The health plus insurance plan is yet another unit linked plan that is meant to cover the health of an entire family. This LIC mediclaim offers some major benefits such as major surgical benefit as well as hospital cash benefit. The minimum age of the insured must be above eighteen years and in case of a children it must of more then three months. The maximum entry age of this LIC Mediclaim policy is 55 years for the principal as well as his spouse and 17 years for their children.
In this LIC mediclaim Policy, the premium is can be paid yearly, half yearly and monthly. The monthly premiums can only be paid with the help of ECS or (Electronic Clearance Scheme). Here the sum assured for Major Surgical Benefit would be two hundred times the HCB applicable to each insured person.
There are certain conditions regarding the payment of premiums and these are as follows:
- If a person wants to have health insurance cover for its entire family then the minimum annual premium would be 6 times the HCB of the principal insured or Rs.5000, whichever is higher.
- If a person wants to have health insurance cover for two people, then the minimum to be paid would be six times of the HCB (Hospital cash benefit) regarding the first person and three times regarding the second person or Rs. 7,500, whichever is higher.
- If the insurance cover would be for three or more people in a family member, then the minimum amount to be paid would be would be six times of HCB and three times the HCB of the other person or Rs. 10,000, whichever is higher.
The premium that is received is generally invested in Health plus fund that is invested in Government, Government guaranteed, corporate securities and debt markets. This term for this policy is up to the time when the Principal insured turns 65 years of age. This means that when the principal and his spouse attains the above mentioned age then the MSB and HCB cover would get stopped automatically.