BANGALORE, Oct 6: The Life Insurance Corporation (LIC) will introduce and new medical insurance scheme on October 9 this year which will be open till January 15, 1998. The scheme entitled ``Jeevan Asha'' has been designed as a life insurance plan with in-built features to support periodic medical examinations and expensive health emergencies.

The policy provides for periodic payment of two per cent of sum assured or ``survival benefit'' at the end of every second year to encourage periodic medical examination.

Alternatively, the policyholder can avail of an enhanced lump sum towards any health emergencies.

The survival benefit becomes due only after the policy has completed three years.

If the premium is paid for at least five years, a loyalty addition may become payable with the claim amount.

The policy also makes available a fixed benefit of 20 per cent or 50 per cent of the sum assured to the policyholder in case of surgical treatment undergone.

The surgical procedures covered under this plan include specific surgeries related to the nervous system for non malignant causes, respiratory system, cardiovascular system, haemic and lymphatic system, digestive system, endocrine system, eyes, musculoskeletal system and oro-maxillafacial surgery.

These medical benefits are available only once during the term of the policy and is payable irrespective of actual expenses incurred. The premium payment could continue even after availing of the premium benefit.

A guaranteed addition of Rs 70 per thousand sum assured for each completed policy year is payable on maturity or on death, whichever comes first. The plan is also eligible for accident benefit according to rules laid out of the other LIC policies.

The minimum age at entry must be 18 years while the maximum age should be no more than 50 years and the maximum age at maturity must be 65 years.

The minimum sum assured for the policy is Rs 50,000 and can go up to Rs 3 lakh.

The policy terms for ``Jeevan Asha'' have been fixed at 15, 20 and 25 years while the mode of payment of premia can be yearly, half yearly, quarterly, monthly and fortnightly.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.