LIC health protection plus plan

Life Insurance Corporation of India LIC health protection plus plan
Life Insurance Corporation of India (LIC) has come out with 'Health Protection Plus' a long-term health insurance plan that provides health insurance coverage for the husband, wife and children in a family.



Indian health insurance markets are up with great budding. With only 10% of the people has some form of physical insurance, Indian Insurers have seen only the tip of a gold mine.

The basic reason behind this lack of attention because of four reasons:

• The availability of cheap health care. Historically, health care costs significantly low in the Indian market. This is because of government control over medical costs.
• In the early days of kind of illnesses and cures were very limited. Diseases were less and cures were also less.
  
• The false belief that the major disease will not happen by itself.
  
• Health Insurance premium paid is lost unless there is a claim to it. This is a big negative since the premiums paid are lost.

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The system provides hospital cash benefit and major surgical benefit, together with a ULIP component that are specifically designed to meet domiciliary treatment benefit / out patient department expenses for insured members, says a release.

Surprisingly LIC also got them into this lucrative market. Reports suggest that it is insurable 315 million citizens in this market with an estimated market size of over $ 812 million. The market is projected to reach $ 5 billion in 2010. The main problem in front of the health market is a lack of awareness. Even in the urban market, the awareness about health is very low.

It is not only a lack of awareness about insurance, but also they must have a health insurance strategy. This unsighted eye toward the need for health insurance is rampant in the middle class who really need such a type of Health cover.