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Old April 19th, 2016, 02:29 PM
Sumit Bhardwaj
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Join Date: Nov 2011
Posts: 34,129
Default Re: Health Plus LIC Policy

As you asking I am telling LIC Health Protection Plus is a unit linked insurance (ULIP) health insurance policy that combines health insurance covers for the entire family including husband, wife and the children. In this plan, premium is divided into 2 parts- one part is utilized to provide health protection and the other part is utilized for investment in the market linked fund.

LIC Health Protection Plus advantage

On Death–
There is no death cover as such under this plan. However, the Fund Value would be paid out in case of death of the Life Insured and the policy would be terminated.

On Maturity–
On maturity, the Fund Value is paid to the policyholder.

For Income Tax–
Health Insurance premiums paid up to Rs. 15,000 are allowed as a deduction from the taxable income each year under section 80D



Other features of LIC Health Protection Plus
Fund Value is paid as Maturity Benefit or on earlier death of the life insured

Provides health cover for the entire family, including newborn from the age of 3 months.

Both hospital cash benefit and major surgical benefit are covered. Hence, this plan can be classified as individual health plan, family floater and critical illness all three are covered in one plan.

Major Surgical Sum Assured is 200 times the Hospital Cash Benefit.

Hospitalisation Cash Benefit increases by 5% every year

Domiciliary treatment is covered for which there in no requirement for hospitalisation

Option for a Premium Holiday after 3 policy years

New Members can be added in case of Marriage, Childbirth or Legal Adoption

Increase or decrease of premiums is allowed during the term of the policy
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