Lic health policy

POSTED BY sanjay ON August 1, 2012 5:24 pm COMMENTS (3)

Dear Manish,
I had purchased lic health protection plus.It is a unit linked health policy.At the time of taking the policy my agent told me that as the policy is unit linked, after the maturity the final fund value will be given to me.But recently I have come to know that it has no maturity value.The fund value is only payable if I claim domiciliary treatment benefit.I have already paid three years premium.Should I stop the policy?Please guide me.

Regards,
Sanjay

3 replies on this article “Lic health policy”

  1. sanjay says:

    Dear Manish and Ashal,
    Thanks for your reply.I knew this information from lic portal.Actually I lodged a complaint regarding not having full information about the policy in lic website and agents.on 31/07/12 when I open the portal to see my complaint status I came to know that it has no maturity value.My agent is clueless.Now according to you what should be my next step.

    Regards,
    Sanjay

  2. Dear Sanjay, please check the below link –

    https://www.licindia.in/Health_Protection_Plus_features.htm

    From the above link, this is interesting for your information –

    b. Redeeming of Units: In respect of valid applications received for reimbursement of medical expenses, death claim, etc up to such time by the servicing branch of the Corporation closing NAV of that day shall be applicable. For the valid applications received in respect of Domiciliary Treatment Benefit, death claim etc after 3 p.m. (as per IRDA guidelines) by the servicing branch of the Corporation the closing NAV of the next business day shall be applicable.

    Hope it answers your query.

    Thanks

    Ashal

  3. Are you sure that there is no maturity value ? Because it looks very weird , i doubt what you said about “no maturity value” , but still not sure about it , where did you get that info ..

    Is your policy showing UNITS and their NAV ? What happens if you try to sell them ?

    Manish

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