As the pandemic affected the lives of millions throughout, COVID-19 made people realize the importance of having health insurance. Today many people are deep neck in medical bills debt, and as a result, the search for health insurance has skyrocketed.
Seeing the prevailing condition, the Government of India in April 2020 asked all general and health insurance providers to offer an indemnity-based standard health insurance policy with easy-to-understand terms and conditions for citizens. If you were affected by the pandemic but received no support from anyone, you can get the Arogya Sanjeevani policy for self and family.
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Arogya Sanjeevani Health Insurance Policy for Indian Citizens
The Arogya Sanjeevani policy is a simple health policy for every Indian citizen who wants to insure self and family against sudden medical emergencies. The Arogya Sanjeevani health insurance policy lets citizens insure a sum between Rs.50,000 to Rs. 10 lakh for their medical needs.
There are new-age insurers like Digit Insurance who have started providing Sum Insured upto 2 Crore as well.
To help people decide whether this policy is for them or not, we’ve highlighted the main points of the Arogya Sanjeevani insurance below.
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- Available Plans
The Arogya Sanjeevani health insurance policy offers two types of plans. The first plan is for individuals, where the sum will be insured separately for each member. The second plan online health insurance plan is known as the family floater, where the sum insured will be shared among the eligible family members.
- Eligibility Criteria
Any Indian between the ages of 18 to 65 can apply for this health insurance policy. If you’re taking the floater plan, you can include your kids between the age group 3 months to 25 years as beneficiaries. But if your children above 18 years of age are financially independent, they cannot be covered in the floater plan. Just like you exercise due diligence while choosing the right term insurance company, do the same while choosing the Arogya Sanjeevani insurance plan.
- Sum Insured
When the policy first came to use, the max policy limit was capped to Rs.5 lakh, which was later removed by the authorities. If you buy this online health insurance now, you’ll be able to avail the revised maximum But after due consideration, IRDAI fixed the maximum insurance limit to Rs.10 lakh, which is way higher than the first set limit.
- Cumulative Bonus
Like the IFSCA panel decided to provide currency flexibility to NRIs, the insurance companies decided to reward policyholders for not filing a claim during a financial year. If you own the Arogya Sanjeevani policy, you can get a cumulative bonus of 5% of the sum insured for every no-claim or claim-free policy year, subject to a maximum of 50% of the insured sum.
- Room Rent Sub-limit
The insurance provider will cover up to 2% of the sum insured for the standard hospital room rent and up to 5% for the ICU room rent. On purchasing this health insurance, the maximum coverage limit for the standard room rent is Rs. 5,000/day and Rs.10,000/day for ICU.
- Ambulance Expenses
You can claim ambulance expenses up to a maximum of Rs.2,000 per hospitalization.
- Tax Benefits
You can enjoy income tax benefits equivalent to the amount paid towards insurance premium as deduction under Section 80 D.
- Pre & Post Hospitalization Coverage
If you or the insured family member gets hospitalized, you can claim medical expenses incurred for 30 days before and 60 days after the complete hospitalization process.
- Co-pay
You’ll have to bear the 5% expenses from your pocket for any claim, and your insurance provider will pay the rest 95% of the approved claim amount.
- Daycare Treatment
If any out-patient treatment expenses are incurred, your insurer will only be liable to cover up to a maximum of 50% of the sum insured.
Just like you need an online term insurance to safeguard you and your family’s future, you also need the Arogya Sanjeevani policy to look after you and your family’s medical expenses. Now that you’re aware of the main highlights of the Arogya Sanjeevani health policy, make sure you get one from a reliable insurer.
What if you feel the Coverage is not enough?
If you feel the limit of Rs.10 lakh is insufficient to cover you and your family against medical emergencies, it is better to look for comprehensive plans with better coverage and riders. You can get online health insurance plans that ensure maximum coverage at a competitive price.
With every rider or add-on you include in your health insurance, the premium amount will increase proportionately. So ensure you add only those riders that are necessary and contribute towards better coverage.
If you want to compare comprehensive health policies of different insurers, it is best to visit an online insurance comparison website to make your work easier.
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