LIC launches Health Insurance Plan “HEALTH PROTECTION PLUS”

LIC’s Health Protection Plus plan is a unique long term health insurance plan that offers
health insurance covers for the entire family (husband, wife and the children) – Hospital
Cash Benefit (HCB) and Major Surgical Benefit (MSB) along with a ULIP component
(investment in the form of Units) that is specifically designed to meet Domiciliary Treatment
Benefit (DTB) / Out Patient Department (OPD) expenses for the insured members.

Hospital Cash Benefit (HCB) is a daily benefit payable in case of hospitalization . It can
range from Rs.250/- to Rs.2500/- for the Principal Insured (the person who proposes for
insurance). For the Spouse or the children, the maximum amount of HCB is Rs.1500/-. The
amount of daily benefit doubles in case of hospitalization in ICU. The IDB (Initial Daily
Benefit) is applicable during the first year of risk cover. The amount of daily HCB will
increase @ 5% simple p.a. every year on policy anniversary until it hits a cap of 1.5 times
the initial benefit.

Major Surgical Benefit (MSB): In the event of the insured undergoing one of the major
surgeries defined in the the policy, a lump sum benefit (regardless of the actual costs
incurred) equivalent to the percentage of the sum assured mentioned against that surgery
will be payable. The sum assured for major surgical benefits will be 200 times of the HCB
you choose.

Domiciliary Treatment Benefit (DTB): The Principal Insured can claim an amount
equivalent to the actual expense he or she has incurred in respect of any domiciliary
treatment or to meet the medical expenses incurred over and above the hospital cash/major
surgical benefits in respect of either oneself or the others insured under the policy.
Both HCB and MSB covers are available subject to a waiting period from the
commencement of the risk cover – in respect of each insured member: No death insurance
cover is available under the plan.

All eligible existing family members are to be covered at the beginning (proposal stage)
itself. New members can however be added under certain specified conditions.

Modes of Payment allowed are: Yearly, Half-Yearly, & Monthly (ECS Mode only). The
premiums allocated to purchase units will be strictly invested in a Health Protection Plus
Fund (Income and Growth – Low Risk).

One of the important features of the Plan just like all other health plans of both Life & General Insurance companies that makes these plans doubly attractive is that the premiums paid under the policy are eligible for Tax Rebate under Section 80(D) of Income Tax Act, 1961.