The benefits and features of this plan seem to be very unique. It offers complete hospitalization benefits for the entire family. An additional benefit which is been added to this plan is, that it also offers to cover the parents in- law of the policy holder other than spouse, minor children and parents.
The terms of this plan gives the member, the benefit of adding members or removing existing members from the policy. This being a defined policy, the benefits are fixed regardless of the amount spent on the treatment of the insured.
The Jeevan Arogya policy shows that, to provide for increase in cost of medical treatment, the percentage of the benefits shall increase by 5 percent every year. It has a limit up to 1.5 times of the original sum assured to the policy holder. Another benefit observed is, in case there is no claim made towards the policy for the period do three years, the amount to be paid would be further increased by 5 percent without any upper limit.
The minimum age to take up this plan for the policy holder is 18 years and maximum age of the entry is set at 65 years for the person and the spouse. For children, the minimum age limit is 91 days which goes up to 17 years till they become adults. Whereas for the parents and parents-in-law, the set age limit is 75 years.
The quick cash benefit allows the policy holder an entitlement of 50 per cent of cash in advance. There is also premium waiver benefit and ambulance benefit available in this plan.
Besides the normal benefits, the Jeevan Arogya plan also gives option of taking term assurance rider and accident benefit rider for the policy holder. Other than that there are different modes of payment as per the choice of the policy holder such as, monthly, quarterly, half yearly or yearly.
LIC Jeevan Arogya is forecasted to be one of the most useful plans with the coverage of almost 140 surgeries without the need of overnight hospitalization. The cost is less compared to the benefits added in this policy cover.