LIC Jeevan Arogya - Maximum Cover : Rs 4000
Bajaj Allianz Hospital Cash - Minimum Cover : Rs 2500

LIC Jeevan Arogya - Maximum annual benefit period : First Year 30 Days option; then 90 Days from Second year onwards
Bajaj Allianz Hospital Cash - Minimum Cover : 30 Days and 60 Days cover option

LIC Jeevan Arogya - TERM ASSURANCE RIDER Available
Bajaj Allianz Hospital Cash - No such Rider

LIC Jeevan Arogya - Lots of Exclusions (https://www.licindia.in/jeevan-arogya_features.html)
Bajaj Allianz Hospital Cash - Less Exclusions (http://bajajallianz.com/Corp/health-...pital-cash.jsp)

I have not checked premium but both policies are partly good. I would personally go with Bajaj Allianz.