LIC health plus
unique unit linked health insurnace plan no. 901
Hospital
cash benefit - HCB,
Major surgical benefit - MSB,
Domiciliary treatment benefit - DTB,
Benefit at end of the policy term,
Death benefit.
Contrasting the cashless transaction
model followed by rival, LIC's product would be based on
the lines of floater plan, which would give the policyholder
the option to receive a lump sum - which means claims could
be made for even treatment / cure at home. "The supplementary
element would be domiciliary claim, where a patient taking
treatment at home will be compensated as and when he tenders
the comprehensive bills.
Life Insurance Corporation of India is targeting
to provide health cover to close to 10 million families
in the 1 year of the operation / launch of the product and
expects over Rs 4000 to 5,000 crore of revenues.
LIC has declared that the present cashless form is
not in support of the customer as many hospitals were not
compliant with the facility. In many cases hospitals are
over charging if a patient comes with an insurance cover
that offers cashless treatment. Therefore LIC has set up
its health department at Hyderabad, which will contain the
centralized data.
LIC Health product will not have
a level premium and will increase with the age of the insured
and if more benefits are opted for. Pre-existing diseases
will be covered, but with some clauses. LIC being the Insurance
giant will offer a health savings account and a unit-linked
component attached to it the Lic heatlh product for the
benefit of customers.
LIC health policy will cover outdoor patient expenses, but
there will be limits to ensure overcharging by health care
providers.
Apart from LIC India there are few other companies in general
insurance like: ORIENTAL Insurance India, NATIONAL Insurance
India, UNITED INDIA Insurance India, NEW INDIA Assurance
India, RELIANCE General Insurance India, ICICI Lombard General,
BAJAJ Allianz General Company, TATA AIG General Insurance,
HDFC CHUBB General Insurance, IFFCO TOKYO General Company,
ROYAL Sundaram General, CHOLAMANDALAM General, STAR Health
Insurance India.
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