LIC also offers health insurance policies like LIC Jeevan Arogya, which provide coverage for medical expenses and hospitalization.
Benefits of LIC Health Insurance Plans
- Hospitalization Coverage: LIC health insurance plans generally provide coverage for hospitalization expenses, including room charges, nursing, doctor’s fees, surgical procedures, and other medically necessary expenses.
- Pre and Post-Hospitalization Expenses: Many LIC health insurance plans cover expenses incurred before and after hospitalization. This can include diagnostic tests, consultation fees, and medication costs related to the illness.
- Day Care Procedures: LIC health insurance plans often cover expenses for day care procedures, which are medical treatments or surgeries that do not require an extended hospital stay but are still medically necessary.
- Ambulance Cover: Some plans provide coverage for ambulance services, including the cost of transportation to the hospital in an emergency.
- Pre-Existing Conditions: LIC health insurance plans may offer coverage for pre-existing medical conditions, although there might be a waiting period before such conditions are covered.
- No Claim Bonus: Many LIC health insurance plans provide a no claim bonus, which is an increase in the sum insured or a reduction in the premium for every claim-free year.
- Cashless Hospitalization: Policyholders can often avail of cashless hospitalization at network hospitals, where the insurance company directly settles the medical bills with the hospital.
- Coverage for Critical Illness: Some LIC health insurance plans offer coverage for critical illnesses like cancer, heart disease, and kidney failure. These plans provide a lump sum payout upon diagnosis, regardless of actual medical expenses.
- Family Floater Plans: LIC offers family floater health insurance plans, allowing a single policy to cover the entire family. This can be more cost-effective than buying individual policies for each family member.
- Income Tax Benefits: Premiums paid for LIC health insurance plans are eligible for tax deductions under Section 80D of the Income Tax Act. This can lead to tax savings for policyholders.
- Lifetime Renewability: Many LIC health insurance plans offer lifetime renewability, ensuring that policyholders can continue their coverage as they age.
- Wellness Programs: Some plans may include wellness programs and health check-up benefits to encourage policyholders to lead a healthy lifestyle and detect health issues early.
- Multiple Coverage Options: LIC typically offers a variety of health insurance plans with different coverage levels and premium options, allowing policyholders to choose the plan that best suits their needs and budget.