A vital financial tool, health insurance shields people from unforeseen medical expenses. One of the most reputable names in the insurance industry in India is the Life Insurance Corporation (LIC). Numerous health insurance plans offered by LIC offer comprehensive coverage for both individuals and families. The characteristics, advantages, and reasons to think about LIC health insurance plan will all be covered in this post.
What is the LIC Health Plan?
A classic health plan with modern elements, the LIC Health plan offers financial support in the event of a medical emergency. The cost of medical procedures as outlined in the policy documents is covered by LIC health insurance plans. Major medical emergencies are covered by LIC of India’s newly introduced LIC Cancer Cover and LIC Arogya Rakshak.
Why Should You Buy LIC Health Insurance?
- Tax Benefits: Section 80D of the Income Tax Act of 1961 provides the policyholder with annual tax exemptions of up to Rs. 25,000 for the premium paid towards the LIC health insurance policy.
- Peace of Mind: All things considered, LIC health insurance safeguards savings and guarantees a person’s peace of mind. You can better plan your financial investments when you are not anxious about any financial uncertainties.
- Financial Safety of Your Family: If you are the only provider for your family and have several dependents, the LIC health plan is very beneficial. Medical situations cannot be avoided, but the LIC health plan will guarantee that your family receives high-quality medical care.
- No Claim Bonus: In addition to paying for the claimed medical costs, LIC health insurance also pays the policyholder if they do not file a claim during the policy’s duration. By raising the sum assured without requiring the policyholder to pay any more premiums, the insurer rewards the policyholder.
- Combat Medical Inflation: With the ongoing rise in medical inflation, the cost of both advanced and modest treatments may put a strain on your finances. You can get coverage for critical sickness, pre- and post-hospitalization fees, reimbursement for childcare costs, and routine check-ups without worrying about money when you have an LIC health insurance policy.
- Cashless Treatments: Cashless treatment facilities are offered by moderate health insurance policies. This implies that you can receive medical care without having to pay the hospital in cash. You only need to notify LIC of India a few hours before the scheduled admission, or within specific hours in the event of a medical emergency. The company pays all of the network hospital’s bills directly after completing the necessary procedures.
Exclusions Under LIC Health Plan
- Surgery on donors
- HIV/AIDS-related illnesses
- Any danger that comes from nature
- Abuse of drugs, alcohol, or other intoxicants
- involvement of the life insured in an illegal or criminal conduct
- If a cancer diagnosis is made within 180 days of the policy’s issuing
- Any procedure or therapy that is carried out only for experimental purposes
- Any pre-existing conditions that the company is unaware of and does not accept.
- The covered person’s admission, diagnosis, or care in a hospital outside of India
- Any allegation brought about by the life assured’s direct or indirect suicide attempt
Documents Required to Buy LIC Health Plan
- Age proof
- Identity proof
- Address proof
- Medical certificate per the test conducted (if any).
How to Buy an LIC Health Plan?
- Go to LIC of India’s official website.
- Navigate to the homepage’s “buy policy online” option.
- Click “click on buy online” after selecting any LIC health plan.
- To continue with the purchasing process, keep the information and the related documents ready.
- After entering your name and contact information, click “Proceed.”
- Adjust the policy amount and payment schedule to fit your needs. If necessary, choose any “add-on benefits/Riders.”
- After submitting the required paperwork, select “Proceed to Payment.”
- You will receive an email with the policy details as soon as the payment is successful.
List of LIC Health Insurance Plans
- LIC Cancer Cover Plan
Coverage Benefits:
- Income Benefit
- Premium Waiver Benefit
- Early and Major Stage Cancer Coverage
Eligibility Criteria
- Entry Age: 20 years – 65 years
- Basic Sum Assured: Rs. 15 Lakhs – Rs. 50 Lakhs
- LIC Arogya Rakshak Plan
Coverage Benefits:
- Major Surgical Benefit
- Increasing Health Cover
- Spouse, Child, and Parents Covered
Eligibility Criteria
- Entry Age: 91 days – 65 years
- Surgical Benefit Sum Assured: Rs. 2.5 Lakhs – Rs. 10 Lakhs
LIC Health Insurance Claim Process
With the exception of unintentional injuries or surgeries, the LIC mediclaim waiting time is ninety days from the policy start date. An insured or eligible family member must notify the LIC servicing branch right away if they are admitted to the hospital due to a sickness or accident covered by the LIC health plan. The claim procedure will be activated as a result. Any family member may report the occurrence to the branch if the insured is unable to attend.
Within 30 days following release, the insured must submit the written claim form along with the supporting medical documentation. The claim procedure will be started, checked, and handled with the network hospital after confirmation.
FAQ’s
Q1. Is health insurance available from LIC?
Ans. Indeed, LIC provides health insurance policies that offer high-quality medical support and safeguard the policyholder and their family from any medical emergencies.
Q2. Which are the best health plans that LIC of India offers?
Ans. The two health policies that LIC of India provides are LIC Arogya Rakshak and LIC Cancer Cover.
Q3. What is the number of network hospitals in the LIC of India?
Ans. More than 5000 network hospitals are provided by LIC of India, allowing insured patients to receive high-quality care without having to pay cash.
Conclusion
LIC Health Insurance Plan provides peace of mind, financial stability, and extensive coverage. This insurance offers people and families important help through advantages including tax deductions, cashless treatments, and protection against growing medical expenses. Policyholders can successfully protect their finances and health by selecting the appropriate plan.