LIC has introduced a unique and comprehensive Health Insurance Scheme called "Jeevan Arogya" from 1st June2011 for the entire family. The family here includes Husband, wife, children, Parents and Parents-in-law and every member is covered up to age80 (children up to age 25). A person can enroll from age 18 to 65years. For parents and in-laws, the maximum entry age is 75yrs. For children it is between 3mths and 17years.This scheme offers Daily Hospital Cash Benefit ranging from Rs.1000/- to Rs.4000/- per person (Double the cash benefit while in ICU) in case of any Hospitalization. This benefit is available for a total period of 720 days per person during the tenure of the Scheme. In case of Major Surgeries, 140 of which are listed in the scheme, surgical benefits of Rs.1lakh to Rs.4lakhs per person depending on the premium paid is also available.
Therefore, you will appreciate that "Jeevan Arogya" is a Defined benefit Scheme, paying the amounts guaranteed as given above and not a Reimbursement Scheme based on Actual spendings for the treatment in case of Hospitalisation.The benefits of the Scheme are also independent of any other medical Scheme that you may be already have. Income Tax Benefit under Sec80 (D) of IT Act 1961 is also available. Day Care Procedures (140 surgeries) are also covered. Advance Payment of 50% of the Benefits (QUICK CASH FACILTY) is given in case of 57 Major surgeries performed in Net Work hospitals. You can also add Premium Waiver Benefit, Term Insurance cover, Accident and Disability benefits under the Scheme at a nominal cost. Ambulance charges are also reimbursed in some cases. That is why it is called a Comprehensive Health Care Scheme.
Health care at the Prohibitive cost prevalent today is every body's concern. The hospitals charge very heavily in case of unfortunate hospitalization due to major ailments. At higher ages, the cost of Medical Insurance is also very high. In this scheme offered by the biggest and most trustworthy insurer of the country, the premium depends on entry age unlike Mediclaim type of Schemes where it is a one year contract and premium charged varies with age when we renew the scheme.
A Cost-Benefit Analysis shows that for a healthy person aged 35, his wife aged 30and two children aged 10&8, the total annual premium is Rs.6214/-.The total benefits available under this scheme would be 32 lakhs for Major Surgeries for all the four members and 28.8 lakhs as Hospital Cash Benefit. The No Claim benefit payable and the Automatic increase by 5% every year in Hospital Cash Benefit is not taken into consideration while calculating the quantum of benefits as above.
Major Highlights of the plan
- · A unique non linked plan offering both life & health cover up to age 80 yrs.
- · Single Policy for self (Principal Insured-PI) & entire family including Dependant Parents and Parents-in-law.
- · Health Benefit for Listed as well as unlisted surgeries.
- · Benefit type of policy without any link to actual expenses incurred.
- · No exclusion of first few days, if hospitalization exceeds 7 days.
- · High rebates on higher HCB Slabs.
- · Premium paid will be eligible for IT exemption under section 80D up to Rs.15, 000/- (Rs. 30,000/- if parents are covered).
Thanks,
dDewang K Mehta
DENIP Consultants
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