The Arogya Sanjeevani Health Insurance policy is a new health insurance plan that has been launched by the IRDAI (Insurance Regulatory and Development Authority of India). The IRDAI has made it mandatory for all insurance companies to offer the Arogya Sanjeevani Health Insurance plan to their customers. In this article we will take a closer look at what the Arogya Sanjeevani policy is and who should buy it.
Understanding Arogya Sanjeevani Health Insurance
The Arogya Sanjeevani policy is a basic and easy to understand health insurance plan that covers:
- Hospitalization costs including room rent, operational procedures, blood, surgical tools, doctors’ fees, etc.
- Pre- and post-hospitalization expenses
- Cataract surgery and dental treatment
- Day care procedures
- Ambulance transportation
- AYUSH treatment
- Stem cell treatment
This is an overview of the main inclusions of the Arogya Sanjeevani policy. There are no riders or deductibles to the plan. This policy may be taken as an individual or family floater plan. It can be purchased by anyone between the ages of 18 and 65 years. There is lifelong renewability.
Like with all other health insurance plans, the Arogya Sanjeevani policy too offers a no-claim bonus (NCB) to its policyholders. This plan is also eligible for a tax benefit according to section 80D of the Income Tax Act, 1961.
Who should buy Arogya Sanjeevani Health Insurance?
The Arogya Sanjeevani policy is best suited for people who are buying health insurance for the first time. For a person new to health insurance, the various policies with their clauses can prove to be confusing. The Arogya Sanjeevani policy has its terms and conditions listed out in easy to understand language. Even someone new to the concept of insurance will be able to comprehend what the plan entails. The main goal of the IRDAI is to bridge the huge gap in health insurance in India by making sure that everyone gets access to a policy. No one should be left wanting because of a lack of awareness and understanding.
The Arogya Sanjeevani policy may also be suitable for a newly married couple who are not yet planning for a family. The coverage starts at Rs 3 lakh and extends to a maximum of Rs 5 lakh. This amount should suffice for the policyholder and their spouse who are taking insurance for the first time. They can always choose to upgrade in the years to come.
Another major benefit of the Arogya Sanjeevani policy is that the co-payment remains fixed at 5% of the total cost. This truly stands in contrast to many other health insurance plans that have co-payment percentages going as high as 10% or 20%.
Now, it is important to remember that there is no standard premium for the Arogya Sanjeevani Health Insurance policy. Each insurance provider charges their own rates. So, do a bit of research into the reviews and claim settlement ratio of the insurance company you opt to buy your health insurance from. The premium cost should never be the sole deciding factor when buying health coverage.
We hope this article will prove helpful for you. Take care.