What are the Major Benefits of Arogya Sanjeevani Policy
With the idea to provide health insurance to all the citizens from every walk of life, IRDAI has introduced Arogya Sanjeevani Health Insurance Policy recently. It is a standard health insurance policy that offers basic coverage between Rs.1 Lakh to Rs.5 Lakhs with several benefits. It avoids the confusion amongst the customers and simplifying the process of buying a health insurance policy. However, inclusions, claim process, and premium of the policy may differ.
There are two types of plans available under Arogya Sanjeevani Health Insurance Plan:
- Individual Plan: An individual can buy this policy to get coverage against a medical emergency.
- Family Floater Plan: Under this plan, family members of the insured can become the beneficiaries.
Below are the major benefits of Arogya Sanjeevani Health Insurance Plan:
You can opt for this standard health insurance at a reasonable premium comparatively lower than other health insurance policies. It is so because IRDAI has standardized the premium so that people can easily buy it without monetary burden. If you are buying a health insurance policy for the first time, then you will be able to get a wide range of coverage at a minimum price.
The co-payment clause varies, in some health insurance plans, it is 20% of the claim amount, whereas some have no co-payment clause. However, to safeguard the interest of the insurer and the insured, IRDAI sets 5% as co-payment in this policy. It means that at the time of claim, you just need to pay only 5% of the expenses of your own.
It is the upper cap on the entry age in a health insurance policy. Under this health insurance plan, you can also have lifelong renewability. The age criterion to buy this policy is 18 to 65 years, and you can renew it for a lifetime.
As a new policyholder, it will be a cherry on the cake for you to get a cumulative bonus under Arogya Sanjeevani Health Insurance. It means that if you do not claim during a policy year, your sum insured will be increased by 5 % in respect of each claim-free year. However, if a claim is made in any policy year, the cumulative bonus will be reduced at the same rate.
Free Lookup Period
You will also get a free lookup period in this plan. It will be applicable for 15 days from the time of the policy issuance. You will be allowed to review the terms and conditions of the policy and even return the policy if you are not comfortable. After the completion of the free lookup period, you are eligible for coverage.
Under section 80D of the Income Tax Act 1961, the premium paid for individual or family floater Arogya Sanjeevani Policy is exempted from tax. It reduces your taxable income and helps you to avail of tax benefits like other health insurance plans.
This policy comes with extensive coverage in terms of treatments, benefits, and expenses. From in-patient hospitalization to AYUSH treatment, it provides comprehensive coverage for the treatment of diseases like benign ENT disorders, cataract, tonsillectomy, hysterectomy, hernia, etc.
So, if you have started earning recently or have other liabilities, yet want to secure yours and your family’s health, then opt for Arogya Sanjeevani Policy- Care Health Insurance (Formerly Religare Health Insurance). From stem cell therapy to robotic surgeries, it includes all the types of advanced treatments. With this policy, you get financial support at the time of medical emergency without being overburden financially.