1. Finance

What Advantages Does Arogya Sanjeevani Health Insurance Provide?

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IRDAI recently introduced the Arogya Sanjeevani Health Policy to provide coverage to all individuals from all walks of life. It is a fundamental policy with Rs. 5 lakh coverage and many other perks. It eliminates client uncertainty and streamlines the process of buying a Health Policy. However, the policy's features, claim process, and premium vary.

Under the Arogya Sanjeevani Health Insurance, there are two types:

  • Individual Plan: This policy provides coverage in a medical emergency to a single person.
  • Family Floater Plan: This allows the insured's family members to become beneficiaries.

Benefits

Reasonable premium

This Health Insurance is available at a reasonable premium compared to other policies. This is because IRDAI has standardised the premium so that anyone buys it without incurring financial hardship. If you buy Health Insurance as a newbie, you get a broad choice of coverage at a low cost.

Lower co-payment

The co-payment clause varies. Some plans require you to pay 20% of the claim amount, while others do not. However, IRDAI has mandated a co-payment of 5% under this policy to protect both the insurer and the insured. It means that you must pay 5% of your expenses at the claim time.

Lifelong renewability

It is the highest limit on the age at which a person joins a Health Insurance Policy. You can also enjoy lifelong renewability with this plan. You should be between 18 and 65 years to buy this policy and renew it for the rest of your life.

Cumulative bonus

A cumulative bonus under Arogya Sanjeevani Health Insurance is the best for you as a new policyholder. It means that if you do not make a claim during a policy year, your sum insured gets enhanced by 5% for every year you do not make a claim. If a claim gets filed during any policy year, the cumulative bonus decreases at the same rate.

Free lookup period

This plan also includes a free lookup time. It is valid for 15 days following the policy's issuance. Study the policy's terms and maybe return it if you are unsatisfied with the same. You are eligible for coverage after the free lookup time ends.

Tax benefits

The premium paid for an Individual or Family Floater Arogya Sanjeevani Policy is tax-free under section 80D of the Income Tax Act 1961. It lowers the taxable income and allows you to maximise the benefits like those offered by other health policies.

Extensive coverage

This policy offers comprehensive treatment, benefit, and expense coverage. It covers everything from in-patient hospitalisation to AYUSH treatment. It addresses conditions like benign ENT disorders, cataracts, tonsillectomy, hysterectomy, hernia, and more.

Considering you can buy Insurance online, opt for Arogya Sanjeevani Health Insurance. Every health insurer offers them on their portal and apps.

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