From April 1, 2020, the Insurance Regulatory and Development Authority of India (IRDAI) has established the Arogya Sanjeevni Policy as a Standard Health Insurance Product (SHIP). This new plan intends to make health insurance more accessible to consumers by offering a basic and standard plan that will be available by all health insurance firms and will have the same features.
The sole difference between the Arogya Sanjeevni health insurance policies offered by different health insurance companies is the premiums they charge and the services they give during the purchase, claim settlement, and other associated activities.
Arogya Sanjeevni Policy Types
Individual Plan No. 1
This type of plan permits just one policyholder to be the beneficiary, as the name implies.
Floater Plan for the Family
The proposer can enrol their lawfully wedded spouse, dependent children, parents, and parents-in-law in a family health insurance plan for a specific sum insured for a single premium. When more than one person is covered under a single proposal with an individual sum insured, a 5% discount is provided.
Arogya Sanjeevni Policy Eligibility
The lowest age to join the Arogya Sanjeevni Policy is 18 years old, while the maximum age to join is 65 years old.
The lowest age allowed for children under the family floater type of arogya Sanjeevni health insurance policy is 3 months, while the maximum age allowed for children is 25 years.
However, if the kid is financially independent at the age of 18, he or she will be ineligible for coverage renewals in the future.
Arogya Sanjeevni Plan Highlights
There are several characteristics that set an Arogya Sanjeevni Policy apart from other health insurance policies available in India. The following are some of the important aspects of the Arogya Sanjeevni Plan that distinguish it from the others:
Arogya Sanjeevni Policy is substantially more affordable than other health insurance plans. It is offered as an individual floater as well as a family floater.
Sum Insured Option: Policyholders can pick between a sum insured of Rs 1 lakh and Rs 5 lakhs under this plan. As a reward for each year without a claim, the policyholder receives a 5% bonus on the total covered.
Benefits of Arogya Sanjeevni health plan
If you are protected by the policy, you may take advantage of many Arogya Sanjeevni perks. Read on to learn more about a few of them:
1. Low-cost premium
The premium prices for Arogya Sanjeevni policies are reasonable. They are less expensive than other health insurance plans’ premiums. However, before purchasing one, you should compare Arogya Sanjeevni policy premiums to make the best purchasing selection.
2. Co-payment is low
The share of the claim amount incurred by the policyholder/insured at the time of claim settlement is referred to as co-payment. A co-payment, on the other hand, has no effect on the amount insured. The co-payment for the Arogya Sanjeevni Policy is only 5%.
3. 15-Day Risk-Free Trial
The Arogya Sanjeevni Policy has a 15-day free look period. During this time, the policyholder can evaluate the policy’s terms and conditions and return it if they are not acceptable.
4. Renewability throughout the rest of one’s life
The Arogya Sanjeevni Coverage has no age restrictions when it comes to renewing the policy. As a result, policyholders can renew their policies at any moment during their lives.
5. Tax Advantage
The Arogya Sanjeevni Policy premium is eligible for a tax deduction under Section 80D of the Income Tax Act, 1961.
6. There is no ambiguity
All insurance carriers in India offer the same amount of coverage, terms, and conditions under the Arogya Sanjeevni Policy.
What Is Arogya Sanjeevni’s Health Insurance Policy Covered For?
The following are the primary Benefits of Arogya Sanjeevni Health plan:
1. Expenses for hospitalization
The policyholder can recover the cost of treatment incurred during hospitalization (for more than 24 hours) from their insurance provider under the Arogya Sanjeevni Health Insurance Policy. Doctor’s costs, nursing expenditures, room rent, bed charges, and hospital stay are all examples of hospitalization expenses. Hospitalization costs are paid up to 2% of the total insured, up to a maximum of Rs. 5,000 every day spent in the hospital.
2. Expenses incurred prior to admission to the hospital
The plan covers pre-hospitalization medical expenditures for a certain period of 30 days prior to the date of admission to the hospital.
3. Expenses Associated with Recovering from Hospitalization
The plan covers medical expenditures for a certain period of 60 days after hospital release.
4. AYUSH (Ayurvedic, Unani, Siddha)
The expenditures paid for inpatient care treatment under the Ayurveda, Yoga, and Naturopathy, Unani, Siddha, and Homeopathy systems of medicine are covered by AYUSH health insurance up to a defined amount of sum insured.
The Arogya Sanjeevni Care Insurance Coverage is ideal for anyone seeking a low-cost health insurance policy to protect themselves and their family members. This is due to the fact that the policy provides customers with comprehensive coverage for a low health insurance premium.