A beginner guide to Insurance LIC policies and benefits In details.

ByAshwini Budhey

Life Insurance Corporation popularly known as LIC is the oldest Government-owned insurance company in India. LIC was founded on September 1, 1956, by uniting 254 insurance companies and provident societies. This insurance company was established to spread awareness about life insurance among the citizens of the country. LIC’s wide range of policies and products gives to the budget and preferences of every class of society.

LIC offers safety and financial assurance to the policyholder and his or her family in case of any sudden circumstances. In addition to life insurance, LIC provides health insurance plans, children’s plans, and pension plans. It is the most trusted insurance company owing to its high claim settlement ratio, incomparable customer support, and online customer services.

Health Insurance policies

              There is an old proverb ‘Health is wealth’ and the outbreak of the Covid-19 pandemic has highlighted the importance of health to every individual. Now many people are planning to seek health LIC Insurance policies for the security of their family and loved ones.

LIC Jeevan Arogya –

This is one of the best health insurance policies covering certain specified health risks. This is a non-participating, non-linked health insurance policy. You can cover yourself (Principal Insured), spouse, children, parents as well as parents-in-law under this one policy. In addition, you can add new members into the policy during the term of the policy (In case of marriage or a newborn baby).

Benefits of Jeevan Arogya plan

  • Hospital Cash Benefits (HCB)
  • Major Surgical Benefits (MSB)
  • Day Care Procedure Benefit
  • Another surgical benefit
  • Ambulance Benefit
  • Premium Waiver Benefit (PWB)

Additional benefits

  • LICs New Term Assurance Rider
  • LIC Accidental Benefit Rider

Eligibility conditions

Minimum age at entry
Maximum age at entry
Self/spouse
18 years
65 years (last birthday)
Parents/parents-in-law
18 years
75 years (last birthday)
Children
90 days
17 years (last birthday)

This policy covers each insured for health risks up to 80 years and children up to 25 years of age.

Payment of premium– You can pay a premium regularly on half-yearly or yearly intervals over the terms of the policy.

Exclusions

  • Pre-existing diseases.
  • Any surgery or treatment not performed by a physician/surgeon.
  • Medical expenses related to the primary diagnosis.
  • Dental treatment.
  • Self-afflicted injuries.
  • Organ donor expenditure.
  • Alcohol drug injuries or sickness.
  • Nervous or mental treatment.  

To read more click here  Information of Insurance LIC all policies