insured person has received a cancer diagnosis.
Documents Required for LIC Health Insurance Purchase
To obtain a LIC Health Insurance Policy, a person must submit several documents. The documents consist of:
- Identity proof includes PAN cards, passports, and Aadhaar cards.
- Address Verification Documents: Aadhaar Card, Passport, Driver's License, etc.
How to Claim LIC Health Insurance?
- The insured person must immediately inform the LIC service branch if he or she has been hospitalized for an illness or accident (covered by the policy).
- This will make it possible for the insurer to initiate the claim process appropriately.
- If the insured person is unable to do so, a family member may inform the LIC of the India branch about the incident.
- The insured must notify the Corporation in writing of a claim within 30 days of the date of discharge, using the forms specified by LIC, and provide any supporting documentation.
