LIC Health Insurance Plans: Benefits| Features

LIC Health Insurance Plans: Benefits| Features

LIC Health Insurance Plans– LIC stands for Life Insurance Corporation, is an Indian statutory investment and insurance organization, which was established on 1 September 1956 under the ownership of the Ministry of Finance, Government of India.

More than 245 companies and provident societies were merged over time to create the state-owned life corporation of India. LIC provides LIC Health Insurance Plans and LIC Life Insurance Plans and remained the monopolist for most of the years until 2000 and now they also insured most of the people in our country despite the fact, that many new companies have been competing in the same market.

Also, read| What Is Personal Liability Insurance?

Objectives of LIC

  • To sell LIC life insurance policies as well as LIC health insurance covers to the people in cities and the rural area as well as in the country where individuals need insurance cover. The organization expects to give beneficial cover to all
  • To put the policyholders’ money in the most ideal manner with the goal that the assets provide great returns to the policyholder.
  • LIC Health Insurance and LIC life insurance main objective is to promote a sense of belonging and pride in the minds of the agents and employees of the organization

What Is A Health Plan?

Health insurance is a plan which provides financial help and covers the cost in case of a medical emergency. Health insurance covers day-to-day hospitalization costs as well as the cost of medical treatment.

LIC Health Insurance Plans 

LIC’s Jeevan Arogya and LIC Cancer Care is a one-of-a-kind non-participating non-linked plan which gives health insurance to cover certain medical emergencies and gives you convenient help if there is a need for money in health-related issues and helps you and your family remain financially supported in difficult situations.

1- LIC’s Jeevan Arogya

  • Jeevan Arogya LIC health insurance policy provides Valuable financial support and covers and is the best LIC health insurance plan for the family if there should be a situation of hospitalization, medical procedure and so forth Expanding Health cover each year.
  • In the LIC Jeevan Arogya plan, you will get a lump-sum amount regardless of genuine medical expenses.
  • No claim benefit.
  • LIC life insurance Jeevan Arogya has flexible premium installment options.
  • In LIC life insurance Jeevan Arogya you can easily pick your plan.

Advantages of LIC Health Insurance Jeevan Arogya Plan-

  • Hospital cash advantage.
  • Major Surgical Benefit (MSB).
  • Day Care Procedure Benefit.
  • Other Surgical Benefits.
  • Ambulance Benefit.
  • Premium waiver Benefit (PWB).
  • Gives your 4000/day in case you are admitted to the clinic under any circumstance, no need for doctor’s visit expenses (medical cash advantage).
  • You can receive a decent amount of cash as a careful advantage in the situation that you go through any medical procedure.
  • You can receive Rs 4 lakh as a Major surgical advantage (MSB). It covers 140 recorded significant medical procedures).
  • You can receive Rs 20,000 as a daycare benefit(DCPB) in the situation that you having at minimum a single stitch. ( it covers 140 surgeries where hospitalization isn’t needed).
  • Another careful advantage.

Eligibility Conditions Of LIC Health Insurance Jeevan Arogya Policy-

Entry age for Self/Spouse 18 years 65 years
Entry age for Children 91 days 17 years
Entry age for Parents 18 years 75 years
Age at Maturity 80 years

2- LIC Cancer Care (Plan (905)

  • The disease can worsen a person’s financial savings and as well as their family. There are a huge number of examples all over the place. To save one from the worst situation LIC is providing you cancer cover plan and LIC health insurance plans for your family which provides you financial assistance which covers up the medical expenses during the hospitalization and daily medical expenses.
  • LIC Cancer Cover gives financial assurance from all that is said above at exceptionally low premiums. This can be taken from the age of 20 years ahead.
  • For example- in case you are 20 years of age’s and take an insurance plan of Rs 30,00,000/ -, term of 30 years (given Amount Assured), the premium each year will be just 3257/ -. There will be tax benefits per Section 80D on premiums paid. The holding period will be 180 days before any claim can be made. In the event of the actual disease, the financial advantage being provided by LIC to the insured person.

