Medical inflation in India is on a rise. These skyrocketing medical expenses can be difficult to treat from hard-earned savings. To compensate for these soaring treatment costs, some form of backup is essential, backup in the form of health insurance cover. But health insurance often is put off by many, either due to existing financial commitments or inability to understand the importance of one.
For this purpose, the regulator, IRDAI (Insurance Regulatory and Development Authority of India), has introduced a standard health insurance policy that ensures most people can buy one due to its affordable premiums. This policy was introduced on 1st April 2020 and has been trying to make health insurance accessible to all.
Arogya Sanjeevani policy is a standard health cover that offers basic insurance coverage facility with a substantial sum insured. All general insurance companies offer this type of health insurance. Since it is a policy regulated by the IRDAI, the features under its coverage are similar across all insurance companies.
What are the different types of insurance plans available under the Arogya Sanjeevani policy?
Arogya Sanjeevani policy is available either as an individual health cover or a family floater policy. An individual policy, as the name suggests, offers coverage for a single individual. On the contrary, a family floater policy covers more than one beneficiary and can come in handy to insure the entire family under one single policy cover.
How does Arogya Sanjeevani policy help address the need for basic health insurance cover?
Since the Arogya Sanjeevani policy is a homogenous health insurance cover that is available with all insurance companies, here are some key features of it –
- Starting with sum assured, this policy is available in sum insured from ₹50,000 to ₹10 lakh in multiples of ₹50,000. This facility of the variable sum insured can help the buyers select one as per their requirements. Accordingly, based on such sum insured, the premium is determined.
- This policy has a freelook period wherein the policy can be canceled within 15 days of buying if one is not satisfied with its coverage.
- Next, the policy also classifies for tax exemption under section 80D of the Income Tax Act. The premiums paid for this policy is deductible from the gross total income thereby lowering the tax liability.
- Generally, health insurance policies require getting a medical check-up done before issuing coverage. Under the Arogya Sanjeevani policy, no medical check-up is required for policyholders up to 55 years with no underlying medical conditions.
- Further, this policy has the option of lifetime renewability thereby ensuring coverage can be sought as long it is needed.
- With other features like the cumulative bonus facility, the policy offers an increase in the sum assured amount for every claim-free policy tenure.
Who is eligible to purchase an Arogya Sanjeevani policy?
Similar to other health insurance covers, the eligibility criteria for this policy is based of its age group. Every individual between the age bracket of 18 to 65 years is eligible to purchase this policy. For dependents, this policy extends its coverage from 3 months to 25 years of age.
These are some pointers on how an Arogya Sanjeevani policy is helping cater to the need for a basic and standardized health cover for the population at large. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
