The name of this scheme of LIC is Jeevan Lakshya whose table number is 933. The special feature of this policy is that it guarantees security of capital along with fixed income. In this, on depositing Rs 125 daily, you get Rs 27 lakh. The special thing about this policy is that this plan is for 25 years, but you have to pay the premium only for 22 years. The policy term for this scheme is 13 to 25 years.
LIC Arogya Rakshak policy: In life insurance, the entire medical cost of the policyholder is covered up to a limit, while in Arogya Rakshak, the benefit of fixed benefits is available for different diseases.
LIC Arogya Rakshak policy: Life Insurance Corporation of India (LIC) has launched Arogya Rakshak policy , a non-linked, individual health insurance plan with regular premium. Under this plan, the policyholder gets health cover for certain diseases. This plan is available in both individual and family floater form.
The purpose of LIC Arogya Rakshak policy is to provide necessary and timely help to the policyholder in case of medical emergency. This policy makes the insured financially independent. This policy is different from traditional health insurance in many ways. The biggest difference between both the insurance policies is in the mode of payment. In life insurance, the entire medical cost of the policyholder is covered up to a limit, whereas in Arogya Rakshak, the benefit of fixed benefits is available for different diseases.
A total of 12 types of benefits are available
The biggest benefit of Arogya Rakshak is HCB i.e. Hospital Cash Benefit. Apart from this, 11 types of other benefits are available. These include Major Surgical Benefit (MSB), Ambulance Benefit, Auto Health Cover, Quick Cash Benefit, Day Care Procedure Benefit (DCPB), MMB (Medical Maintenance Benefit), Other Surgical Benefit (OSB), Health Check-up, No Claim Bonus, Benefit of tax deduction and premium waiver benefit (PWB) is available under section 80C.
eligibility condition
Talking about the condition of this insurance policy, the minimum entry age for an individual is 18 years and the maximum age is 65 years. This policy can be availed for a maximum period of 80 years, which is called the cover seasoning edge. If the family member is also included, then the minimum entry age for the spouse and the parent is 18 years and the maximum entry age is only 65 years. The minimum age of children can be 91 days and maximum 20 years. The covered seasoning age for children will be 25 years.
How much do you get as bed charge?
Talking about HCB i.e. Hospital Cash Benefit, what is available as bed charge on hospitalization. By the way, its technical term is IDB (Initial Daily Benefit) which can be minimum 2500 rupees and maximum 10 thousand rupees. This can be increased to a multiple of Rs 500. MCB will get double benefit if admitted in ICU. If the minimum cash benefit is Rs 3000, then up to Rs 6000 will be available daily as ICU bed charge.
Benefit of hospitalization up to 90 days
On taking this policy, maximum 30 days of hospitalization (HCB benefits) can be availed in the first year. From the second year onwards, a maximum of 90 days of hospitalization can be availed every year. A maximum of 900 days HCB can be availed during the entire term.
Sum assured is 100 times of MCB
Talking about MSB i.e. Major Surgical Benefit, it will be 100 times of MCB which is also called Sum Assured for Medical Insurance. If the MCB is Rs 5000 then the sum assured will be Rs 5 lakh for that policy which is also known as MSB. Premium calculation is done on the basis of medical cash benefit only.
263 types of surgeries covered
263 types of surgeries are covered in LIC’s list and Major Surgical Benefit has been fixed for each surgery. You will get the full benefit of that section on making an insurance claim. It does not matter how much your total medical bill comes. In a year, a member will get only 100 percent of the maximum MSB. That means, on medical cash benefit of Rs 5000, maximum surgical benefit of Rs 5 lakh can be availed in a year.
Different cover available for different categories
Life Insurance Corporation has divided 263 surgeries into different sections. 31 types of surgeries have been included under Category 1 and in this, 100% MSB benefit is available. 59 surgeries are included in the second category and 60 per cent of the medical cash benefit is available in this. There are 112 types of surgeries under the third category and 40 percent of MSB benefits are available in this.
