LIC enters health insurance sector

Insurance giant, LIC is entering health insurance business with the launch of ‘Health Plus’ on February 4 across the country to provide health benefits to all people in the rural as well as urban areas, a top company official said.

"Health Plus policy is unique in its kind providing health benefits to entire family (husband, wife and children) in one policy and provides daily hospital cash benefit, ICU expenses, major surgical benefit and domiciliary treatment benefit," LIC Sr Divisional Manager Partha Samal told newsmen.

He said since it is a unit linked product, it allows investment of surplus funds in capital market, giving health benefits and capital market gains.

Samal said a person paying Rs 15,000 yearly premium for his family can claim tax benefits under section 80d and can avail major surgical benefits of Rs 5,00,000 per member along with hospital cash benefit of maximum of Rs 2500 per day.

During the term of policy, this benefit shall be available for 365 days for each member. Domiciliary treatment benefit can be availed twice a year.

The policy also provides easy withdrawal of funds after three years. Nagpur division has set target of selling two lakh policies during the next two months, Samal added.