LIC Jeevan Arogya (UIN: 512N266V02)
Life Insurance Corporation of India (LIC) offers a variety of protection and savings products. Jeevan Arogya is a term life insurance plan that combines life coverage with a comprehensive health cover. The plan is identified by the Unique Identification Number (UIN) 512N266V02. Below is an indepth analysis of the key features, benefits, eligibility, premium structure, and claims process.
1. What Is LIC Jeevan Arogya?
Jeevan Arogya is a term insurance product that provides a lumpsum death benefit to the nominee if the policyholder passes away during the policy term. In addition, it offers a health cover that pays a fixed amount for specified medical conditions or hospitalisation, subject to the terms and conditions of the policy.
2. Key Features
- Pure term cover No savings component, pure risk protection.
- Health cover Fixed payout on diagnosis of critical illnesses listed in the policy.
- Flexible policy term Choose from 5, 10, 15, 20 or 30 years.
- Sum Assured options Can be selected from 1 lakh to 10 crore, depending on age and income.
- Premium payment options Annual, halfyearly, quarterly or monthly.
- Tax benefits Premiums qualify for deduction under Section 80C of the Income Tax Act; death benefit is taxfree under Section 10(10D).
- Nomination Up to three nominees can be nominated; changes can be made anytime.
- Rider flexibility Option to add accidental death benefit rider or waiver of premium rider.
3. Eligibility & Age Limits
| Criteria | Details |
|---|---|
| Age at entry | 18 to 55 years (inclusive) |
| Policy term | 5 to 30 years (must end before the insured turns 70) |
| Gender | Both male and female |
| Health | Standard medical underwriting; higher premium for substandard health. |
4. Premium Structure
The premium depends on age, sum assured, policy term, and payment frequency. Below is an illustrative premium table for a 30yearold male opting for a 20year term with a sum assured of 5million (50 lakh) and annual payments.
| Payment Frequency | Annual Premium (Approx.) | HalfYearly Premium | Quarterly Premium | Monthly Premium |
|---|---|---|---|---|
| Annual | 18,750 | - | - | - |
| HalfYearly | - | 9,600 | - | - |
| Quarterly | - | - | 4,950 | - |
| Monthly | - | - | - | 1,650 |
Note: Premiums are quoted for illustration only. Actual premium will vary based on underwriting, medical declaration, and any applicable discounts.
5. Benefits to the Policyholder
- Financial security for dependents A lumpsum death benefit ensures that family members can meet immediate expenses, repay debts, and maintain their standard of living.
- Health support Fixed payout on covered illnesses can be used for treatment, medication, or hospitalization, reducing financial strain.
- Tax savings Premiums are deductible, and the death benefit is taxexempt, enhancing net returns.
- Low cost As a term product, the premium is considerably lower than traditional endowment or ULIP plans.
- Flexibility Ability to add riders or change the sum assured (subject to reunderwriting) as needs evolve.
6. Claim Process
The claim procedure is straightforward and can be completed within 1530 days if all documents are in order.
6.1 Death Benefit Claim
- Notify LIC (visit branch, call the tollfree number 18004257070, or use the LIC portal).
- Submit the following documents:
- Original policy document and nomination form.
- Death certificate issued by a competent authority.
- Copy of the claimants identity proof and relationship proof.
- Bank statement or cancelled cheque of the nominee for payout.
- LIC verifies the documents and releases the sum assured to the nominee.
6.2 Health Cover Claim
- Inform LICs claim department as soon as the diagnosis is confirmed.
- Provide physicians report, diagnostic test results, and hospital bills.
- Submit a claim form (available online or at the branch) along with the required documents.
- On approval, LIC disburses the fixed health payout directly to the insureds bank account.
7. Important Exclusions
Understanding exclusions helps avoid surprises at the time of claim.
- Selfinflicted injuries or suicide within two years from policy commencement.
- Death due to participation in hazardous activities not declared at the time of underwriting.
- Preexisting medical conditions that were not disclosed or were excluded during underwriting.
- Claims arising from war, nuclear risks, or terrorist acts.
- Any claim arising from illegal activities.
8. How to Purchase Jeevan Arogya
Prospective customers have three convenient ways to buy the policy:
- Online through LIC portal Register, complete the eproposal, upload documents, and pay the premium via net banking or credit card.
- Through LIC agents Agents can guide on plan selection, submit the physical form, and collect premium receipts.
- Visit a LIC branch Direct interaction with branch staff for detailed clarification and instant policy issuance.
9. Comparison With Similar Products
Below is a quick comparison of LIC Jeevan Arogya with two popular term plans from other insurers.
| Feature | LIC Jeevan Arogya | HDFC Life Click 2 Protect 3D Plus | ICICI Prudential iProtect |
|---|---|---|---|
| Death Benefit | Sum Assured (up to 10 Cr) | Sum Assured (up to 5 Cr) | Sum Assured (up to 10 Cr) |
| Health Cover (Critical Illness) | Fixed payout (optional rider) | 10year Critical Illness Cover | Integrated Critical Illness Rider |
| Policy Term | 530 years | 530 years | 530 years |
| Premium (30yr male, 5L sum) | 18,750 pa | 22,400 pa | 20,100 pa |
| Rider Options | Accidental Death, Waiver of Premium | Accidental Death, Disability | Accidental Death, Waiver of Premium |
LIC Jeevan Arogya remains competitive due to its lower premium and the added benefit of a health payout within the same policy.
10. FAQs
Q1: Can I increase the sum assured after buying the policy?
A: Yes, increasing the sum assured is possible but requires fresh underwriting and may attract a higher premium.
Q2: Is there a waiting period for the health cover?
A: Generally, a 30day waiting period applies for critical illness payout, except for accidents which are covered from day one.
Q3: What happens if I miss a premium payment?
A: LIC provides a grace period of 30 days. If the premium is not paid within the grace period, the policy lapses. Reinstatement is possible within 90 days by paying the due premium along with interest.
Q4: Can I surrender the policy before the term ends?
A: Jeevan Arogya is a pure term plan and does not have a surrender value. The only benefit before maturity is the death benefit if the insured passes away.
Q5: How is the health payout calculated?
A: The health payout is a fixed amount defined in the policy schedule (e.g., 2lakh per claim) and is paid once per diagnosed covered illness.
11. Summary
LIC Jeevan Arogya (UIN: 512N266V02) is a versatile term insurance product that blends life protection with a straightforward health cover. It offers affordable premiums, substantial death benefits, and the peace of mind that comes with a critical illness payout. The plans flexible terms, rider options, and tax advantages make it a suitable choice for individuals seeking comprehensive yet costeffective protection for themselves and their families.
For personalized quotes, policy illustrations, or to initiate the purchase process, visit the official LIC website or contact your nearest LIC branch.