Advantages of LIC Health Insurance Cancer Care plan-

  • For the First Stage

25 % Immediate Payment of Amount Assured

3 years Premium Waived

  • For the Second Stage

100 % Applicable Amount Assured

1% Applicable Amount Assured each month for a very Long time

All Future Premiums Waived

Eligibility Conditions of LIC Health Insurance Cancer Care plan-

Entry age 20 years Completed 65 years
Policy Term 10 years 30 years
Maturity Age 50 years 75 years
Total Amount Assured 10 Lakhs 50 Lakhs

Advantages On Detection of Cancer

  • For the First Stage

25 % Immediate Payment of Amount Assured

3 years Premium Waived

  • For the Second Stage:

100 % Applicable Amount Assured

1% Applicable Amount Assured each month for a very Long time

All Future Premiums Waived

LIC Health Insurance Premium Calculator

Advantages Of LIC Health Insurance Policy

  • Guaranteed protection from death and disability.
  • Loan facility on policies
  • Surrender facility available easily
  • Lumpsum tax-free amount at policy maturity
  • Policy premiums can be paid anywhere in India
  • Policy transferrable throughout India.
  • Decent returns with 100 % capital protection.

Why Everyone Should Invest In Health Insurance Policies

Health is wealth, but the late hours, busy schedules, increasing pollution, and a fast-paced lifestyle, among other reasons, have rendered us and our health in quite hazardous positions. Today, health may be a major concern in India, something that’s not helped by the fact that health care costs are on a continuing rise. While the general assumption has increased significantly, it’s also a fact that the amount of diseases that affect the youth is deliberately on an increase.

In that regard, there’s no denying the situation that insurance plans are a necessity, no matter what your age is. With medical insurance, many individuals turn towards family insurance to avoid having to pay huge medical bills which will end their entire savings.

Medical insurance plans presented by life protection organizations are unique to health plans presented by large insurance agencies and LIC medical insurance plans are one of them. Life insurance offers fixed-advantage health care coverage plans which pay a proper amount if the guaranteed experiences a covered medical possibility. The amount is independent of the genuine medical expenses caused.

Expenses paid towards the expense are qualified for charge allowance under Section 80D  up to a limit of INR 25,000. In any case, for senior residents, the limit increments to INR 50,000.

The Best Time To Buy An Insurance Policy

The best time to shop for an insurance policy is as early as possible. One can easily assume that health care costs are only getting to rise within the future; therefore, a little delay in buying medical insurance is ill-advised. There are several benefits that you simply get once you prefer to buy insurance at a young age. Some of these benefits are listed below:

1- The numerous time limits

Health insurance plans have waiting periods that will range from 30 days to 4 years days during which no claims are often made. If you purchase your insurance policy at a young age like 20 or 25 yrs, you’ll make certain that you simply can easily last out the waiting period. Apart from this waiting period, there are others regarding pre-existing diseases and ailments like cataracts, knee replacements, etc. When you are young, you generally don’t need coverage for such ailments, which allows you to finish the waiting periods with no issues.

2- Comprehensive Plans at lower Premiums

When you are young, you’ll avail insurance plans with no medical check-up, and you’re offered a wider range of policies. Premium rates depend upon a variety of factors, one among which is that the age of the policyholder. So, you’ll get comprehensive coverage at lower premiums. Many of the newest insurance plans offer wide coverage that covers daycare procedures, OPD expenses, maternity benefits, etc. Further, the coverage will only increase as you grow old, therefore the longer you’re on your plan, the higher coverage you’ll get. And with the various plans available to you, you’ve got the liberty to choose an idea after due consideration, to settle on one that suits your needs and requirements the best.

3- Lifetime Renewability

Buying insurance at an older age comes with numerous benefits. You have to undergo medical check-ups before you’ll avail of the insurance, and tons of policies also accompany upper age limits for entry into insurance. But, once you buy an insurance policy at a young age, you’ll search for a policy that gives lifetime renewability and make sure that you remain covered for a long period of your time and may avail of extended coverage.

4- Cumulative Bonuses

Almost all insurance companies offer a cumulative bonus for each claim-free year, called the ‘No Claims Bonus. When you buy insurance at a young age, the likelihood is that that getting through a year without claims won’t be that tough, and because it may be a cumulative bonus, you’ll accumulate a big increase within the total coverage amount, which can be very helpful within the later years once you need a bigger coverage.

5- Better Financial Planning

Buying an insurance policy at a younger age allows you to access better health coverage. It also helps in planning your finances in a better manner. When your medical cover is adequately consistent with your needs, you’ll specialize in making other future investments. LIC health insurance will give you a good opportunity for medical insurance investment.

