LIC to launch health cover on Ulip platform

HYDERABAD: The Life Insurance Corporation of India (LIC) has got the insurance regulator’s go-ahead to launch the country’s first-ever health insurance policy on unit-linked platform. The new product — Health Plus — marks LIC’s foray into this segment and will provide protection along with a savings element. The product will be launched by the end of this month, said LIC executive director and head, health insurance DD Singh. According to him, the product is designed as a benefit plan covering not just the policyholder, but also his family members including children in the age group of up to 17 years in a single policy. The benefits will cover hospital cash benefit, major surgical benefit, domiciliary treatment benefit, benefit at the end of the policy term and death benefit. All benefits will be available subject to the terms and conditions of the policy. Subscription to the product will be open to individuals in the age-group of 18 to 55 years. The benefits will be available till the policy holder turns 65. The policy holder’s children will be entitled to claim benefits up to 25 years of age. “The unique feature of the policy will be the auto cover facility after the payment of a minimum three years of premium. The benefits would be available to the family members covered under the policy even after the death of the policyholder after at least 3 years’ premiums are paid. The other unique feature is of savings through investments in units,” said Mr Singh. The premiums paid will qualify for an income-tax deduction under Section 80 D. This mean that individuals can claim a tax deduction of up to Rs 15,000 a year and senior citizens up to Rs 20,000 a year. LIC had roped in re-insurer Munich Re to structure the new product. The corporation expects to provide cover to at least one crore families within a year of the launch of its new health insurance product. It has the advantage of a million plus agents across the country. It is, however, yet to cement plans to set up a standalone health insurance company.

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