Thursday, September 18, 2008

LIC Health Plus Plan Table no. 901

LIC Health Plus Plan Table no. 901

Health Plus Plan Provides
1) Hospital Cash Benefit (HCB) (Initial Daily Benefit ranges from Rs 250 to Rs 2500 per day depending on amount of premium you pay)
2) Major Surgical Benefit (MSB) (200 times of HCB)
3) Domiciliary Treatment Benefit (DTB)

How it works:
*A unit linked product where premium paid will be subject to deduction of Allocation Charge. Balance credited to Policy Fund account.

*Policyholder is entitled to claim benefits for self and other members of the family as mentioned in the Policy.

*Policy Administration Charges, Premium for HCB and MSB with Service tax @ 12.36% are deducted on a monthly basis. (First year admin charges Rs.75 per month and Rs 25 per month from 2nd year). Fund Management charges of 1.25% per annum.

* Govt./ Govt. guaranteed Securities / Corporate Debt : Not Less than 50%
* Shorter investments, such as Money Market Invt. Including Govt. Securities & Corporate Debt: Not more than 90%
* Investment in listed equity shares > 10% and <50% style="FONT-WEIGHT: bold">Eligibility Conditions & Features:

Min. Premium
(in multiples of Rs 500/-) On Single life- Higher of Rs. 5000/-
and 6 times the HCB of Principal insured.

On 2 lives - Higher of Rs.7,500/- p.a. and 6 times the HCB of Pl and 3 times the HCB of other insured.

On more than 2 lives- Higher of Rs.10,000/- p.a. and 6 times the HCB of Pl and 3 times the HCB of each of the other insured.

Min. Entry Age Pl and Spouse - 18 years LBD Dependent Children -3 month completed.
Max. Entry Age Pl and insured Spouse -55 years NBD Insured Dependent Children -17 years NBD
Max. cover ceasing age Pl and insured Spouse -65 years
Insured Dependent Children -25 years
Max. cover ceasing age Pl and insured Spouse -65 years
Insured Dependent Children -25 years
Policy Term 65 years NBD of Pl minus age at entry of Pl
Mode of Payment Yly, Hly, Mly (ECS Only
Day of grace 30 days for yly /hly modes and 15 days for ECS

*Cover can be taken for self (Principal Insured ), Spouse, Dependent children (no limit of numbers)
*Any eligible existing spouse / children if not covered initially, cannot be covered in future.
*Any subsequent spouse (on marriage / remarriage ) or children (on birth / adoption) can be covered within one year from policy anniversary.

* Depending on the cover opted, HCB is payable if insured is hospitalized due to Accidental body injury or sickness
*Daily Hospital Cash Benefits at selected rate which increases by 5% at each Policy Anniversary up to a maximum of 1.5 times of Initial Daily Benefits (IDB). IDB must be in multiples of Rs 50/-
*In case of ICU, the Benefit is TWO times of the daily Hospital Cash Benefit.
*If stay in hospital exceeds a continuous period of 48 hours, then payment will be made for any continuous period of 24 hours or a continuous part thereof, which exceeds 4 hours (after having completed 48 hours).

Max annual Benefit Period
18 days in 1st Year Max. 60 days per year thereafter, inclusive of stay in ICU Max. No. of days in ICU is restricted to 9 days in 1st Year and 30 days thereafter.
Max. Benefits
365 days 365 days 365 days
90 days upto age 5

Principal Insured Insured Spouse Insured Children
Sum Assured 200 times of IDB of HCB of Pl 200 times of IDB of
HCB of Insured Spouse 200 times of IDB of HCB of each Child
Min. age for cover 18 yrs lbd 18 yrs lbd 18 yrs lbd
Max. age for cover 65 yrs nbd 65 yrs nbd 25 yrs nbd
Max. Annual benefit 100% of Sum Assured
100% of Sum
100% of Sum
Max. Life time
3 times the Sum Assured 3 times the Sum Assured 3 times the Sum Assured
Major Surgical Benefit as a Percentage of Sum Assured a few examples:
Open Heart Surgery 100% Lung Transplantation 100%
Implantation of Pacemaker 60% Open surgery for peptic ulcer 60%
Angioplasty (stent) 40% Replacement of Hip/ knee joint 60%
Bone marrow transplantation 60% Partial resection of liver 60%
Surgery to remove Tumor (Brain) 100% Partial excision of Thyroid/ Adrenal 40%
Renal Transplantation 100% Eye Surgery for corneal /retinal repair 40%
Nephrectomy due to medical advice 60%

* A waiting period of 180 days from the date of cover commencement in respect of each insured during which no HCB/MSB shall be payable.
* A child included in the policy will be automatically covered for MSB from policy anniversary on which the age lbd is 18 years without any waiting period.
* A waiting period of 90 days from the date of Revival/Reinstatement in respect of each insured during which no HCB/MSB shall be payable.
* There shall be NO waiting period for HCB/MSB in case of Accidental Bodily Injury.

Tuesday, September 16, 2008

LIC's Health Plus Plan (Unit linked health insurance plan)

LIC has come out with an Unit Linked Health Insurance plan. It's similar to your regular ULIP plan where you get risk cover of your life, In this plan you get risk cover of your health.

In this times when the health cost are always rising and getting unaffordable it becomes prudent to have a mediclaim policy or a health cover. This policy is different then your regular Mediclaim policy.

LIC's Health Plus is a very good add on policy, as it provides MAJOR SURGERY benefit of Rs.4 Lakh for a yearly premium of Rs. 12000. This policy can be continued till the age of 65 years.

Unlike most mediclaim were your premiums are gone. In this policy major part of your premium is invested and hence you can look forward for large kitty when you turn 65.

I would say if LIC would have done away with few of the charges it would have been a much better product.
1) Admin Charge : Rs 75 per month for first year then onward Rs 25 per month
2) Fund Management Charges : 1.25% per annum

Its worth taking a look at this policy.

Monday, September 1, 2008

Top performing ELSS Fund in the month of August 2008

Following are the Top performing ELSS funds in the month of August. For the period between 1/8/2008 till 31/08/2008.

1) HDFC Long Term Advangtage - 5.9%
2) HDFC Tax Saver - 5.0%
3) Principal Personal Tax Saver - 4.4%