Apart from the above-mentioned benefits, there are fewer chances of you being affected by health complications. This means that the probabilities of your application to shop for an insurance policy being rejected are next to negligible.

6- Tax Benefits for a Longer Period

According to the tax Act of 1961, under section 80D, one may claim the premium paid towards individual or family insurance as a deduction from their total income. When you buy insurance at a younger age, you’ll enjoy the tax benefits for an extended period of your time. LIC health insurance will surely help you in that.

For example-

Premium Paid for the insurance Deductions under Section 80D of the Income Tax Act
Paid for Self, Family, Children Parents of the policyholder
When the policyholder, as well as the parents, are less than 60 years old Rs. 25,000 Rs. 25,000 Rs. 50,000
When the policyholder and family members are aged below 60 yrs old with parents aged more than 60 yrs old Rs. 25,000 Rs. 50,000 Rs. 75,000
When the policyholder, family members, and parents are aged more than 60 years of age Rs. 50,000 Rs. 50,000 Rs. 1,00,000
Members of the HUF (Hindu Undivided Family) Rs. 25,000 Rs. 25,000 Rs. 25,000
Non-Resident Individuals (NRIs) Rs. 25,000 Rs. 25,000 Rs. 25,000


LIC has been serving the nation with the spirit of belongingness and care, therefore they offer the best policies for health and life which assures the policyholder to protect and support them and their family members in times of necessity and medical emergencies or death.

Above we have described the importance of health insurance and the best company which is government-owned which provides best plans for the protection of health and life that adheres to the possibility of wiping out much needed financial assistance at the time of emergency, we request all the readers to buy health insurance for yourself and your family members to protect your near and dear ones at the time of emergency.

FAQs Of LIC Health Insurance Plans

How to apply for LIC health insurance plans?

One can apply for LIC health insurance policies by online LIC portal, registered LIC agents, or branches located in major areas of cities.

What are the documents needed to apply for a LIC health insurance policy?

While we taking the new LIC Health Insurance policy you need to submit the below documents to the LIC office-

i) Age Proof

– School Certificate
– Passport
– Pan Card
– Driving License
– Aadhar Card ( With a full date of birth)

ii) Residence Proof / Address Proof

– Ration Card
– Voter Id
– Electricity Bill
– Water Bill
– Gas Bill
– Mobile Postpaid Bill
– Telephone Bill
– Credit Card Bill
– Bank Passbook
– Driving License
– Passport
– Rental Agreement

iii) Photo ID Proof

– Pan Card
– Aadhar Card
– Driving License
– Passport
– Voter Id
– Ration Card
– Bank Passbook with proposer photograph

iv) Income Proof

– Salary Slip / Pay Slip
– Bank Statement ( last 3 months )
– Form 16
– Income Tax Returns
– Pension Pass Book

v) Latest Photograph One

Note: If you are giving a cheque, Cheque in the name of “Life Insurance Corporation of India / LIC of India” towards policy premium. One canceled cheque leaf of NEFT registration for the new/existing policy.

Why one should invest in a LIC health insurance policy?

Buy early for the best price, It provides you with a fixed lump sum payment. Get tax benefits: A comprehensive health insurance plan not only helps you meet unplanned health care expenses but also aids in tax saving. You can avail of pre-defined tax benefits by paying the premium for health insurance.

Is there any waiting period with the LIC Arogya Jeevan plan?

For each insured individual, the waiting period is 90 days from the date of policy commencement, except in case of accidental hospitalization or surgery

How is premium determined for LIC Health Insurance Jeevan Arogya Policy?

  1. LIC Jeevan Arogya policy premium is determined based on age, gender, insurance cover; Principal assured premium payment mode, etc.
  2. The premium will also depend on the extent of HCB or Hospital Cash Benefit chosen and whether the insured member is Principal Insured or any other Life Insured.
  3. For LIC Health Insurance Jeevan Arogya premium for Principal Insured and the other life insured will be different even if they have the same age or insurance cover Premiums can be paid yearly, half-yearly, quarterly, or monthly (ECS mode only).
  4. LIC can review the premium amounts every third year, subject to IRDA approval.

Nikita Dhyani

Nikita Dhyani is a Content Writer at Ionic Digitech. A passionate content writer and has been using her content writing skills to develop various content related to financial and business-related topics. She has done BAJMC (Bachelors in media and mass communication and journalism) from Graphic Era University. Her specialties include - Content creation, Content development, Media managing, Communications skills.

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