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  • LIC Health Plus Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    The LIC Health Plus Plan is a unit-linked product where the premium paid is subject to deduction of the Allocation charge. The policyholder can enjoy claim benefits according to the Policy Bond for self and his/her loved ones. The policy is tailored as per the needs and requirements of the customers. Benefits like HCB (Hospital Cash Benefit), MSB (Major Surgical Benefit) and DTB (Domiciliary Treatment Benefit) can be availed under the LIC Health Plus Plan.

    Eligibility – Who is the LIC Health Plus Plan for?

    In order to be eligible for the LIC Health Plus Plan, a customer has to fulfil certain eligibility criteria with respect to his/her age and the amount of insurance he/she seeks. These conditions are as shown below:

    Parameters Criteria for Eligibility
    Minimum age at entry
    • Policyholder and spouse – 18 years (last birthday)
    • Dependent Children – Three months completed
    Maximum age at entry
    • Policyholder and spouse – 55 years (next birthday)
    • Dependent Children – 17 years (next birthday)
    Maximum age at the time of cover ceasing
    • Policyholder and spouse – 65 years
    • Insured Dependent Children – 25 months completed
    Term of the policy 65 years (next birthday) of the policyholder minus entry age of policyholder

    Sum Assured and Premium Range – What you get and what it costs

    Sum Assured – It is the amount that the policyholder gets upon maturity of the policy. In case of death of the insured person, the sum assured is paid to the beneficiary or nominee of the insured individual.

    Premium – It is the amount that the policyholder pays in order to keep his/her plan active and running. Under the LIC Health Plus Plan, minimum premium amount is always in multiples of Rs.500. The minimum premium amount differs depending upon the number of lives insured under the plan. There is no limit on the maximum premium that can be paid under this policy. The premium payment modes that can be availed are yearly, half-yearly and monthly (ECS only).

    Premium payment modes Yearly, half-yearly and monthly (ECS only)
    Minimum premium
    • Single life – Higher of 6 times the HCB of the policyholder or Rs.5,000.
    • Two lives – Higher of 6 times the HCB of the policyholder and 3 times the HCB of the other person or Rs.7,500 per annum.
    • Above two lives – Higher of 6 times the HCB of the policyholder and 3 times the HCB of other individuals each or Rs.10,000 per annum.

    *Premiums may vary depending upon factors like term of the plan, location, age and applicable taxes/GST.

    Plan Coverage – What the LIC Health Plus Plan covers

    Hospital Cash Benefits
    • As per the cover chosen by the policyholder, the Hospital Cash Benefit (HCB) is payable in case the insured is hospitalised due to sickness or injuries
    • In case the insured person is in the ICU, the benefit payable is 2 times the HCB.
    Major Surgical Benefits
    • The policyholder can avail 200 times the Initial Daily Benefits of Hospital Cash Benefits as the sum assured.
    • The insured spouse can also avail the same amount as the sum assured.
    • Each insured child can avail 200 times the Initial Daily Benefits of Hospital Cash Benefits as the sum assured.
    Domiciliary Treatment Benefit The policyholder is allowed to withdraw an amount that is equal to the expense that he/she has sustained with respect to domiciliary treatment.

    The investment options available under the LIC Health Plus Plan are as follows:

    Type of the fund Health Plus Fund
    Investment in equity shares More than 10% and less than 50%
    Shorter investments like money market investments including Corporate Debt and Government Securities Not above 90%
    Corporate Debt or Government Guaranteed Securities Not below 50%

    Riders / Add-On Plans – Additional coverage under the LIC Health Plus Plan

    No rider plans or add-on plans are available under the LIC Health Plus Plan.

    Exclusions – What the LIC Health Plus Plan does not cover

    • Any pre-existing condition like symptoms, illnesses, surgery, pains, etc.
    • Any sickness classified as epidemic.
    • Sexually transmitted diseases or any other conditions associated with HIV.
    • Invasion, war, rebellion, revolution, civil war, etc.
    • Any natural calamity like earthquake, avalanche, etc.
    • Participation of the policyholder in military or naval operations.
    • Radioactive contamination.

    Other Key Features

    Surrender Surrender Value is payable after completing 3 policy years. Only the principal insured can surrender the policy.
    Revival The policy will lapse if the insurance premium is not paid within the grace period. It can be revived within a period of 2 years from the first unpaid premium date.

    Tax Benefits – How you can save under the LIC Health Plus Plan

    Tax benefits can be availed under the prevailing tax laws with the LIC Health Plus Plan.

    Why you should buy the LIC Health Plus Plan from the Life Insurance Corporation of India?

    Life Insurance Corporation of India or LIC is one of the top insurance solution providers in India. Life Insurance Corporation of India has been catering to the insurance needs of people in India for a very long time. They have immense experience in offering suitable products to their customers. The claim settlement ratio of Life Insurance Corporation of India stands at 98%.