Differecne between defined benefit health cover and indemnity based cover.
Over the past few days, various cell-phone users have been showered with telephone calls or SMSs, urging them to get a new 3in1 plan from LIC of India. The plan give health, life with accident cover.
LIC Jeevan Arogya, a defined benefit plan, is similar to plan floated by private life insurers. These plans hand out a lump-sump total amount upon hospitalization of the individual person.
At present the vital matter is: should one go for this defined benefit plan from life insurance companies? To obtain an answer, you would have to 1s t educate yourself about the two options available to you to furn