LIC Jeevan Arogya Policy: Review Analysis & Details: Finance Trading Times

LIC Jeevan Arogya Policy: Review Analysis & Details

Details about LIC Jeevan Arogya Policy & review, analysis and opinion about LIC Jeevan Arogya Policy.
All of you may have seen the LIC Jeevan Arogya Policy ad on television as well print - the ad has a punchline - "A Comprehensive health plan that takes care of your EXTENDED Family too". Generally, the words used in punchlines of any ads adefine its USP. So what do we conclude from this punchline about LIC Jeevan Arogya Policy? The first thing comes to mind is that this health plan from LIC will cover your extended family as well, that will include your parents-in-law.

LIC Jeevan Arogya Policy: Review Analysis & Details

Let us see whether this LIC Jeevan Arogya Policy worth any investment and who should consider it for investment, health plan as well as insurance.
Basically, it is a healthplan - i.e. it provides you medical insurance in case of hospitalization of you or your family members and even your extended family members. Such medical health plans are good if you want some peace of mind for the increasing costs of hospitalization. However, as a note of caution, one must always read the fine prints, the exceptions and the terms and conditions before paying for such plans. Image sourced as screen-shot from LIC Site LIC Jeevan Arogya
This LIC Jeevan Arogya Policy will provide health insurance cover against certain specified health risks for hospitalization, surgery, etc.
What are the unique features of the LIC Jeevan Arogya Health Plan policy?
The site claims the following:
- The health cover increases every year
- One can get lump sum benefit irrespective of the actual cost of hospitalization/surgery/medicines
- There is no claim benefit available
- Extended family members are covered

What are the available options in the LIC Jeevan Arogya Health Plan policy?
There are multiple options available in the Jeevan Arogya policy for "Daily Hospital Cash Benefit", and that is something which is unique in this offering. At the time of buying this plan, you can select the "Daily Hospitalization Amount" which you expect to need in case of hospitalization.
There are 4 choices available - Rs. 1000 per day, Rs. 2000 per day, Rs 3000 per day and Rs. 4000 per day.
Now what does that mean? Say for example you expect that in case you or your family members will need around 2000 Rs. per day of medical/surgery/hospitalization cost in case of any health problems that require hospital treatment for more than 24 hours. Then you should go for Rs. 2000 per day plan.
Hence, you get the flexibility to select your level of medical expense.

Another major benefit is in terms of the "Surgical Benefit Sum Assured". This will be 100 times the selected option. So if you go with Rs. 2000 per day Daily Hospital Cash Benefit option, then your Surgical Benefit Sum Assured will be Rs 2 lakhs (100 time Rs 2000). So in case any of the covered persons needs a surgery along with hopitalization, he/she will get this Rs. 2 Laks for surgery expenses.

What are the age limits for LIC Jeevan Arogya Health Plan policy?
The principal insured (and the spouse) can be between 18 to 65 years. Parents and in-laws can be 18 to 75 years while children 3 months and 17 years.
But please note that all adults are covered till the age of 18, while children are covered only till 25 years age.

Also keep in mind that the premium to be paid increases as the no. of family members (and extended family members) increase in the covered plan.

What are the other benefits available in LIC Jeevan Arogya Health Plan policy?
There are the following benefits available:
- Day Care Procedure Benefit
- Other Surgical Benefit
- Premium waiver Benefit (PWB)
- Ambulance Benefit
- Quick Cash facility: In case you go for hospitalization in any of the listed network hospitals, you will be eligible to get a 50% of eligible MSB amount
- Accident Benefit Rider
- Term Assurance Rider: Principal Insured and Spouse may opt for term assurance plan i.e. in case of unfortunate death, the amount equal to Term Assurance Sum Assured will be payable
- No claim benefit - if there are no claims in a year, then a no claim benefit will be available on next renewal

How can I pay premium for LIC Jeevan Arogya Policy
You have choices here - yearly, half-yearly, quarterly or monthly (ECS mode only)
However, premiums paid are only guaranteed for 3 years from the start of policy. LIC can revise the premiums after 3 years.
Since this is hospitalization/surgery/ medical health plan based upon the expenses, there is NO SURRENDER value available in this LIC Jeevan Arogya Policy. You cannot get any loan against this policy as this is not an investment, and there cannot be any assignment of this plan to anyone.
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