Medical expenses can be the obstacle that derails even the best of your financial plans. Hence, buying a health insurance policy that protects you from unexpected medical expenses is essential. However, there are many health policies available, and it can be a little challenging to find the ones that fit your pocket and health insurance needs. Moreover, the overabundance of options can also create a great deal of confusion. This, in turn, leads to buyers making wrong buying decisions.
Arogya Sanjeevani Policy is a standard health insurance product prescribed by India’s Insurance Regulatory and Development Authority (IRDAI) with effect from April 1, 2020. This new scheme aims to provide primary and standard health insurance. The plan is offered by all health insurance companies with the same benefits. This is done to make health insurance simple and understandable for people. You can visit the official website of IRDAI for further details.
Benefits of Arogya Sanjeevani Policy
There are many benefits that you can avail of if you choose to go for the Arogya Sanjeevani policy when you buy health insurance. Some of them include:
Arogya Sanjeevani policy premium rates are reasonable. They are much lower than the premiums of other health insurance plans. But before you make a purchase, you should compare health insurance policy premiums to make the best buying decision. *
Co-payment refers to the portion of the claim that is supposed to be covered by the policyholder at the time of claim settlement. However, co-payment does not reduce the amount of coverage you have. Arogya Sanjeevani’s policy comes with only a 5% co-payment clause. *
15-day free look period
Arogya Sanjeevani’s policy offers policyholders a 15-day free look period. During this period, the policyholder may review the terms and conditions of the procedure and return them if they are not acceptable. *
Arogya Sanjeevani’s policy does not impose any age limit when it comes to the plan’s renewal. Therefore, policyholders can renew the policy at any age during their lifetime. *
The premium paid for the Arogya Sanjeevani policy is eligible for tax deduction under Section 80D of the Income Tax Act, 1961. You must note that tax benefit is subject to change in tax laws. *
* Standard T&C Apply
Coverage of Arogya Sanjeevani policy
The significant inclusions in the Arogya Sanjeevani policy’s coverage are:
Under the Arogya Sanjeevani health insurance policy, the policyholder can claim the cost of treatment at the time of hospitalization from their insurance provider. However, you need to be hospitalized for at least 24 hours to get coverage. Hospitalization costs include doctor fees, nursing expenses, room rent, bed charges, hospital stay, etc. Hospitalization costs can be as high as ₹ 5,000 per day. Moreover, the cost of hospitalization for a single day should be under 2% of the sum insured. *
The plan covers medical expenses incurred before admission to the hospital within a specified period of 30 days before the date of access. *
Post hospitalization costs
The plan covers medical expenses incurred for 60 days after discharge from the hospital. *
The Arogya Sanjeevani policy includes coverage for AYUSH treatments. This means it covers expenses incurred for inpatient treatment through Ayurveda, Yoga, and Naturopathy, Unani, Siddha, and Homeopathy practices up to a specific insurance total limit. *
Daycare treatment refers to the medical or surgical procedure performed at a hospital/daycare center within 24 hours. The plan covers medical expenses on all daycare treatments up to 50% of the sum insured. *
* Standard T&C Apply
Insurance is the subject matter of solicitation. The premium is the only difference between buying the Arogya Sanjeevani policy from one insurance company instead of another. Before purchasing a suitable health insurance policy, you should compare the premiums that different companies are charging you for the policy and the additional services they are providing you, such as cashless treatment and domiciliary hospitalization. You can use a health insurance premium calculator to have some extra assistance. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.