Life Insurance Corporation of India (LIC) is looking to mop up Rs 750 crore by the end of this fiscal, from Eastern region through its maiden stand alone health insurance scheme, Health Plus. | |
| LIC has set a first year premium income target of Rs 5000 crore for the fiscal from its east zone operation. |
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| "We have already crossed Rs 2600 crore in January 2008 and this new scheme is expected to raise Rs 750 crore which is 15 percent of the budget target of Rs 5,000 crore for the zone," said RR Dash, zonal manager (LIC), LIC. |
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| Health Plus is the first long term unit linked health insurance from the company and it combines health benefits to entire family (husband, wife and children) in a single policy providing daily hospital cash benefit, major surgical benefit and domiciliary treatment benefit. |
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| The premium allocation charges for the first year would be 30 percent and 6 percent in the subsequent years. |
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| "This plan would cover the entire family through hospital cash benefit, major surgical benefit along with a ULIP component designed to meet domiciliary treatment related expenses," he added. |
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| One of the main features of the policy is that the premium remains unchanged through the tenure of the policy. |
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| The policy provides withdrawal of fund equivalent to the actual expenses incurred in respect to the domiciliary treatment after three years as this component is dependent on the capital market. |
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| Hospital cash benefit benefit is payable on a daily basis in case of hospitalisation and it ranges between Rs 250-2,500 for the principal insured. However this benefit does not include the expenses incurred during the first 48 hours of hospitalisation. During the term of policy, this benefit shall be available for 365 days for each member. |
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| In case of any major operation as described in the plan the principal insured would get lumsum benefits, and this could be availed thrice during the policy tenure. |
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| "Eligible age for entry is 18 to 55 years, with maximum age at maturity being 65 years. Dependent children can be insured under the scheme between 3 months and 17 years of age, after which they will cease to be beneficiaries," Dash said. |
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