Fast-changing lifestyle has contributed to the growth of health issues and lifestyle diseases, even in the younger population. Along with these diseases, the cost of medical treatments is also on the rise. Hence it becomes crucial to be prepared financially for any medical emergency. Life Insurance Corporation of India offers a benefit-based health insurance policy called Arogya Rakshak. It provides coverage against certain specific health risks or diseases and helps the insured during medical emergencies. The policy covers all the members of the family under one plan. Let us explore more details about the LIC's Arogya Rakshak Policy.
LIC's Arogya Rakshak Policy was launched by LIC health insurance as a regular premium, non-participating and non-linked policy. The policy provides fixed benefits independent of the actual medical cost. Some popular features of the plan are;
The entry age for the policy is 18 to 65 years for adults and 91 days to 20 years for children, with coverage upto 80 years for adults and 25 years for children.
The policy offers an initial daily benefit or principal insured from ₹ 2500 to ₹ 10,000 per individual insured under the policy. The initial daily benefit is offered in multiples of ₹ 500.
The policy provides financial protection for hospitalisation or surgery.
There is an option to increase health coverage through the Auto StepUp benefit. Under the Auto Step-Up benefit, 15% of the initial daily benefit is added to the daily benefit of the previous year. This increase is effected at the end of the third policy year, and it continues to add till the applicable daily benefit is 1.5 times the initial daily benefit.
The policy adds 5% of the initial daily benefit as a no-claim benefit after every three claim-free years.
Health checkup for each insured member is covered upto half of the applicable daily benefit once in three policy years.
The policy also offers a premium waiver benefit for 1 year.
Arogya Rakshak Policy by LIC is a fixed benefit plan that offers benefits in certain conditions.
Hospital daily cash benefit is available for hospitalisation of more than 24 hrs, and for hospitalisation in ICU, twice the value of the daily cash benefit is paid. During 1st year maximum of 30 days of hospitalisation are covered. 2nd year onwards, 90 to 900 days of hospitalisation are covered in the entire duration of the policy.
Major surgery benefit upto the maximum of 100 times of applicable daily benefit are payable in one policy year. This benefit is available for the listed surgeries. Under this benefit, there are some additional benefits available.
Day Care procedure benefit upto a maximum of 5 times the applicable daily benefit is payable and covers 3-day care procedures in a policy year upto a maximum of 30 procedures in the entire policy duration.
Another surgical benefit is available for non-listed surgeries with more than 24 hrs of hospitalisation. An amount equal to 2.5 times the applicable daily benefit is payable for a period of a maximum of 15 days in 1st policy year and 2nd year onwards for 45 to a maximum of 450 days in the entire policy lifetime.
Medical management benefit covers more than 24 hrs of hospitalisation for the treatment of malaria, dengue, pulmonary TB, pneumonia, or viral hepatitis A. 2.5 times applicable daily benefit is payable under this benefit for a maximum of 2 times in a policy year.
Extended hospitalisation benefit covers more than 30 days of hospitalisation, and 10 times the applicable daily benefit is payable. This benefit is payable along with any other benefit like hospital cash benefit, major surgical benefit, or daycare benefit payable for the same hospitalisation.
Death benefit covers the death of the primary insured individual under the policy, and the policy coverage continues with a premium waiver benefit for a tenure of a minimum of 15 years or till the dependent children are more than 25 years of age, whichever is earlier. This is called Auto Health Cover, where the policy continues for 15 years without premium payment.
Optional benefits are also available under the plan. These include a quick cash facility, the option to add or remove members, LIC’s term assurance rider, and LIC’s accident benefit rider.
Following are the exclusions in the policy for which no benefit is paid.
Health insurance policies provide much-needed support at the time of a medical emergency. Arogya rakshak policy is a plan offering many benefits and the flexibility to choose a fixed benefit. It is different from other LIC health insurance plans in a way that it provides a fixed benefit irrespective of the actual treatment cost. The biggest advantage is that you don't have to gather proof of all the medical expenses to claim a benefit. It is a smart plan that offers coverage for the entire family with increasing health coverage using an auto step-up benefit. For more details on the plan, refer to the policy document. If you are planning to purchase the planned visit the Coverfox website at www.coverfox.com or call customer care.
