Is The Aarogya Sanjeevani Policy Better Than Other Family Health Insurance Plans?

The government launches new schemes and plans that help ordinary citizens in multiple ways from time to time. One such initiative has been the health insurance policy known as Aarogya Sanjeevani Policy. A standard health insurance policy, Aarogya Sanjeevani Policy, can be purchased from any health insurance company. Under the rules of the IRDAI, Insurance Regulatory and Development Authority of India, it is mandated that all health insurers offer the Aarogya Sanjeevani Policy at standardised rates. Through this article, you will know more about this policy and all its essential details.

Understanding Aarogya Sanjeevani Policy

A standard health insurance policy offers affordable health insurance for you and your family. If you or any other insured member is hospitalised for 24 hours or more, the medical expenses will be covered up to INR 5 lakhs. As no extra riders or deductibles can be attached, it becomes effortless for an individual to understand this policy and seek maximum benefits. To find out the premium rates for the policy, you can use an online  Aarogya Sanjeevani policy premium calculator and get a fair estimate of the plan charges.

Aarogya Sanjeevani Policy – Eligiblity

Aarogya Sanjeevani Policy – Highlighting features

1. All health insurance companies can sell this policy; however, the policy’s name cannot be changed.
2. No company can make any changes in the terms and conditions of the policy
3. The basic sum insured would be between INR 1 lakh and INR 5 lakhs (in multiples of INR 50,000)
4. No variant or rider can be attached with the base policy
5. For every claim-free year, the policyholder would receive a 5% increase in the cover that can go up to 50%
6. The policy is valid only for one year and can be renewed online or offline as per your insurance needs

The Benefits of Aarogya Sanjeevani Policy

Let’s dig a little deeper into the plan and analyse the various features of the Aarogya Sanjeevani Policy:

1. Sum Assured Options: As per your budget, you can choose a sum assured between INR 1 lakh and INR 5 lakhs (in the multiples of 50,000).
2. Co-Payment: The plan comes with a co-pay facility of 5% for all ages
3. Comprehensive Coverage: Aarogya Sanjeevani covers you for the medical expenses that are incurred during hospitalisation. It would include room rent, nursing and boarding, blood tests, etc.
4. Pre and Post Hospitalisation: Medical expenses related to the condition being treated, incurred 30 days prior and 60 days after the hospitalisation, will be covered under this plan.
5. Day Care: Specific treatments that require less than 24 hours of hospitalisation are called daycare treatment and are covered under this policy.
6. Ambulance: Up to INR 2,000 per hospitalisation, road ambulance charges are also covered under the plan.
7. No Pre-Policy Health Check-Up: If you are under 50 years and enjoy good overall health, you need not undergo pre-policy screening.
8. AYUSH Treatment: Medical treatment in a recognised hospital under Ayurveda, Yoga, Unani, Siddha or Homeopathy is also covered.
9. Cumulative Bonus: For every claim-free year, you would be eligible for a 5% increase in coverage. This bonus can go up to 50%.
10. Tax Benefits: Under Section 80D of the Income Tax Act, you can claim tax benefits on the premium you pay towards the policy.
11. Free-Look Period: After purchasing the policy, you can return the policy to your insurer if you do not feel delighted.
12. Coverage for Family: You can add your:

a. Spouse
b. Parents
c. Dependent children (natural or legally adopted, between the age of 3 months and 25 years)
d. In-Laws

Things to consider before applying for the Aarogya Sanjeevani policy

It is recommended that you keep the following exclusions in mind:

1. Any tests or investigations that are not related to the ongoing diagnosis and treatment will not be covered
2. Treatment that may be needed for injury after participation in adventure sports is not covered
3. Treatments for surrogacy, vicarious pregnancy, infertility, sterility, birth control, etc., will not be covered
4. Any treatment that is taken outside India will not be covered

 Is the Aarogya Sanjeevani policy better than other family health insurance plans?

 If you buy a health insurance plan for the first time, then Aarogya Sanjeevani Policy can be a good choice. The terms and conditions are easy to understand, the premiums are affordable, and you can cover your family under a single policy, as well. However, if your budget allows you, you may purchase a health insurance cover that offers a higher sum insured. Although all companies offer the same standardised plan, it is recommended to compare different insurers for their claim settlement ratio, claim processing time, etc.

Conclusion

Launched on April 1st, 2020, the Aarogya Sanjeevani Policy aims to benefit the public and private corporations in providing health insurance to their employees. The policy also covers hospitalisation due to Covid-19. With this policy, the IRDAI also seeks to downsize the general confusion among consumers regarding the multiple insurance plans available in the market.

FAQs:

1. What is the eligibility to buy Arogya Sanjeevani Health Plan?

Any resident Indian between 18 and 65 years is eligible to buy an Arogya Sanjeevani Health Plan.

2. Is there a waiting period in Arogya Sanjeevani Health Plan for a claim?

Yes, there is an applicable waiting period in Arogya Sanjeevani Health Plan:

• Initial waiting period of 30 days
• Waiting period of 48 months
• for pre-existing diseases
• Waiting period of 24 months for specific diseases

3. Is there any co-payment in Arogya Sanjeevani Health Plan?

Yes, there is a 5% mandatory co-payment in Arogya Sanjeevani Health Plan for all customers.

4. What is the maximum possible coverage in Arogya Sanjeevani Health Plan?

The maximum sum assured is INR 5 lakhs in Arogya Sanjeevani Health Plan.

5. Who can all be covered in Arogya Sanjeevani Health Plan?

Two adults and three children can be covered under Arogya Sanjeevani Health Plan. Parents and parents-in-law can also take it.