Mumbai: Life Insurance Corporation has rolled out its first health insurance product, which is also the first unit-linked health policy to be introduced in the market. The plan combines health insurance for the entire family (husband, wife and the children). It offers hospital cash benefit and major surgical benefit along with a Unit Linked Insurance Component that is specifically to meet the domiciliary treatment-related expenses for the insured members.
The hospital cash benefit per day ranges from Rs 250 to Rs 2,500 for the principal insured and up to Rs 1,500 in the case of a spouse or a child.This benefit is, however, payable only for the period of hospital stay in excess of the first 48 hours.The major surgical benefit is a lump sum (of up to Rs 5 lakh) which could be a specified percentage of the sum assured depending on the type of surgery. The premium allocated to purchase units will be invested in a Health Plus Fund. A minimum of 10 per cent and a maximum of 50 per cent will be invested in equity. If a customer pays Rs 15,000 in premium per annum, Rs 1,614 would go towards health insurance charges. After deducting an allocation charge, the balance would be invested in the Health Plus Fund.
The insurance cover can be renewed until the age of 65 and at the end of the policy term, the balance in the policy fund is payable. The benefits continue even in the event of the death of one of the members.
The hospital cash benefit per day ranges from Rs 250 to Rs 2,500 for the principal insured and up to Rs 1,500 in the case of a spouse or a child.This benefit is, however, payable only for the period of hospital stay in excess of the first 48 hours.The major surgical benefit is a lump sum (of up to Rs 5 lakh) which could be a specified percentage of the sum assured depending on the type of surgery. The premium allocated to purchase units will be invested in a Health Plus Fund. A minimum of 10 per cent and a maximum of 50 per cent will be invested in equity. If a customer pays Rs 15,000 in premium per annum, Rs 1,614 would go towards health insurance charges. After deducting an allocation charge, the balance would be invested in the Health Plus Fund.
The insurance cover can be renewed until the age of 65 and at the end of the policy term, the balance in the policy fund is payable. The benefits continue even in the event of the death of one of the members.
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