LIC Health Protection Plus Plan 902 Calculator
Unit Linked Health Insurance Plan (UIN: 512L253V01)
- Minimum Annual Premium = ₹5,000 OR 6 × Hospital Cash Benefit, whichever is higher
- Covers Principal Insured, Spouse and up to 2 Children
- Hospital Cash Benefit (HCB)
- Major Surgical Benefit (MSB)
- Domiciliary Treatment Benefit (DTB)
- Policy continues until Principal Insured reaches age 65
- Plan withdrawn from sale but valid for existing policyholders
- Major Surgical Benefit = 200 × Daily HCB
- HCB increases by 5% each policy anniversary (up to 150%)
Policy Details
Family Members Covered
Calculation Results
| Family Members Covered | |
| Annual Premium | |
| Premium Allocation Charge (Year 1) | |
| Net Invested Amount | |
| Hospital Cash Benefit (Daily) | |
| ICU Benefit (Daily) | |
| Major Surgical Benefit | |
| Domiciliary Treatment Benefit | |
| Hospital Cash After 10 Years | |
| Estimated Fund Value @ 6% | |
| Estimated Fund Value @ 10% |
Plan Features
Hospital Cash Benefit
- Paid for hospitalization exceeding 48 hours
- Daily benefit selected by policyholder
- Helps meet incidental expenses
- 5% annual increase up to 150%
Major Surgical Benefit
- Lump sum payable for major surgery
- Benefit equals 200 × HCB
- Provides support during expensive treatments
- Available for covered family members
Domiciliary Treatment
- Covers eligible treatment at home
- Applicable under specified conditions
- Useful when hospitalization is not possible
- Linked to policy coverage rules
Investment Benefit
- Unit Linked Health Insurance Plan
- Premium invested into ULIP fund
- Fund value linked to market performance
- Potential long-term growth
- Premium Allocation Charge: 30% in Year 1 and 6% thereafter
- Fund Management Charge: 1.25% annually
- Policy Administration: ₹75/month in first year and ₹25/month later
- Fund projections shown at 6% and 10% assumed growth rates
- Results are indicative estimates for existing policyholders
Frequently Asked Questions
What is LIC Health Protection Plus Plan 902?
LIC Health Protection Plus Plan 902 is a Unit Linked Health Insurance Plan (ULIP) that combines health protection benefits with investment growth. It provides Hospital Cash Benefit, Major Surgical Benefit, and Domiciliary Treatment Benefit.
Who can be covered under this plan?
The plan covers the Principal Insured, Spouse, and up to two dependent children below age 18.
How is Major Surgical Benefit calculated?
Major Surgical Benefit is equal to 200 times the selected Hospital Cash Benefit amount.
What is Hospital Cash Benefit?
Hospital Cash Benefit is a fixed daily amount paid during hospitalization exceeding 48 hours.
Can this plan still be purchased?
No. LIC withdrew Plan 902 from sale on 11 October 2013. Existing policyholders can continue their policies and benefits.
How are fund value projections calculated?
The calculator provides illustrative projections using assumed annual returns of 6% and 10%. Actual fund values depend on market performance.
- This calculator is an independent estimate based on publicly available LIC Plan 902 rules and brochure details.
- Actual premiums, charges, and benefits may vary depending on LIC underwriting guidelines.
- Fund value projections are illustrative only and should not be treated as guaranteed returns.
- Please verify all policy values with LIC before making financial decisions.
LIC Health Protection Plus Plan 902 was a health insurance plan offered by the Life Insurance Corporation of India (LIC). It combined health insurance coverage with investment benefits through a unit-linked insurance product. The plan was designed to provide medical protection while also allowing policyholders to build a fund value linked to market performance.
This plan has been withdrawn from sale and is no longer available for new purchases. Existing policyholders continue to receive benefits according to the terms and conditions of their policies.
Introduction to LIC Health Protection Plus Plan 902
LIC Health Protection Plus Plan 902 was introduced by LIC on 29 April 2009 as a long-term unit-linked health insurance plan. The policy was designed to provide health insurance protection along with investment-linked growth opportunities. It offered coverage for the principal insured, spouse, and dependent children below 18 years of age under a single policy.
The plan included benefits such as Hospital Cash Benefit (HCB), Major Surgical Benefit (MSB), and Domiciliary Treatment Benefit (DTB), supported by an investment fund linked to premium contributions and market performance.
LIC withdrew Health Protection Plus Plan 902 from new sales on 11 October 2013. Although the plan is no longer available for purchase, existing policyholders continue to receive benefits according to the policy terms and conditions.
Key Features of LIC Health Protection Plus Plan 902
- Unit-linked health insurance plan combining protection and investment.
- Coverage available for the principal insured, spouse, and children below 18 years.
- Hospital Cash Benefit (HCB) provides a fixed daily cash allowance during eligible hospitalization.
- Major Surgical Benefit (MSB) offers a lump-sum payment for specified major surgeries.
- Domiciliary Treatment Benefit (DTB) covers eligible treatments taken at home under prescribed conditions.
- Premiums are invested in the LIC Health Protection Plus Fund, allowing fund value growth based on market performance.
- Long-term coverage with premium payment options extending up to 30 years.
- Available through annual premium payments.
- Entry age for the principal insured ranged from 18 to 55 years.
