A unique feature of this plan is that it also offers to cover the parents in-law of the policy holder besides spouse, minor children and parents, LIC said in a statement. 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, it said.
Moreover, it said, the benefits are payable regardless of the life insured getting reimbursement under any other scheme from his or her employer or any other insurance company, on the basis of certified photocopies of the original bills. To provide for increase in cost of medical treatment, the benefits shall increase by 5 per cent every year up to a maximum of 1.5 times of the original benefit, it said.
In case no claim is made under the policy for a period of three years, the benefits payable under the policy would be further enhanced by 5 per cent without any upper limit, it added. The minimum age of entry is 18 years and maximum is 65 years.
