If you consider purchasing a health insurance policy from LIC, you’ll want to ensure you read the fine print. The Jeevan Arogya plan is a non-linked plan that costs more than most other plans. Moreover, it doesn’t offer cashless benefits and hidden wordings. Read on to find out if it’s a good choice for you.
Jeevan Arogya is a non-linked plan.
The Jeevan Arogya plan from LIC is a non-participating health insurance plan that offers health coverage for you and your family members. The plan offers various benefits, such as an annual increase in health cover, lump sum benefits, flexible premium payment options, and varying benefit limits. The plan is designed to meet the needs of people in all age groups and is ideal for insuring yourself and your family.
A hospitalization benefit is one of the main benefits offered by Jeevan Arogya. It can be claimed if you are admitted for more than 24 hours. The policy also extends the daily cash benefit to the period of hospitalization. After the first 24 hours, the cash benefit will continue to increase. After the first year, it will increase to 1.5 times the HCB.
Jeevan Arogya also offers an MSB cover, a significant surgical benefit. The policy will reimburse a policyholder 5% of his or her premium for major surgeries. In addition, the plan offers a No-Claim Benefit of up to 5% of the initial daily benefit for each insured. The plan also offers a tax exemption under Section 80D.
It does not offer a cashless facility.
There are a few things that you should consider before signing up for a health insurance plan. Cashless facilities are not provided in every plan. Some LIC plans only cover a certain percentage of medical expenses. For example, a plan may only cover 80% of a doctor’s bill, while others may cover only 50%. You must check with the insurance company to see if LIC covers these expenses.
It has hidden wordings.
Before buying a policy from LIC, you must read the hidden wording carefully. This policy may look simple enough, but there are some hidden restrictions that you need to know about. For instance, you can claim the daily hospital cash benefit only once in the first year and twice in the second year for the Major Surgical Benefit. You may also find limitations on the accidental benefit rider and term insurance. It is essential to read the fine print before purchasing a policy to avoid paying more than you should.