Eligibility Criteria
| Category | Minimum Entry Age | Maximum Entry Age |
|---|---|---|
| Principal Insured | 18 Years | 55 Years |
| Spouse Insured | 18 Years | 55 Years |
| Child Insured | 3 Months | 17 Years |
Coverage Ceasing Age
| Category | HCB & MSB Ceasing Age | DTB Ceasing Age | Premium Ceasing Age |
|---|---|---|---|
| Principal Insured | 75 Years | No Limit | 65 Years |
| Spouse Insured | 75 Years | No Limit | Not Applicable |
| Child Insured | 25 Years | 25 Years | Not Applicable |
Benefits Explained Simply
LIC Health Protection Plus Plan 902 offered three major health-related benefits along with an investment component.
Hospital Cash Benefit (HCB)
This benefit provided a fixed daily cash amount if the insured person was hospitalized for more than 48 hours.
- The daily cash amount was chosen at the time of policy purchase.
- It helped cover incidental expenses such as transportation, food, attendant charges, and other non-medical costs during hospitalization.
- The benefit was payable for eligible hospitalization as per policy conditions.
Major Surgical Benefit (MSB)
If the insured underwent a covered major surgery, the policy paid a lump-sum benefit.
- The benefit amount was calculated as 200 times the selected daily Hospital Cash Benefit.
- It helped reduce the financial burden associated with major surgical procedures and treatment expenses.
Domiciliary Treatment Benefit (DTB)
The policy also covered treatment taken at home under specified circumstances.
- This benefit applied when hospitalization was not possible and treatment was received at home as per policy conditions.
- Claims were payable only for illnesses and situations covered under the plan.
Investment and Fund Management
LIC Health Protection Plus Plan 902 was a Unit Linked Insurance Plan (ULIP), meaning a portion of the premium was invested in LIC’s Health Protection Plus Fund.
- Premiums were used for both insurance protection and investment.
- Fund value depended on market performance and the Net Asset Value (NAV) of the fund.
- Units accumulated over time and determined the policy’s surrender value and overall fund value.
This combination of health insurance protection and market-linked investment made Plan 902 different from traditional health insurance policies.
Eligibility Criteria and Policy Term
- Entry Age (Principal Insured): 18 to 55 years
- Spouse Coverage: Available
- Child Coverage: Available for children below 18 years
- Policy Term: Up to 30 years
- Premium Payment Mode: Annual
- Premium Amount: Based on age and selected Hospital Cash Benefit
Launch and Withdrawal Dates
- Launch Date: 29 April 2009
- Withdrawal Date: 11 October 2013
Although the plan has been withdrawn from sale, existing policyholders can continue their policies and avail benefits according to the original terms and conditions.
How to Use the LIC Health Protection Plus Plan 902 Calculator
The LIC Health Protection Plus Plan 902 Calculator helps estimate premiums, benefits, and fund values under the policy.
What the Calculator Shows
- Annual premium amount
- Hospital Cash Benefit entitlement
- Major Surgical Benefit amount
- Projected fund value
- Plan reference information and policy details
Steps to Use the Calculator
- Enter the age of the principal insured.
- Select the number of family members to be covered.
- Choose the desired daily Hospital Cash Benefit amount.
- Select the policy term.
- Click calculate to view premium and benefit estimates.
- Review projected fund values based on available fund performance assumptions.
Why Use the Calculator?
- Understand premium requirements easily.
- Estimate hospitalization and surgical benefits.
- Plan healthcare expenses more effectively.
- Track investment-linked fund growth.
- Review policy values and benefits without manual calculations.
Important Terms to Know
- Hospital Cash Benefit (HCB): Daily cash benefit payable during eligible hospitalization.
- Major Surgical Benefit (MSB): Lump-sum benefit payable for covered surgeries.
- Domiciliary Treatment Benefit (DTB): Coverage for eligible treatment received at home.
- ULIP: A policy that combines insurance protection with market-linked investments.
- NAV (Net Asset Value): The value of each unit held in the investment fund.
Current Status and Alternatives
LIC Health Protection Plus Plan 902 was discontinued for new sales on 11 October 2013 and is no longer available for purchase.
However, existing policyholders can continue managing their policies, paying premiums, and claiming benefits as per policy conditions. Individuals seeking similar coverage may explore LIC’s current health-related products or modern ULIP-based insurance solutions offered by other insurers.
Claim Process and Policy Management
- Hospital Cash and Major Surgical claims require hospitalization and medical records.
- Domiciliary Treatment claims require supporting medical documentation and eligibility proof.
- Premiums are payable annually.
- Lapsed policies may be revived within the revival period prescribed by LIC.
- Policyholders should monitor premium due dates to keep coverage active.
Frequently Asked Questions
What is LIC Health Protection Plus Plan 902?
LIC Health Protection Plus Plan 902 was a unit-linked health insurance plan that combined health protection benefits with investment growth. It offered hospitalization cash benefits, surgical benefits, domiciliary treatment coverage, and market-linked fund accumulation.
When was the plan launched and withdrawn?
The plan was launched on 29 April 2009 and withdrawn from new sales on 11 October 2013.
Who was eligible for the plan?
Individuals aged 18 to 55 years could purchase the policy. Coverage was also available for spouses and children below 18 years.
What is a ULIP?
A Unit Linked Insurance Plan (ULIP) is an insurance product that combines insurance coverage with investment in market-linked funds. The value of the investment depends on fund performance.
Can I buy this plan today?
No. LIC Health Protection Plus Plan 902 is no longer available for new purchases. Existing policyholders can continue servicing and managing their policies.
Conclusion
LIC Health Protection Plus Plan 902 was an innovative health insurance solution that combined medical protection with investment growth through a unit-linked structure. Although the plan was discontinued in 2013, it continues to remain relevant for existing policyholders who can use the LIC Health Protection Plus Plan 902 Calculator to estimate premiums, monitor fund values, and understand policy benefits more effectively.
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