Jeevan Arogya offers comprehensive hospitalisation benefits for the whole family for the principal insured
LIC of India will launch a new non-linked health insurance plan called Jeevan Arogya from 1st June.
The plan offers comprehensive hospitalisation benefits for the whole family for the principal insured. The plan also offers to cover the parents' in-law of the principal insured besides spouse, minor children and parents. The plan also offers to cover surgeries.
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 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.
The minimum age at entry for principal insured should be 18 years and maximum age at entry would be 65 years for self and spouse while it is 75 years for parents and parents in-law. For children, the minimum age at entry is 91 days and the maximum age at entry is 17 years.
The plan offers cash facility, which allows payment of 50% entitlement as advance in case of 57 specified major surgeries. Premium waiver benefit and ambulance benefit are also available in case of certain major surgeries.
The plan also offers the option of taking term assurance rider (up to 100 times of initial daily benefit) and accident benefit rider for the principal insured and spouse.
The premium will depend on one's age, gender, the health cover option one has chosen, whether one is principal insured or other insured life and the mode of payment. The plan provides rebates for higher sum assured and half-yearly/yearly mode of payments.
“We have given a target of Rs6,700 crore as first premium income during 2011-12,” LIC Eastern Region Zonal Manager, SK Roy, said
Life Insurance Corporation's (LIC) Eastern Division has set a target for Rs6,700 crore in new business premium during the 2011-12 financial year, an official of the corporation said.
"We have given a target of Rs6,700 crore as first premium income during 2011-12," LIC Eastern Region Zonal Manager, SK Roy, said.
He said while the target was Rs5,400 crore in the last fiscal, the region was only able to collect Rs5,200 crore.
"We are confident to meet the target this fiscal," Mr Roy said.
He said that the approach of LIC this fiscal would be to maintain a balanced business of traditional and ULIP-linked plans.
Tata Mutual Fund new issue closes on 6th June
Tata Mutual Fund has launched Tata Fixed Maturity Plan Series 35 Scheme B (370 days maturity), a close-ended income scheme.
The investment objective of the scheme is to generate income and/or capital appreciation by investing in wide range of debt and money market instruments having maturity in line with the maturity of the scheme.
The new issue closes on 6th June. The minimum investment amount is Rs10,000.
Crisil Short Tern Bond Fund Index is the benchmark index. Murthy Nagarajan is the fund manager.