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LIC Jeevan Arogya Review

Recently LIC has launched a new Health Insurance Plan naming “LIC Jeevan Arogya”.So, we have tried to review this from a Financial Planning perspective and how does Jeevan Arogya stand against existing policies in the industry.

LIC Jeevan Arogya Policy:
This LIC Policy allows you to Cover entire Family, Husband, Wife, Dependent Children, Dependent Parents of Husband and / or Wife.

LIC Jeevan Arogya Plan Details:
This is a defined benefit policy meaning that benefits are fixed in terms of policy conditions and are payable irrespective of the actual amount spent on treatment.Moreover, the benefits of this policy are payable regardless of the life insured getting reimbursement under any other scheme from his/her employer or any other insurance company, on the basis of certified photocopies of the original bills.

LIC Jeevan Arogya Benefits
• Hospital cash benefit (HCB):You will be paid a defined amount for the number of days you have stayed in the hospital. There are 4 variants available under this feature. Rs 1000 per day, Rs 2000 pr day, Rs 3000 per day and Rs 4000/- per day. Your premium and other features and sum assured will be dependent on the variant you have chosen under HCB.
• Major Surgical Benefit (MSB): This will be 100 times the selected option. So if you go with Rs. 2000 per day Daily Hospital Cash Benefit option, then your Surgical Benefit Sum Assured will be Rs 2 lakhs (100 time Rs 2000). So in case any of the covered persons needs a surgery along with hopitalization, he/she will get this Rs. 2 Lakhs for surgery expenses.
• Day Care Procedure Benefit
• Other Surgical Benefit
• Ambulance Benefit
• Premium waiver Benefit (PWB)

LIC Jeevan Arogya Premium

Age at entry	Premium (`)
20	Rs 1922.65
30	Rs 2242.90
40	Rs 2799.70
50	Rs 3768.00

LIC Jeevan Arogya Policy Review:
There are 3 major Limitations in this policy which goes against the policy
1- Maximum Sum Insured is ONLY 4 lacs. Any critical disease like Heart Attack, Cancer and related treatment today needs minimum 5-10 lacs in good hospital and this will rise in future with inflation.
2- Term Assurance Rider maximum limit is only 25 lacs including all existing Term Ins. Policies, so if you have already a term insurance policy with 25 lacs Sum Insured, you cannot opt for this rider.
3- Total surgical benefit (SB) in whole policy term i.e. till 80 years is only three times of maximum limit i.e. 4 lacs, if anybody takes 4 lacs Sum Insured (which is the maximum available), then he can only claim worth 32 lacs (i.e. eight claims of 4 lacs each), in whole life span of the policy i.e. upto 80 years.

LIC Jeevan Arogya Comparison
Here is a comparison of all major Health Insurance policies with LIC Jeevan Arogya

Review of LIC Jeevan Arogya  
LIC Jeevan Arogya cannot be considered as an adequate health insurance policy as it does not cover actual hospitalization cost. Also the maximum Sum Assured of Rs 4 lakh is available only in the case of major surgeries which in turn is too low for treatment costs related to heart, kidney or stroke etc. However, if you are adequately insured through other Health insurance policies but want to get cover of additional expenses like room attendant costs, expenses on food, travelling etc, then you can consider this policy.
LIC Jeevan Arogya Premium Calculator
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LIC Jeevan Arogya Brochure
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LIC Jeevan Anand Final Maturity Value Calculation