Life Insurance Corporation of India (LIC) has launched its first long-term unit-linked health insurance policy called Health Plus, which will provide health cover for an entire family. The plan will have three components — hospital cash, major surgical benefits along with a Ulip component to meet domiciliary treatment-related expenses for insured members. Health Plus will qualify for income tax benefits under Section 80D. The maximum age that can be covered in the plan is 65 years.    “Our target is to sell 6 lakh Health Plus policies on an all-India basis,” said R R Rai, western zonal manager, LIC. The plan offers the principal insured to withdraw an amount equivalent to the actual expense he has incurred in respect of any domiciliary treatment for himself or for other insured under the policy subject to the fund value in his account.    Hospital cash benefit is a daily benefit payable in case of hospitalisation and the maximum account can be between INR 250 and INR 2,500 for the principal insured and the maximum account for spouse/child is INR 1,500.  In case of hospitalisation in an ICU, the amount payable is double the eligible daily cash benefit. If the insured undergoes any major operation as mentioned in the policy, a lump-sum benefit, regardless of the actual costs incurred will be payable.    The benefits continue even in the unfortunate death of one of the members. In case none of the members is alive, the fund value of the units is payable to the nominee or legal heir of the principal insured.    Speaking about the business targets for the year, an official said, “LIC has set a target of selling 4.6 crore total policies and a new business premium of INR 52,000 crore for the year ending March 31, 2008, of which LIC has sold 2.64 policies and achieved a new business premium income of INR 30,000 crore for 10 months up to January 31, 2008.    Of the INR 30,000 crore new business, INR 16,000 crore is single premium, while INR 14,000 crore is regular premium. Group business was INR 6,000 crore up to January 31, while the target is INR 12,000 crore for the year ending March 2008.”

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