LIC's first long term unit link health insurance policy launched

Kolkata, Feb 4 (UNI) The Life Insurance Corporation of India (LIC) today launched its first Long Term Unit Linked Health Insurance product - LIC's Health Plus - targetting mainly those people, who did not have mediclaim or any other health insurance policy.

Unveiling the policy at a media conference, zonal manager R R Das and regional manager (marketing) N Kumar said, ''The new plan combines health insurance covers for the entire family (husband, wife and their children), Hospital Cash Benefit and Major Surgical Benefit along with ULIP component, designed to meet dociliary treatment related to expenses for the insured members.'' The new policy was expected to earn some Rs 750 crore for the LIC's (East Zone) total business target of Rs 5,000 crore by the end of this fiscal, they said, adding that the zone had already earned a revenue of Rs 2,600 crore so far.

The premium of the new policy could be paid in yearly and half-yearly modes and monthly mode was also available for ECS payment.

The maximum cover ceasing age for the plan is 65 years.

One of the unique features of the plan was that the principal insured could withdraw an amonut equivalent to the actual expense the client had incurred in respect of any domiciliary treatment for himself or for the others insured under the policy, subject to the fund value in his account.

Hospital Cash Benefit is a daily benefit payable in case of hospitalisation and the minimum and maximum amount can be between Rs 250 to Rs 2,500 for the principal insured and the maximum amount for spouse/child is Rs 1,500. In case of hopitalisation in ICU, the amount payble is double the eligible daily cash benefit.

Moreover, if the insured underwent any major operation as described in the plan, a lumpsum benefit (regardless of the actual costs incurred) will be payable.

The benefits continued even in case of death of one of the members. In case none of the members are alive, the fund value of the units is payable to the nominee or legal heir(s) of the clients insured.

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